DRAFT Morrisville Affordable Housing Plan, September 23, 2019 version

DRAFT SEPTEMBER 23, 2019

PART 2 | The Morrisville Market

MORRISVILLE AFFORDABILITY

Median Affordable Home Value

Actual Median Home Value

Similar to the region, Morrisville owners at the median do not struggle to afford homes in the town. This is not because owner units are inexpensive—the 2017 median value was $304,500—but rather because the median owner income is quite high at $120,000. This relative ease of owner affordability has been the case since 2000.

$200,544 Like Morrisville owners, Morrisville renters benefit not from low rents, but from high incomes. The town has experienced construction of numerous housing units in recent years, which come with the higher rents necessary to cover the cost of new construction. The 2017 median rent in Morrisville was $1,262, easily affordable to the median renter household in Morrisville which was earning $77,000. Morrisville renters have generally been able to afford Morrisville rents since 2000. $288,996 $266,400 $359,946

$304,500

$160,700

Morrisville Affordability, 2000-2017

2000

2010

2017

FOR SALE

For Renters

For Owners

Median Affordable Home Value

Actual Median Home Value

Median Affordable Rent

Actual Median Rent

$359,946

$2,138

$304,500

$288,996

$266,400

$1,548

$1,494

$200,544

$1,262

$160,700

$928

$890

2000

2010

2017

2000

2010

2017

Source: czb analysis of 2000 and 2010 Census and 2013-2017 American Community Survey Data.

Affordable Housing Plan for Morrisville, NC | 2019

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Median Affordable