Census Bureau – North Carolina Housing Market Remained Stable During 2010-12 Post-Recession Period

Raleigh, NC – November 15, 2013 – (RealEstateRama) — North Carolina’s housing market remained relatively stable in the post-recession years of 2010-12 according to the American Community Survey (ACS) conducted by the U.S. Census Bureau.

The survey determined the median home value for North Carolina was $152,800, up from $151,800 during the recession period of 2007-2009. Dare County had the distinction of having the highest median home value of $291,800, yet it led all North Carolina counties in the largest decrease of value at $54,700. Robeson County had the lowest median home value at $68,500.

The post-recession median home ownership rate in North Carolina declined 1.4 percent to 66.3 percent. Cherokee County had the largest homeownership rate at 84.2 percent while Durham County the lowest at 54.3 percent.

The state’s median rent also increased seven dollars to $761 compared to the median rent in 2007-2009.

Other selected highlights for North Carolina:

Mortgage Status

About 66.9 percent of owner-occupied homes had a mortgage in 2010-2012, a decrease from 68.0 percent in 2007-2009.

Rent

In 2010-2012, the median gross rent was $761, an increase from $754 in 2007-2009.
In N.C., 42.8 percent of renters spent 35 percent or more of their household incomes on gross rent, an increase from 39.6 percent during the recession period.

Housing Units

In the N.C., 65.3 percent of housing units post-recession were single-family detached homes, which was an increase from 65.0 percent in 2007-2009.
Additionally, 13.7 percent of the state’s housing units were mobile homes, a decrease from 14.2 percent in the 2007-2009 statistics.

Monthly Owner Costs

According to 2010-2012 statistics, the median selected monthly owner costs of housing units with a mortgage was $1,267, a decrease from $1,316 in 2007-2009. Some examples of owner costs include mortgages, real estate taxes, various insurances, utilities, fuels, mobile home costs and condominium fees.
Meanwhile, the post-recession median selected monthly owner costs for housing units without a mortgage was $365, an increase from $361 in 2007-2009.
In 2010-2012, 25.0 percent of homeowners (with a mortgage) spent 35 percent or more of their household incomes on selected monthly owner costs (a standard indicator of unaffordable housing), an increase from 24.0 percent in 2007-2009.

The American Community Survey provides a wide range of important statistics about all communities in the country. The data released today covered communities with population of 20,000 or greater.

The American Community Survey gives communities the current information they need to plan investments and services. Retailers, homebuilders, police departments and town and city planners are among the many private- and public-sector decision makers who count on these annual results. Ever since Thomas Jefferson directed the first census in 1790, the census has collected detailed characteristics about our nation’s people.

The Census Bureau has also released a brief titled Home Value and Homeownership Rates: Recession and Post-Recession Comparisons From 2007-2009 to 2010-2012. This brief uses the 2010-2012 American Community Survey statistics to focus on small areas’ homeownership rates and median housing values.

In addition to these housing statistics, more than 40 topics about North Carolina are available with today’s release through the American Community Survey. The topics include educational attainment, employment, commuting, language spoken at home, nativity and ancestry. For the first time, comparison profiles are available for the three-year statistics, allowing smaller communities to see how their [social], [economic] and [housing] characteristics have changed over time.

The 2010-2012 American Community Survey statistics are available for the nation, all 50 states, the District of Columbia, Puerto Rico, every congressional district, every metro area, and all counties and places with populations of 20,000 or more. Statistics for areas with smaller populations will be available on Dec. 17.

For more information, contact the North Carolina State Data Center (919) 807-4781 or the U.S. Census Bureau, Atlanta Regional Office 1-800-424-6974.