Charlotte area logs steep decline in housing affordability

CHARLOTTE — Already grappling with economic mobility, Mecklenburg County logged one of the steepest declines in housing affordability in the nation between last year’s second quarter and the same period this year, according to Attom Data Solutions.

That firm released its 2021 U.S. Home Affordability Report this week, which notes home prices have risen faster than wages in much of the country. Median prices for single-family homes and condos in 61% of the 569 counties analyzed were less affordable in the second quarter than a year ago, it says.

In Mecklenburg County, the affordability index declined 14%, according to the report. That’s on par with California’s San Bernardino County, near Los Angeles, which saw the same drop in affordability. Wake County, home to Raleigh, followed next with an 11% decrease in its index.

Read more here. 

(WATCH BELOW: Surrounding counties not immune to Charlotte’s affordable housing crisis)

Surrounding counties not immune to Charlotte’s affordable housing crisis

©2021 Cox Media Group