DRAFT Morrisville Affordable Housing Plan, September 23, 2019 version

DRAFT SEPTEMBER 23, 2019

PART 1 | The Regional Market

AFFORDABILITY

Despite rising home values and rents and the perception of an affordability crisis, the region is not especially unaffordable for households earning median incomes or above. Based on accepted ratios of affordability— owners can afford a home valued at three times their annual income and renters can afford to spend 30% of gross income on rent—the region does not have an overall affordability problem. The median owner income can actually afford a higher value home than the median home in the region. While not as comfortably as owners, median renters can afford the region’s median rent. By definition, however, half of households earn less than the median and many of these households may struggle to pay their housing costs.

Regional Affordability, 2017

FOR SALE

For Owners

Median Affordable Home Value $255,000 $218,600 Actual Median Home Value Median Affordable Home Value $255,000 $218,600 Actual Median Home Value

For Renters

Median Affordable Rent $983 Median Affordable Rent $983

$980 Actual Median Rent $980 Actual Median Rent

Source: czb analysis of 2000 and 2010 Census and 2013-2017 American Community Survey Data.

Affordable Housing Plan for Morrisville, NC | 2019

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