29 Oct Autumn Mortgage News Rundown
The Charlotte-Concord-Gastonia metro region has been identified as an area where residents can afford the most home. Meanwhile, the local and statewide home builders associations have been helpful in rebuilding and cleaning up the Cape Fear area after Hurricane Florence. Elsewhere, the Lowcountry is growing so fast it’s hard to keep up with all the changes. Here is more on the mortgage news stories we are watching:
How Affordable Is It To Buy A Home in the Charlotte Region?
In many areas of the country, buying a home is becoming out of reach as incomes can no longer keep pace with the rise in home prices. Rising debt in the form of student loans, auto loans, credit cards and more may prevent families with high household incomes from being able to afford what just the salary line suggests. With this in mind, it is no surprise that debt is an often-overlooked consideration that influences how much house one can afford. SmartAsset recently released a report identifying the places where the average household can buy the most house. The Charlotte-Concord-Gastonia area ranked third among places where residents can afford the most home. Based on data from the most recent census bureau estimates, the Charlotte region’s median home is worth $197,100. At the same time, the median household income is almost $61,200. Knowing this, the report indicated that the median Charlotte metro area household can afford $223,000 after factoring in a total non-home loan debt of nearly $40,000 along with a down payment worth 50% of household income.
Home Builder Associations Have Been A Great Resource
The Wilmington region continues to be in recovery mode after sustaining massive wind and flood damage from Hurricane Florence. At the beginning of the post-storm recovery, roofing and general framing were in demand. Knowing that the need for skilled workers is only going to grow, the Wilmington-Cape Fear Home Builders Association in partnership with the North Carolina Home Builders Association has sent out a request to its entire statewide membership seeking subcontractors to help with the recovery. Another piece of good news is that the supply chain of receiving materials is on track and delays are not expected for any extended period. The network of home builders associations has been instrumental in helping with the recovery by solving and responding to any issues in the Cape Fear region.
The Changing Face of the Lowcountry
The Charleston region is changing as a result of all the new development. There has been and continues to be so much change that is it difficult to follow it all. Part of this is a result of the Lowcountry area spreading out across three counties, which include five of the 10 biggest cities in South Carolina. This change is not just about the growing number of residents, neighborhoods, roads and buildings; it also about how these things are altering the feel of cities and towns. The arrival of many new tall buildings, massive new communities, neighborhoods on previously rural farmland, and the redevelopment of areas that suffered blight after years of neglect are all changing the face of the Charleston region and bringing in new faces. Specifically, six locations in the region represent many of the changes that are taking place:
- The base of the bridge, Mount Pleasant
- Upper Meeting, Peninsular Charleston
- Maybank Highway, Johns Island
- The Remount Road area
- Berkeley’s “mega-cluster”
- Knightsville, Summerville
With so much activity in the Carolinas, isn’t it time that you partnered with the best? Our service and communication are top-notch. At Fairway Independent Mortgage of the Carolinas, we treat your real estate customers like you do — with fairness and with their best interests at heart. They are our priority, as is closing loans quickly with no surprises. Let us change how you think about mortgages.
Behre, Robert. “6 hot spots where Charleston’s region is changing the most.” Web blog post. The Post and Courier. 24 October 2018. Web 24 October 2018.
Martin, Jenna. “How much home can Charlotteans afford? The answer may surprise you.” Web blog post. Charlotte Business Journal. 26 October 2018. Web 26 October 2018.
Nunn, Cece. “Building, Rebuilding Homes After Hurricane.” Web blog post. WilmingtonBiz. 19 October 2018. Web 19 October 2018.