CHARLOTTE, N.C. — It's no secret: for many, it's hard to buy a house or rent an apartment in Charlotte or Mecklenburg County. New data shows just how difficult it is for some, what could be partly to blame, and the need to continue to seek solutions.
Mecklenburg County Commissioners received new data on Thursday during their annual budget retreat. The data included demographic numbers, an economic outlook, the current housing market, among other data points.
The county is home to more than 1,115,000 people, according to the latest US Census numbers. From 2010 to 2020, the county's population grew by 21.3%, which is about 195,854 residents.
Many of those residents, new and old, can't afford to live in the county though, according to data presented at the retreat.
The county's median household income in 2019 was $68,111, according to data presented by county staff. However, there is a large disparity when broken down by race.
White residents have an average household median income of $92,010. Black residents have a median household income of $43,940 a year, and Hispanic residents have a median household income of $39,508.
"The disparity is huge," said Commissioner Mark Jerrell.
Jerrell and other commissioners were even more concerned once housing market data what presented a few minutes later.
The data shows Mecklenburg's housing market is hot and doesn't seem to be cooling off anytime soon.
The average sales price for a home in Mecklenburg County as of December of 2021 was $471,086. As of the end of 2021, there were only 1,011 homes for sale, marking a small inventory of homes. Recently, homes have only been on the market, on average, for 19 days before being sold.
The renting prices in Mecklenburg County aren't much better.
Only 1% of apartments in Mecklenburg County are priced under $1,000, according to data presented by county staff.
A breakdown, provided by the county, showed what a resident would have to make in a year in order to afford different types of apartments in the county. The breakdown is based on an individual putting 30% of their income towards rent.
For a one-bedroom apartment, you'd need to have a salary above $56,268. For a two-bedroom apartment, you'd need to be making $70,704 a year. For a three-bedroom apartment, the county said you'd need to have a salary of $78,876 per year.
Below are the average costs per month of apartments in Mecklenburg County:
- Overall: $1,501
- Studio: $1,458
- One-bedroom: $1,288
- Two-bedroom: $1,445
- Three-bedroom: $1,684
- Four-bedroom: $2,146
"You painted a strong picture, but we can really see the challenges - particularly for our black and brown residents," Jerrell said.
He and other commissioners are worried that minority residents will continue to be priced out, not making enough money to afford the rising prices of a home or apartment.
Currently, among white residents in Mecklenburg County, 73.5% own a home while 25.2% of white residents rent a home, according to county data.
Among black residents in the county, 43.8% own a home while 54% of African American residents rent a home.
Hispanic residents have the lowest homeownership rate in Mecklenburg County at 41.5%.
"The way we're moving, black and brown people will not have a place to live in this community," Jerrell added.
Commissioners have made a point to help fund affordable housing projects and initiatives. Usually, the City of Charlotte handles affordable housing response, not the county. However, due to the escalating problem, a unified effort is needed, Commissioners believe.
"And really we have to consider doing a lot more," Jerrell added.
At the retreat, commissioners were updated on the affordable housing initiatives they're taking part in. By the end of the retreat, we could get more of a sense if affordable housing will continue to be a priority in the fiscal year 2023 budget.
Contact Hunter Sáenz at hsaenz@wcnc.com and follow him on Facebook, Twitter and Instagram.
Flashpoint is a weekly in-depth look at politics in Charlotte, North Carolina, South Carolina, and beyond with host Ben Thompson. Listen to the podcast weekly.
SUBSCRIBE: Apple Podcasts || Spotify || Stitcher || Google Podcasts
All of WCNC Charlotte's podcasts are free and available for both streaming and download. You can listen now on Android, iPhone, Amazon, and other internet-connected devices. Join us from North Carolina, South Carolina, or on the go anywhere.