CHARLOTTE, N.C. — We all know that more and more people this year have been buying homes. Once a home goes on the market, it seems as though it doesn't stay there long, especially in Charlotte. But what does the homeownership rate look like here in the Queen City?
THE QUESTION:
Is Charlotte in the top five metros with the highest homeownership rate in the country?
THE SOURCES:
THE ANSWER:
Yes, Charlotte sits at number five with a homeownership rate at 73 percent.
WHAT WE FOUND:
According to the US Census, the overall homeownership rate is up 3% from 2016 to 2020.
A study by Filterbuy looked at data from the US Census, US Bureau of Economics and Zillow.
They found in 2016 Charlotte's homeownership rate was at 66%. In 2020 that jumped to 73%, a 7% increase.
"Charlotte is just becoming that hidden secret that's not a secret anymore," Hoffman said.
Hoffman tells us in the past ten years, homebuying in Charlotte has increased significantly.
"First and foremost, the demand in Charlotte is so high because the cost of living is low, the climate is warm, there are so many different job opportunities," Hoffman said.
Hoffman also credits the low interest rates. The study found the Charlotte metro area sits at number five with its 73% homeownership rate. Right behind Charleston, South Carolina, which had a 75% homeownership rate.
The number one spot goes to Fort Myers, Florida, with a 77% homeownership rate.
VERIFY is dedicated to helping the public distinguish between true and false information. The VERIFY team, with help from questions submitted by the audience, tracks the spread of stories or claims that need clarification or correction. Have something you want VERIFIED? Text us at 704-329-3600 or visit /verify.