I’ve been here, on the outskirts of Charlotte, since December.
I live in the middle of a sprawling community with an almost unimaginable wealth of homes.
I’ve seen it first hand.
But I’ve never been able to understand why Charlotte is struggling.
The story of Charlotte is complicated and it’s about to get more complicated.
Here’s what we know: What is it?
Charlotte has one of the lowest home prices in the nation.
The median home price is $225,000 in Charlotte.
According to the real estate site Trulia, the median home value in Charlotte is $1.4 million.
But it’s not just the homes.
There are some of the worst housing in the country.
Charlotte’s population is less than 10 percent African American, according to the Census Bureau.
And African Americans make up a quarter of the city’s residents.
Why is this happening?
There are two main factors driving the housing affordability crisis.
First, there are huge gaps in the wealth of Charlotte residents.
In the metro area, the typical household has $23,600 in annual household income, according a report by the Economic Policy Institute.
And only 4 percent of Charlotte households have a mortgage.
The Census Bureau reported that Charlotte’s median household income was $59,200 in 2017.
Second, the housing market is in desperate need of fixing.
In 2015, the Charlotte-Mecklenburg Metropolitan Planning Organization issued a report that called for affordable housing in a number of Charlotte neighborhoods.
Those neighborhoods are clustered around Charlotte’s center, a mix of older, working class, and middle-income neighborhoods that are home to large numbers of people with children.
There is no affordable housing near the center of Charlotte.
In fact, there’s not even one housing development within a two-block radius of the center.
So there’s no place where you can buy a home in Charlotte that’s affordable.
In some of these neighborhoods, the prices of homes are so high that even if you move to another neighborhood, the home you bought in the center will be far less affordable than the homes you can afford to buy in the suburbs.
What is the cause?
The cause of Charlotte housing affordability problems isn’t just lack of supply.
The city is also experiencing a housing crisis.
In 2016, the number of people moving to Charlotte jumped by more than 10,000, according the Census report.
In contrast, Charlotte’s number of single-family homes increased by only 1,000.
And the number living in single-room occupancy hotels, or RROs, more than tripled between 2015 and 2017.
The RRO is a way to separate people who want to live in homes and people who don’t.
Charlotte is one of only three cities in the United States that have an RRO that’s above 30 percent.
Charlotte has a large number of RRO-less homes, too.
About 60 percent of the RRO in Charlotte in 2017 was RRO, according and the census report.
It’s not all bad news.
But there are a few positives to take from Charlotte’s housing situation.
For one, Charlotte has been a hotbed of investment.
Since 2010, Charlotte attracted more than $3.5 billion in investment, according Toppenish Capital, a firm that specializes in local finance.
That includes $4.1 billion in new housing, and $3 billion in real estate transactions.
Meanwhile, Charlotte also has a strong middle class.
There is one major demographic in Charlotte, white.
And those who work in Charlotte are well-educated and well-off.
So if you’re trying to buy a house, you’re probably going to be able to find a middle-class person who can afford the home.
That’s good news.
Charlotte has also made a lot of progress on issues that are important to many middle class families.
In 2019, Charlotte passed a measure that requires homeowners to pay back their mortgage by 2023.
The measure also requires lenders to report on the financial status of their borrowers.
And in 2020, Charlotte was ranked the top place in the state to live.
Now, the problem is that there are still some areas of the economy that are too expensive for people.
For example, in the Raleigh area, people with a median income of $70,000 pay an average of $3,700 more a year than people with similar incomes in Charlotte’s North Carolina suburbs.
And it’s unclear if this gap will narrow.
Still, for the first time in decades, Charlotte is beginning to see its own housing market stabilize.
In 2017, the Census reported that there were more than 3.2 million renters, up from 2.9 million renters in 2018.
And Charlotte’s rental market is expected to increase by 2.4 percent in 2020.
This is great news for Charlotte, but it’s also a big deal for everyone else in the region.
Charlotte, the region’s capital