Housing market report from UNC Charlotte details drop in affordability
There’s a new report out this week from the Childress Klein Center for Real Estate at UNC Charlotte that breaks down trends in the region’s housing market.
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The “2022 State of Housing in Charlotte Report,” released Tuesday, puts in stark relief the dramatic drop in affordability in the eight-county area analyzed that’s happened in just the last few years. For instance, researchers found that the household income required to buy a median-priced home in the region jumped from $62,680 in 2020 to $109,103 in 2022 — a 73% increase.
That’s due in large part, of course, to the median home price increasing nearly 54% — from $273,500 in January 2020 to $420,000 in September 2022 — but also attributable to rising interest rates.
Read more from the Charlotte Business Journal’s coverage here.
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