Lake Norman area homes aren’t affordable for most. How do officials plan to change that?

Evan Moore
·4 min read
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A new study found that affordable housing in north Mecklenburg County is scarce, but town officials are working to change that.

According to the North Mecklenburg Demographic Housing Assessment — presented by the UNC Charlotte Urban Institute during the March 18 Cornelius Town Board meeting — housing stock in north Mecklenburg is highly valued.

The study revealed half of homes in Huntersville, Cornelius and Davidson have assessed values between $250,000 and $500,000, and the median home value in the area is $477,328 — higher than the county median of $375,571.

In Cornelius and Davidson, median home values are even higher, at $478,450 and $583,189, respectively, according to the study.

For renters, less than 20% of the housing stock in north Mecklenburg are apartments, while four out of five apartment units have rents more than $1,500, the study shows.

Nearly 40% of renters and 21% of homeowners in the three towns are “cost-burdened,” meaning they spend more than 30% of their income on housing, according to the study.

Data also show the area has experienced significant growth within the last few years, with 8,000 new residential units permitted for construction since 2019.

How are officials responding?

Bill McCoy, a political science professor at UNC Charlotte and former director of its Urban Institute has been active in the towns’ effort to build more affordable housing — and described the area in one sentence.

“It’s growing rapidly and it’s expensive, and it’s a very good place to live,” McCoy told commissioners.

While housing prices have climbed in recent years, McCoy pointed out that Davidson, Huntersville and Cornelius have made efforts to increase the availability of affordable housing.

Over the last year, the Davidson Town Board agreed to earmark $500,000 per year for the next 10 years to support affordable housing, McCoy said, noting that philanthropic organizations in the town have also been more active in supporting the cause.

McCoy also referenced the Cornelius Community Development Corporation (now known as the Lake Norman Community Development Corporation), established in 2022, to “promote attainable affordable housing,” according to its website.

Since its inception, the organization has started a rental assistance program, a senior rent relief program and a fund to preserve existing affordable housing in the Lake Norman area.

McCoy said Cornelius has made “progress” with the Smithville Revitalization and Workforce Housing Plan, which officials are calling a blueprint to modernize one of Mecklenburg County’s oldest historically Black neighborhoods.

But some residents say the changes could cause property taxes to rise, while others were worried that “preservation” efforts could lead to gentrification and result in longtime residents being outnumbered by newcomers, The Charlotte Observer previously reported.

The Huntersville Affordable Housing Task Force submitted a plan to the town board in November, McCoy said, outlining steps to provide more affordable housing and protect neighborhoods from gentrification.

Despite common issues, such as finding ways to control growth, land use and zoning regulations, McCoy said officials making gains.

“There’s been tremendous progress in the towns, and there’s more attention on the issue than there has been in the past,” McCoy said.

More data from the study

In addition to housing, the study highlighted some key demographic and employment data for north Mecklenburg County. The area’s population is:

  • Growing older, with a significant portion of the population between 60 and 79 years old

  • Mostly white, but gradually diversifying. The percentage of white residents dropped from 87% to 76% from 2000-2021, while the percentage of Black (7% to 10%), Asian (1% to 3%) and Hispanic (3% to 7%) residents grew during that time period.

  • Highly educated, with 58% of residents having a college degree

  • Fairly affluent, with 53% of households earning at least $100,000 annually

The study also found that 18% of people who live in north Mecklenburg work in the area, and nearly half of the population works in Charlotte.

Most people who live in north Mecklenburg and work outside of the area earn more than $40,000 per year, according to the study. However, 53% of people who work in north Mecklenburg and live outside of the area are in lower paying jobs, with most earning below $40,000 annually.