Morrisville Affordable Housing Plan

90% 92% 92% 85% 84% 67% 67% 78% 64% 64%

SF Detached

SF Attached

PART 2 | The Morrisville Market

All Housing Units Owner occupied single-family (detached or attached) as a percentage of all units

67% 64% 81% 43% 45%

MORRISVILLE HOUSING STOCK

Apex

Cary

Holly Springs

Morrisville Raleigh

16,883 63,008 10,425 9,365 194,768 81%

86% 65%

52%

37%

36%

Built 2000+

Age of Housing Stock The vast majority (81%) of Morrisville’s single-family units were built since 2000, a much larger share than nearby Holly Springs (65%) and Apex (52%), and more than twice the share in Cary (37%) and Raleigh (36%). Just 4% of Morrisville’s single-family homes were built prior to 1980 – not unlike in Apex and Holly Springs. Cary and Raleigh both have a much larger percentage of older (pre-1980s) homes.

The strength of the Morrisville market has been tied in recent years to its physical housing stock. Top-of-market demand from well-educated and high-earning households in the core of the region has supported expensive new construction in Morrisville. In turn, new construction has attracted top-of-market demand. The town’s housing stock shares some important characteristics with those of selected Wake County neighbors— characteristics that transcend municipal boundaries. But Morrisville’s housing is also different from some of its neighbors in important ways.

68% 61%

Single-family Detached

37% 47%

43% 49%

34%

32%

Built 1980 to 1999

15%

Single-family Attached

21% 14%

13% 13% 5%

18%

Built 1960 to 1979 Built 1940 to 1959 Built 1939 or earlier

3% 2% 0% 4% 6% 2% 12% 1% 1% 9% 15% 1% 1% 1% 3% 8% 1% 0% 0% 0% 4% 4% 27% 19% 6% 7% 3% 10% 12%

Multifamily, 2-4 Units

Apex

Cary

Holly Springs

Morrisville Raleigh

Multifamily, 5-19 Units Multifamily, 20+ Units

Units per Structure According to Census figures, Morrisville’s housing stock, in terms of its breakdown of units per structure, differs dramatically from that in nearby places. Just over one- third (37%) of Morrisville’s stock is single- family detached, less than in Raleigh (where half (47%) is) and well below Cary (61%), Apex (68%), and especially Holly Springs (86%). Morrisville has a much larger share of single-family attached homes, and a significantly larger share of units in medium-sized multifamily buildings. Homeownership Rate Morrisville’s single-family detached units are also slightly less likely to be owner- occupied than those in nearby towns (85% in Morrisville versus at or over 90% in Apex, Cary and Holly Springs); Morrisville’s homeownership rate in single-family detached homes is nearly identical to Raleigh’s. While Morrisville’s single-family attached homes have a lower homeownership rate than its detached homes do (64% versus 85%), this rate is comparable to that for single- family attached homes in all nearby places except Holly Springs, where 78% of single-family attached units are owner- occupied.

16,883 63,008 10,425 9,365 194,768

All Housing Units

86%

68% 61%

Homeownership Rate SF Detached % of Homes by Occupied Home Value

Single-family Detached

37% 47%

Cary 90% 92% 92% 85% 84% 67% 67% 78% 64% 64% Holly Springs Morrisville Raleigh

Apex

SF Attached

Owner-Occupied Home Values Overall, Morrisville’s owner- occupied units breakdown between values much like its peer towns (although significantly differently than nearby Raleigh).

<$100,000

Single-family Attached

2%

3%

2%

1%

6%

21% 14%

$400,000+

13% 13% 5%

$100,000s

18%

11,638 Owner occupied single-family (detached or attached) as a percentage of all units 36% 16% 18% $200,000s

15%

22% 20%

22%

23%

31%

91,867 67% 64% 81% 43% 45% 4,289 41,558 8,567 14%

37%

26%

3% 2% 0% 4% 6%

19%

28%

Multifamily, 2-4 Units

30%

25%

36%

25%

26%

27% 19%

$300,000s

9% 15%

Multifamily, 5-19 Units Multifamily, 20+ Units

4%

Total # of Owner-Occupied Homes in this Municipality

81%

65%

6% 7% 3% 10% 12%

52%

37%

36%

Built 2000+

Year Owners Moved In As another indicator of

Homeownership Rate SF Detached

Apex

Cary

Holly Springs Morrisville Raleigh

demand, nearly all (94%) of Morrisville’s owner-occupants moved into their current unit since 2000, and nearly half (48%) moved in since 2010. Holly Springs comes closest to matching these percentages, followed by Apex. Both Cary and Raleigh have smaller percentages of recent movers.

90% 92% 92% 85% 84% 67% 67% 78% 64% 64%

% of Owners Moved in 2000+ % of Owners Moved in 2010+ Built 1980 to 1999 Built 1960 to 1979

82% 73% 89% 94% 71% 43% 49%

34%

32%

SF Attached

15%

37% 32% 39% 48% 30%

Owner occupied single-family (detached or attached) as a percentage of all units

18%

67% 64% 81% 43% 45%

2% 12% 1% 1%

Built 1940 to 1959 Built 1939 or earlier

1% 1% 1% 3% 8% 1% 0% 0% 0% 4%

Source: 2013-2017 American Community Survey data

81%

Source: 2013-2017 American Community Survey data

65%

52%

Affordable Housing Plan for Morrisville, NC | 2019

Affordable Housing Plan for Morrisville, NC | 2019

32

33

37%

36%

Built 2000+