The Triangle LivingThe Triangle Living
  • Home
  • Latest News
  • Real Estate
  • Business
  • RTP
  • Chatham Park
  • Food and Drink

Subscribe to Updates

Get the latest Real Estate, Finance news directly to your inbox.

What's Hot

Raleigh luxury homes in high demand

September 27, 2023

Cassie Hill – Chatham Park Homes

September 21, 2023

Meet the Young Artist Behind the Whimsical Illustrations at Parker and Otis

September 19, 2023
Facebook X (Twitter) Instagram
Facebook X (Twitter) YouTube Telegram
The Triangle LivingThe Triangle Living
Consult Subscribe
  • Home
  • Latest News
  • Real Estate

    Raleigh luxury homes in high demand

    September 27, 2023

    Average U.S. mortgage rate climbs to highest level in 21 years

    August 18, 2023

    Why Raleigh is the Ideal City for Real Estate Investors

    August 11, 2023

    Raleigh Real Estate Market Forecast: What to Expect in the Next 5 Years

    August 11, 2023

    Navigating the Durham Real Estate Market: Tips for Buyers and Sellers

    August 11, 2023
  • Business
  • RTP
  • Chatham Park
  • Food and Drink
The Triangle LivingThe Triangle Living
Home » ‘A serious problem’: Homeownership becoming more expensive in the Triangle
Real Estate

‘A serious problem’: Homeownership becoming more expensive in the Triangle

Press RoomBy Press RoomJuly 12, 2022No Comments3 Mins Read2 Views
Facebook Twitter Telegram Tumblr Reddit WhatsApp
Share
Facebook Twitter LinkedIn Pinterest Email
RALEIGH, N.C. (WTVD) — The dream of homeownership is becoming less realistic for many renters in the Triangle and across the country.

A new report out this week from ATTOM, a data company, found home prices continues to rise 10% annually in 2/3rd of the country. The report cites rising price and mortgage rates as factors driving unaffordability across the nation.

“As historic affordability continues to decline, major home-ownership expenses on typical homes are now unaffordable to average local wage earners during the second quarter of 2022,” the report stated.

Many of the counties in the Triangle are ranked the lowest on the report’s affordability scale.

The median price of a home in Wake, Durham, and Orange County increased between 22-30% in the last year. At the same time, wages have only grown by 5%. This difference makes owning a house less affordable in these areas than in the past.

The overall unaffordability of homeownership is also paired with rising costs for owners once they do own a house.

This month a John Burns Real Estate Consulting report found owning a home now costs $839 more a month than renting; $200 more than at any other point. Last year, the monthly cost was about equal.

The Raleigh-Durham market has the highest disparities between rising homeownership costs and rising rents. The experts predict rental demand will rise due to this growing gap in cost.

While renters might be slightly better off in terms of monthly expenses, rent is also rising.

Apartment List found rent in the Raleigh-Durham area increased by 2% just in the last month.

Rising rent paired with inflation leaves renters struggling to save.

“I haven’t been able to save anything,” said Daniel Hatch, a renter in Raleigh.

Hatch said his rent increased by about 10% in the past year. He said while he would love to eventually own a home, it’s not a feasible option at the moment.

“The price of homes are increasing at a faster rate than the median income, which is a serious problem,” he said.

Community Home Trust is an organization that is working to permanently create affordable housing across Orange County.

“We sell homes at an affordable rate and then when folks move out of their homes, they sell them back to us and we can resell them again at an affordable rate. So all the homes in our inventory stay affordable forever,” explained Daniele Berman, the communications manager for Community Home Trust.

The group has about 270 properties that they are able to sell at prices 30-50% below market cost.

“It’s a huge difference. It gives people an opportunity to get into a neighborhood that they really want to be part of it at a price they can afford,” Berman explained.

The market challenges of low supply, increased construction costs also plagues the work Community Home Trust does.

“I’d say the biggest challenge is to supply there’s so much need. There’s so many folks who want to be able to go to a home that’s affordable, and that their family can be in,” Berman said. “There’s just not enough out there.”

Berman encourages anyone interested in homeownership to reach out. The group also offers financial literacy and planning assistance.

Copyright © 2022 WTVD-TV. All Rights Reserved.



Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
Previous Article‘I should not have to struggle’: Renters battle to find apartments in Raleigh’s hot housing market
Next Article Section 8 vouchers expiring before tenants can find homes in expensive rental market

Related Posts

Raleigh luxury homes in high demand

September 27, 2023

Average U.S. mortgage rate climbs to highest level in 21 years

August 18, 2023

Why Raleigh is the Ideal City for Real Estate Investors

August 11, 2023

Raleigh Real Estate Market Forecast: What to Expect in the Next 5 Years

August 11, 2023

Navigating the Durham Real Estate Market: Tips for Buyers and Sellers

August 11, 2023

Building a Home from Scratch: The Process of Constructing a New House in Raleigh

August 11, 2023
Add A Comment

Leave A Reply Cancel Reply

Top Articles

Cassie Hill – Chatham Park Homes

September 21, 2023

Meet the Young Artist Behind the Whimsical Illustrations at Parker and Otis

September 19, 2023

Celebrate Grandparents Day 2023 With the Sweetest Grandma & Grandchild Duo

September 7, 2023

Subscribe to Updates

Get the latest Real Estate, Finance news directly to your inbox.

Advertisement

Your Top Source for the latest Real Estate, Finance, Business and general news about North Carolina, Follow us to get the latest news from the most trusted sources.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

Top UK Stocks to Watch: Capita Shares Rise as it Unveils

January 15, 2021
8.5

Digital Euro Might Suck Away 8% of Banks’ Deposits

January 12, 2021

Oil Gains on OPEC Outlook That U.S. Growth Will Slow

January 11, 2021

Subscribe to Updates

Get the latest Real Estate, Finance news directly to your inbox.

© 2023 The Triangle Living. All rights reserved.
  • About
  • Privacy Policy
  • Terms and Conditions
  • Advertise
  • Contact

Type above and press Enter to search. Press Esc to cancel.