UNC Charlotte released its latest State of Housing in Charlotte report, which shows that affordable housing is scarce despite an improved supply.
Doctor Yongqiang Chu’s annual study found some good news for the Charlotte region. The housing supply is catching up with demand. But as the population grows affordable housing is becoming out of reach for many.
The median home price in Charlotte crept up to just over $443,000 in September compared to $429,000 at the same time last year. Only about 18 percent of homes were sold for under $300,000. That’s a drastic difference compared to 2021 when 35 percent of homes were sold under that price.
Chu said based on his study, the affordability outlook is not great.
"Affordability is still an issue, and we had some good news in the last several years, but I'm not going to be very optimistic about what's going to happen in the next 2 or 3 years," Chu said.
Chu also said in his conversations with city officials, he believes they are aware of the changes needed to help increase affordable housing but doing so will take time. One suggestion was a larger emphasis on building subsidized housing in the city.
