4.0 Housing Cost & Affordability

4.1 Housing Cost

Housing prices in Huntersville reflect, in part, the Town’s proximity to Charlotte and Lake Norman. In 2000, U.S Census figures placed the median value of a single-family home in Huntersville at $182,800. In 2008, the Census estimate was $247,800, representing a 36% increase from 2000.

Table H-3 - Median Single-Family Home Values

Table H- 3 compares Huntersville home values from 2000 and 2008 with surrounding communities, Mecklenburg County, North Carolina and the U.S (2000 and 2008)

Location
Year - 20011
Year - 20082
Huntersville
$182,800
$247,800 (+36%)
Cornelius
$236,500
$298,800 (+26%)
Davidson
$270,000
$353,671 (+31%)3
Mecklenburg County
$141,800
$186,200 (+31%)
North Carolina
$108,300
$145,600 (+34%)
U.S
$119,600
$192,400 (+61%)

Sources:
¹ U.S Census Data
² U.S Census Estimates
³ Estimate provided by City-Data

Multiple listing figures for 2010 show the average purchase price for a home sold in Huntersville at $266,450.

4.2 Housing Affordability

The U.S Department of Housing and Urban Development (HUD) defines housing as “affordable” when a household pays no more than 30% of its annual income on housing. According to HUD, families who pay more than 30% of their income for housing are considered cost burdened and may have difficulty affording necessities such as food, clothing, transportation and medical care.

Using 2008 U.S Census estimates, the median household income for the Town of Huntersville was $86,210. The estimated median house value was $247,800 and the median rent was $875. Using the 30% total housing cost (mortgage or rent, plus insurance, taxes and utilities) figure, approximately 59% of households in Huntersville could afford the median priced home. The income required to afford this median priced home is approximately $68,000 or higher. Based on the 30% of income affordability threshold, 85% of Huntersville residents could afford the median rent (equal to an annual household income of approximately $35,000 or higher).

In a “Housing Opportunity Index” report prepared by Wells Fargo and the National Association of Home Builders in February 2011, 77.6% of the homes for sale in the Charlotte-Gastonia-Rock Hill area were considered affordable for households earning the median household income. Nationally, 72.2% of homes were affordable to a median household income.

4.3 Housing Values

The distribution of housing values is another valuable measure of how affordable the housing stock is for Huntersville residents. Table H-4 shows the percentage of housing units for a variety of price ranges.

Table H-4 - Huntersville Housing Units by Value, 2008

Value
Percent
 < $49,999
4.2%
 $50,000 - $99,999
7.9%
 $100,000 - $149,999
11.3%
 $150,000 - $199,999
17.9%
 $200,000 - $249,999
24.8%
 $250,000 - $299,999
13.4%
 $300,000 - $399,999
14.5%
 $400,000 - $499,999
4%
 $500,000 - $749,999
1.2%
 $750,000 - $999,999
0.3%
 $1 million, plus          
.5%

Source: U.S. Census

The largest percentage of homes are within the $200,000 to $249,999 range (24.8%), followed by those in the $150,000 to $199,999 range.

Census Facts

At 35.2 years, Huntersville residents are two years younger than the U.S. average of 37.2 years.