CHARLOTTE — Despite a recent cooldown in the housing market, plenty of challenges persist for Charlotte-area homebuyers. Housing inventory is still scarce, prices remain well elevated over pre-pandemic levels and higher mortgage interest rates are taking a chunk out of people’s buying power.
Of more than 25,000 ZIP codes in the U.S. recently analyzed by The Business Journals, 27.6% require a household income of at least $100,000 to afford the median-priced home. The Business Journals used data from Zillow Group Inc. (NASDAQ: ZG) and Bankrate LLC for its analysis.
In the Charlotte metro, there are 32 ZIP codes where it takes a minimum annual income of $100,000 to afford the median-priced home. For perspective, the median household income in the local metro area was estimated at $71,041 in 2021, according to recent data from the U.S. Census Bureau.
The ZIP code in which it is most expensive to buy a home in the Charlotte area perhaps doesn’t come as too much of a surprise. In 28207, which spans sections of the posh Myers Park and Eastover neighborhoods, the median home value was nearly $1.4 million at the end of September. The minimum income required for that median-priced home is $339,142, with the typical monthly payment for a mortgage there breaking down to about $8,500. That’s using a 30-year fixed mortgage rate of 6.8%.
Other local ZIP codes where it takes the most money to afford a home encompass neighborhoods like Cotswold, Foxcroft, South End, Dilworth, the Montford area, Elizabeth and several parts of south Charlotte. Also included are surrounding areas such as Waxhaw, Mooresville, Davidson, Indian Trail, Fort Mill, Denver, Huntersville, Harrisburg, Cornelius and Matthews, among others.
A full list of the 32 ZIP codes can be viewed in a slideshow here.
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