‘An impossible dream’: Mecklenburg County commissioners briefed on housing crunch

CHARLOTTE — Finding a place to live in Mecklenburg County is really difficult right now and it is even harder if you can’t spend a lot of money.

Mecklenburg County real estate continues to be hot. According to the county economist, only 1,011 homes were for sale in the county last month. The average sales price was more than $471,000.

“We are just going gangbusters and that means that rents are going up, affordability is going down and access is decreasing,” Commissioner Leigh Altman said.

The outlook for renters is even more gloomy. The county economist told commissioners only 1% of apartments are priced under $1,000. The average two bedroom is $1,445. The average income in Mecklenburg County is a little more than $68,000.

“You can’t even get an apartment,” Commissioner Mark Jerrell said.

Commissioners say tackling housing supply and affordability will be priorities this year.

Their eyes are focused partially on corporate landlords that are paying cash for starter homes that are above market value and pricing people out. The county assessor thinks 13,600 single-family homes are owned by corporations. The county says more than 93% of single-family homes were purchased by corporations for $300,000 or less.

“With the price increases and these big companies coming in saying we’ll buy your house sight unseen, it is very difficult for an individual or a small low-income family to actually purchase a home at a time,” resident Tina Emmons said. “It is an impossible dream at this point.”

Revaluation:

The revaluation process is happening sooner than it has in years past. The county has already reviewed 82% of parcels to gauge what their value is.

The county used to do it every eight years but that resulted in a lot of sticker shock. During the last revaluation, particularly in west Charlotte and gentrifying neighborhoods, long-time residents saw huge spikes in home value resulting in bigger property tax bills.

The county is now doing the revaluation process every four years instead of eight. That means 2023 is the next year this will happen.

Residents who disagree with their assessment can appeal. The county is launching a study to determine the appeal rate and results based on ethnicity to make sure the process is fair.

“Our office is wanting to ensure there is no systemic bias in the appeals process,” County Assessor Ken Joyner said.

The results of that study will be returned in March. The new property values will be mailed to residents around this time next year.

(WATCH BELOW: It’s cheaper to buy than rent in all but three counties in the Charlotte market)

It’s cheaper to buy than rent in all but three counties in the Charlotte market

©2022 Cox Media Group