What’s measured Using data from the U.S. Census Bureau, this section looks at the number of housing units per capita from 2000 through 2005. Housing units include all types of residential development, encompassing single-family homes, apartments, condos, townhomes and all other housing types. Why it’s measured The number of housing units points to the supply of housing in the Charlotte region. In an area growing as fast as this region, population growth can outstrip increases in housing supply, leading to a shortage of affordable housing. Indicator results In 2005, the Charlotte region had 980,133 housing units (431.32 housing units per 1,000 residents). This represented an increase of 15.4 percent over the number of housing units in 2000 (849,600 units). It also represented an increase in per capita housing units. In 2000, there were 416.73 housing units per 1,000 residents, 14.59 units fewer than in 2005. Mecklenburg County accounted for 36.4 percent of all housing units in the region in 2005. From 2000 through 2005, Cabarrus, Mecklenburg, Union, and York counties increased their shares of the region’s housing units. While all other counties saw a decrease in their share of the region’s housing units, no county experienced a decrease in the number of housing units for the period studied. The Charlotte region’s 431.32 housing units per 1,000 residents represented fewer housing units per capita than either North Carolina (454.37) or South Carolina (453.94) as a whole. Chester, Iredell, Mecklenburg and Stanly counties had the most housing units per capita. Union County had the fewest housing units per capita, at 367.75. Evaluation From 2000 through 2005, the number of housing units in the region grew faster than the region’s population. The number of housing units in the region increased by 15.4 percent from 2000 to 2005, while the population increased by 11.5 percent during the period. Nevertheless, the region’s per capita number of housing units is still lower than state levels. The growth of the Charlotte region poses many challenges to the local housing market and residential home developers. The housing market must keep the housing supply at or near the demand for housing as the region’s population continues to rise. Although population growth occurred during the period studied, per capita levels of housing in the Charlotte region did not change dramatically. Nor is the difference between the region and North Carolina and South Carolina very large. In sum, the number of housing units in the region seems to be in line with state levels and what one would expect based on population numbers. Connections The number of housing units has important connections to the region’s economy. If housing units fail to keep pace with population growth, residents will have increased difficulty finding affordable housing. This shortage, in turn, may serve as an impediment to future growth, as newcomers are unable to find desirable dwellings. Conversely, if home construction outpaces population growth by too much, the region could experience a fall in housing prices – a major problem for homeowners. The number of housing units also has important implications for the region’s environment and provision of public services. A rapidly increasing housing supply can strain the region’s natural resources and amenities.
|