Report: Charlotte lacking in housing options, rent and home prices going up

Since 2020, the average rent in Charlotte has gone from $900 a month to $1,500.
In September, buyers would need to make $152,000 to buy a median-priced home in Charlotte.
Published: Nov. 10, 2023 at 6:28 AM EST
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CHARLOTTE, N.C. (WBTV) - New data from a UNC Charlotte presentation indicates the city is lacking in affordable places to live, with more and more people moving to the area.

“If we do not address the supply issue, what we’re going to see is housing prices are going to keep rising,” real estate and urban economics professor Dr. Yongqiang Chu said last year.

His comments a year ago reflect growing affordability concerns that have been around for years, and still, data shows there are not enough affordable housing options.

Dr. Chu gave his report for this year on Thursday, and said there are more houses and apartments being built, but not enough to meet the need. In fact, the report showed the city is about 10,000 units short of what is needed.

In September, buyers would need to make $152,000 to buy a median-priced home, which is $415,000. So far this year, only 2.5 percent of homes that sold in Charlotte were under $150,000, a lower mark compared to last year.

When it comes to rent, since 2020, the average cost in Charlotte has gone from just over $900 a month to just over $1,500. The biggest jump came during the pandemic.

The report did say though that compared to other large cities, Charlotte is relatively affordable. However, at the pace of price increases the area is seeing now, that is changing fast.

Those interested in reviewing the full report can access it here.

Related: List: Charlotte among top 5 hottest housing markets in the U.S.

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