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Research Outline

Prepared for Sophie F. | Delivered September 27, 2019

Moving/Relocation in Charlotte

Goals

To gather information on apartment dwellers moving to homes and profile of newcomers to the market in order to understand the value of using radio and/or digital in reaching a rapidly growing and changing moving/relocation services market.

Early Findings

  • "The total US population has increased by ~23.7 million people during the past decade, but this growth is far from evenly distributed between the two occupancy categories. The number of renters has increased by more than 23 million, and that of homeowners by less than 700K."
  • "Rentership growth outpaced homeownership in 97 of 100 large cities."
  • "Since 2010, Charlotte has added more than 120,000 new residents, pushing its population to 860,000."
  • "“Charlotte rents are climbing a little faster than the U.S. norm of 2.5 percent, and property owners and operators in Charlotte still have more pricing power than is typical in more other metros where new supply is coming on stream most rapidly,” Parsons said. Even in the most competitive areas in Charlotte — those with the most new apartments, like South End — rent is up 2.8 percent in the past year."
  • The median home value in Charlotte is $208,791.
  • "Charlotte has a $1,130 median two bedroom rent."
  • The home ownership rate in Charlotte, NC is 53.1%.
  • One of the objectives in Charlotte, NC housing market is to "expand the supply of affordable rental housing opportunities, especially for households earning below 60 percent of area median income, and ensure Charlotte residents can become homeowners."
  • This will be achieved by prioritizing homeownership opportunities, expanding existing employer-assisted homebuyer programs, and supporting creation of a community land trust.
  • 34% of Charlotte households are "cost-burdened [and] paying more than 30 percent of household income toward housing costs" due to rising costs, while 15% experience housing insecurity and are paying more than 50% of their household incomes in housing costs.
  • "Approximately 81,000 unsubsidized units are affordable to households earning 80 percent of area median income or below."