DRAFT Morrisville Affordable Housing Plan, September 23, 2019 version

DRAFT SEPTEMBER 23, 2019

PART 1 | The Regional Market

The map to the right shows the ten year average sales price by ZIP Code across the two counties. In nearly every part of this territory, average sales prices have exceeded $400,000. Homeownership in eastern Wake County and in Durham County has been less expensive, with most ZIP Codes in those two areas staying below an average sale price of $350,000. In fact, across much of eastern Wake County, average sales prices have been well below $300,000, offering some of the most affordable ownership opportunities. As a practical matter, however, ownership is not really an option across the two county area, even in the least expensive places, for households with incomes below $75,000. The income required as a household shifts its gaze from eastern Wake County to western Wake County grows to $100,000. In every ZIP Code across the Raleigh-Durham region, there will be affordable ownership units for households earning lower incomes, but there will not be as many of them as there will be higher priced units, and they will be older, of lesser quality, and in less desirable locations than most buyers would likely want. stretching from the west side of Raleigh, across Morrisville, Cary, and Apex westward toward Chapel Hill. HOUSE AND LAND VALUES IN WAKE AND DURHAM COUNTIES The region’s highest average sales prices are found in western Wake County,

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Affordable Housing Plan for Morrisville, NC | 2019

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