JLUS Background Report sj_br_report_sm | Page 51

2.5 Housing Value and Trends

Housing trends are an important indicator of economic vitality because they demonstrate population growth or decline relative to new residential construction and represent market decisions relative to home ownership versus rental properties . Housing trends indicate potential future development and the types of residential and commercial uses .

The following information portrays the housing market trend and median monthly gross rents , percentage of basis allowance for housing ( BAH ), and median home values within the JLUS study area . Table 2‐21 shows five year estimates for owner and renter occupied units within the study area jurisdictions . A majority of the housing units in the Study Area jurisdictions are owner occupied , except for the cities of Goldsboro and Washington , which have owner occupied percentages considerably lower than both the state and county averages . It can be assumed that because a majority of jobs occur in the cities , that these communities would have a higher level of renter occupied homes than the more rural areas of the larger counties .

Table 2‐22 shows the change in median monthly gross rents for the region . Between 2000 and 2013 , the median rent increased by a range of 23 percent to 42 percent in the Study Area jurisdictions . During this ten‐year span , every jurisdiction experienced an increase ; however , only the counties of Bertie , Dare , and Hyde experienced an increase greater than 50 percent of the year 2000 value for rent . At the same time , every jurisdiction except Tyrrell County experienced rent cost increases at a faster rate than the average state rate in which they reside .

A rise in median rent illustrates rising property values and a desire to move to the Study Area . Rents are below the state median rent in all jurisdictions , except Dare County , which conveys an overall affordability of the Study Area . The high cost of rent associated with Dare County is most likely due to the tourism industry and exclusivity of the Outer Banks .

Table 2-21 .

Jurisdiction

Owner v . Renter Occupied Unit

Owner Occupied

Renter Occupied

North Carolina 2,466,388 1,249,177 Beaufort County 13,510 5,756 Bertie County 5,747 1,882 Dare County 10,340 4,284 Hyde County 1,667 481 Tyrrell County 1,116 364

Washington County

3,658 1,398

Wayne County 28,721 18,609

City of Goldsboro

5,605 8,827

Table 2-22 . Median Monthly Gross Rent 20 Jurisdiction 2000 2010

North Carolina $ 548 $ 718 Wayne County $ 455 $ 626 Beaufort County $ 405 $ 584 Bertie County $ 358 $ 588 Dare County $ 638 $ 1,010 Hyde County $ 383 $ 602

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