The latest data from the US Census Bureau’s American Community Survey (ACS) sheds light on the diverse and challenging housing landscape in North Carolina. The state exhibits a wide range of housing values, from million-dollar properties concentrated in urban centers to more affordable homes in rural counties.
In certain counties like Mecklenburg, Orange, and Wake, luxury homes are prevalent due to the economic vitality of cities such as Charlotte, Chapel Hill, and Raleigh. These areas have some of the highest shares of million-dollar homes in the state. Coastal and mountain regions also attract affluent buyers, with counties like Dare, Buncombe, and Watauga commanding premium prices. Overall, million-dollar homes account for 2.8% of all owner-occupied units in North Carolina.
Conversely, many areas offer more affordable housing options. Approximately 24.4% of owner-occupied homes statewide are valued at less than $150,000. In Robeson County, which has the lowest median value for owner-occupied homes, 71.5% fall below this threshold.
However, affordability is not solely determined by home values. Rental costs often provide a clearer picture of affordability challenges faced by residents. Across North Carolina, 38.6% of rental households spend over 35% of their income on housing costs—a level deemed burdensome by experts.
Certain regions show high rates of cost-burdened rental households. College towns within high home value counties like Watauga and Orange see significant rental burdens alongside rural coastal communities such as Tyrrell and Hyde Counties.
This complex housing landscape presents both opportunities and challenges for North Carolina’s economic growth and resilience. While luxury markets reflect economic strength in urban centers, they also underscore ongoing affordability issues that need addressing to foster equitable growth across all communities.
