New data shows housing prices outpacing income in New Hanover County
NEW HANOVER COUNTY, NC (WWAY) — Housing affordability is a growing issue nationwide as wages struggle to keep up with the cost of homes and apartments.
New data shared with New Hanover County’s Board of Commissioners shows just how far that gap has grown.
At the county’s joint planning meeting Thursday, commissioners received an update on the cost of housing and the coming needs over the next ten years.
According to data collected by Root Policy Research, the cost to buy a home in New Hanover County is out of reach for most. In 2020, someone making a median income could afford to buy about half of the homes in the county. Now, that same median earner can only afford 5% of homes on the market.
The data also shows the average renter in the county is paying more than they can reasonably afford, with the average rent at $1,415 a month.
The data shows homelessness is also significantly on the rise—a trend seen nationally. It’s estimated the county will need to build at least 21,000 home or apartment units in the next ten years to keep up with growth, with 7,400 of those being allocated to those making less than half of the median income.
