NORTH CAROLINA, USA — Mortgage rates crept past 7% this week, for the first time in 2024. It's one factor playing into an unstable housing market where North Carolina renters are having trouble keeping up with rent.
With supply already low, homeowners are staying put, squeezing access to viable locations even further. A recent report from the North Carolina Housing Coalition in North Carolina is shining light on why renters are left asking "where’s the money?"
North Carolina is in a renaissance, but Samuel Gunter with the North Carolina Housing Coalition said with that growth comes a new dynamic that has led to a shortage of supply for both renters and homebuyers.
"The average incomes of some of the people moving here are $30,000 and $40,000 higher than the people staying put or that are already here in North Carolina," Gunter explained.
This type of competition within the housing market leads to higher prices on the current homes that are available and on the market, to rent or buy.
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The coalition’s report points out roughly 48% of North Carolina renters are having difficulty affording rent. Mecklenburg and Gaston Counties sit around 47%.
Eviction notices and foreclosures can do even more damage.
Those notices stay on people’s records, making choices even more limited. Before things get better, or cheaper, Gunter said three things need to happen.
According to Gunter, developers and policymakers inside the state need to:
- Accommodate supply for the number of people moving here
- Provide subsidies to those on the lower end of the income spectrum
- Create stability to keep people in their homes.
"These are critical components and no one of these is the silver bullet. You have to move on all three," Gunter said.
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