HomeMy WebLinkAboutHousing Needs Assessment Bowen Update - Final (1)
DRF
HOUSING NEEDS
ASSESSMENT UPDATE
2022
City of Wilmington &
New Hanover County,
North Carolina
BOWEN NATIONAL RESEARCH Table of Contents: 1
Table of Contents
I. Introduction
II. Executive Summary
III. Study Areas
IV. Demographic Analysis
V. Housing Supply Analysis
VI. Housing Gap / Demand Estimates Addendum A – Phone Survey of Conventional Rentals
Addendum B – Qualifications
BOWEN NATIONAL RESEARCH I-1
I. INTRODUCTION
A. PURPOSE
New Hanover County and the City of Wilmington originally retained Bowen
National Research in April of 2020 for the purpose of conducting a Housing
Needs Assessment of New Hanover County, North Carolina. Subsequently, in
September of 2022, we were again retained to provide an update of the following
work elements of the original assessment:
• Present and evaluate past, current and projected demographic characteristics.
• Determine current characteristics of major housing components within the
market (for-sale/ownership and rental housing alternatives).
• Provide housing gap estimates by tenure and income segment.
By accomplishing the study’s objectives, government officials, area stakeholders,
and area employers can: (1) better understand the area’s evolving housing market,
(2) establish housing priorities, (3) modify or expand local government housing
policies, and (4) enhance and/or expand the area’s housing market to meet current
and future housing needs.
B. METHODOLOGIES
The following methods were used by Bowen National Research:
Study Area Delineation
The study area includes all of New Hanover County. For the purposes of this
analysis, we have defined the study areas as the County Study Area (CSA) which
is all of New Hanover County that includes the city of Wilmington and the
Primary Study Area (PSA) which is the city of Wilmington, exclusively. Maps
of the study areas are provided in Section III of this report.
Demographic Information
Demographic data for population, households, housing, and crime was secured
from ESRI, the 2010 and 2020 U.S. Census, the U.S. Department of Commerce,
and the American Community Survey. This data has been used in its primary
form and by Bowen National Research for secondary calculations. All sources
are referenced throughout the report. Estimates and projections of key
demographic data for 2022 and 2027 were also provided. It should be noted that
data throughout the report is provided for various points in time, depending upon
the availability and applicability of such data.
BOWEN NATIONAL RESEARCH I-2
Housing Supply Documentation
Between September and December of 2022, Bowen National Research conducted
telephone research, as well as online research, of the area’s housing supply. The
following data was collected on each multifamily rental property:
1. Property Information: Name, address, total units, and number of floors
2. Owner/Developer and/or Property Manager: Name and telephone number
3. Population Served (i.e., seniors vs. family, low-income vs. market-rate, etc.)
4. Available Amenities/Features: Both in-unit and within the overall project
5. Years Built and Renovated (if applicable)
6. Vacancy Rates
7. Distribution of Units by Bedroom Type
8. Square Feet and Number of Bathrooms by Bedroom Type
9. Gross Rents or Price Points by Bedroom Type
10. Property Type
11. Quality Ratings
12. GPS Locations
Information regarding for-sale housing was collected by Bowen National
Research staff during the aforementioned research period. Home listings were
obtained through local tax assessor offices and the local Multiple Listing Service.
Information regarding the for-sale housing inventory includes property address,
sales/asking price, square footage, number of bedrooms and bathrooms, price per
square foot, and the number of days on market, when available.
Housing Demand
Based on the current and projected demographic data and taking into
consideration the housing data from our survey of area housing alternatives, we
are able to project the potential number of new units the county can support. The
following summarizes the metrics used in our demand estimates.
• Rental Housing – We included renter household growth, the number of units
required for a balanced market (units needed for a healthy market with 4% to
6% available), the need for replacement housing, commuter/external market
support and step-down support as the demand components in our estimates
for new rental housing units. As part of this analysis, we accounted for
vacancies reported among all surveyed rental alternatives. We concluded this
analysis by providing the number of units that the market can support by
different income segments and rent levels.
• For-Sale Housing – We considered potential demand from new owner
household growth, the number of units required for a balanced market (units
needed for a healthy market with 2% to 3% available), the need for
replacement housing, commuter/external market support and step-down
BOWEN NATIONAL RESEARCH I-3
support in our estimates for new for-sale housing. We accounted for the
available supply of for-sale housing to yield a net support base of potential
for-sale housing. Demand estimates were provided for multiple income
stratifications and corresponding price points.
The income stratification used in this analysis were based on predetermined
income limits selected by the client. The annual household income limits were
based on published HUD income restrictions for the local market.
C. REPORT LIMITATIONS
The intent of this report is to collect and analyze significant levels of data for
Wilmington and New Hanover County. Bowen National Research relied on a
variety of data sources to generate this report. These data sources are not always
verifiable; however, Bowen National Research makes a concerted effort to assure
accuracy. While this is not always possible, we believe that our efforts provide
an acceptable standard margin of error. Bowen National Research is not
responsible for errors or omissions in the data provided by other sources.
We have no present or prospective interest in any of the properties included in
this report, and we have no personal interest or bias with respect to the parties
involved. Our compensation is not contingent on an action or event resulting from
the analyses, opinions, or use of this study. Any editing or misrepresentation of
this data or report is strictly prohibited.
BOWEN NATIONAL RESEARCH II-1
II. EXECUTIVE SUMMARY
The purpose of this report is to provide an evaluation of the housing needs of New
Hanover County, North Carolina. Specifically, this report serves as a reduced scope
update to the original Housing Needs Assessment completed by Bowen National
Research in November of 2020. To that end, we conducted an update that considers the
following:
• Demographic Characteristics and Trends
• Existing Housing Stock Costs and Availability of both Rental and For-Sale Product
• Quantifiable Housing Gap/Demand Estimates
Based on these metrics, we were able to identify housing needs by affordability and
tenure (rental vs. ownership).
Geographic Study Areas
This report focuses on New Hanover County, referred to as the County Study Area
(CSA), which includes Wilmington. Additional analysis is provided for the city of
Wilmington, referred to as the Primary Study Area (PSA). A map illustrating the study
areas is shown below. An enlarged map is included on page III-3 of this report.
BOWEN NATIONAL RESEARCH II-2
Demographics
Population and Household Growth in New Hanover County have been Very Positive,
Outpacing State Averages since 2010 and are Projected to Continue to Grow Rapidly
Through 2027 – Between 2010 and 2020, the population within the CSA (New Hanover
County) increased by 23,032 (11.4%), which reflects a larger increase than the
corresponding rates for the PSA (City of Wilmington) and the state of North Carolina
(7.2% and 9.5%, respectively). In 2022, the population of the CSA is estimated to be
232,445, which reflects an increase of 3.0% over the 2020 population. This 3.0%
increase constitutes a larger rate of increase than the state (2.2%) during this time period.
Between 2022 and 2027, the population of the CSA is projected to increase by an
additional 9,149 people, or 3.9%, which exceeds the corresponding projected rate of
increase for the state (2.9%) over the next five years. (see Figure 1)
There are approximately 101,300 households within the CSA (New Hanover County)
in 2022. The number of households in the CSA grew between 2010 and 2020, increasing
by 12,054 (14.0%). This represents a larger rate of increase than that for the state overall
(11.1%) during this time period. Over the next five years, the number of households
within the CSA is projected to increase by 4,382 households, or 4.3%, which represents
a considerably greater growth rate than the state (3.2%). The growth rate of households
(4.6%) in the PSA (City of Wilmington) is also projected to exceed the growth rate of
the state from 2022 to 2027. The recent and projected continued growth in households
in both the CSA and PSA will add to the overall demand for housing in the area over
the next five years. (see Figure 2)
10.9%
3.9%
4.6%
14.0%
3.3%
4.3%
11.1%
2.4%3.2%0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
2010-2020 2020-2022 2022-2027
Household Trends (2010-2027)
PSA CSA North Carolina
Figure 1
Figure 2
BOWEN NATIONAL RESEARCH II-3
Household Growth is Projected to Remain Positive Among Most Household Age
Groups Through 2027 within the County, with Aging Millennials (Ages 35 to 44) and
Seniors (Ages 65 and Older) Representing the Greatest Projected Growth – In 2022,
household heads between the ages of 55 and 64 comprise the largest share (17.1%) of
all households in the CSA (New Hanover County). Household heads between the ages
of 35 and 44 (16.5%) and those between the ages of 65 and 74 (16.2%) comprise the
next largest shares of the total households. Collectively, senior households (age 55 and
older) constitute over two-fifths (45.6%) of all households within the CSA. Projections
for 2027 indicate that the greatest growth of household heads by age will occur among
those 75 and older with an increase of 3,072 households (24.6% increase) within the
CSA. Significant growth is also projected to occur for households age 35 to 44 (6.7%)
and households age 65 to 74 (5.5%), while those between the ages of 45 and 54 (3.5%)
and under 25 years of age (2.7%) will experience more moderate growth. Declines are
projected over the next five years among the household heads ages 25 to 34 (5.7%) and
55 to 64 (3.0%). The projected significant increase in senior households age 65 and older
(3,972 households) within the county indicates a likely increase in demand for senior-
oriented housing of both independent and assisted-living types, while the expected
growth in households between the ages of 35 and 54 (1,665 households) will likely
contribute to demand for family-oriented housing. The table below illustrates projected
household growth by age cohort for the PSA (City of Wilmington) and CSA (New
Hanover County) over the next five years. (see Figure 3)
3,072
900
-513
549
1,116
-917
175
1,509
621
-269
336
789
-608
166
-1,000 -500 0 500 1,000 1,500 2,000 2,500 3,000 3,500
75+
65-74
55-64
45-54
35-44
25-34
<25
Change in Household Heads by Age (2022-2027)
PSA CSA
Figure 3
BOWEN NATIONAL RESEARCH II-4
Most New Hanover County Renter Household Growth is Projected to Occur Among
Higher Income Households Earning $50,000 or More, Yet Lower Income Households
Earning Less Than $30,000 Will Comprise a Large Share of Renter Households – In
2022, nearly two-fifths (37.1%) of all renter households in the CSA (New Hanover
County) have annual incomes below $30,000. As such, affordable rental housing plays
a particularly important role in the area. Although the number of these low-income
renter households is projected to decrease by 2,662 households in the CSA between
2022 and 2027, they will continue to comprise nearly three-tenths (29.8%) of all renter
households in the CSA. Renter households earning $50,000 or more annually are
projected to increase by 4,777 households, or an increase of 28.9%. The projected trend
of increased income among renter households is similar to that within both the PSA
(City of Wilmington) and state for the time period. Given the lack of available
affordable rentals
and the large
growth among
higher income
renter households
in the market, there
will be a
significant need for
housing to meet the
needs of a variety
of household
income levels. (see
Figure 4)
Notable Owner Household Growth is Projected to Occur Among High-Income
Households – In 2022, over two-thirds (68.3%) of owner households in the CSA (New
Hanover County) earn $60,000 or more, while only 11.6% earn less than $30,000.
Between 2022 and 2027, owner households in the CSA earning $100,000 or more are
projected to increase by 8,062 households, or an increase of 29.3%. This represents the
only income segment in the CSA projected to experience growth as all other income
segments are projected to decline over the next five years. By 2027, the total number of
owner households in the CSA is projected to increase by 2,741 households, or an
increase of 4.7%. As such, the CSA will likely experience an overall increase in demand
among for-sale
product in the
market and the
income levels of
owner households
will need to be
considered to ensure
the appropriate mix
of income-
appropriate housing
is available in the
county. (see Figure
5)
20.3%
13.7%
10.8%10.9%
9.0%
20.4%
14.9%
17.1%
12.7%
10.5%11.8%
8.9%
22.1%
16.9%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
<$20,000 $20k-
$29,999
$30k-
$39,999
$40k-
$49,999
$50k-
$59,999
$60k-
$99,999
$100,000+
Share of Renter Households by Income (2027)
PSA CSAFigure 4
4.5%3.3%4.6%5.5%5.0%
15.7%
61.4%
4.2%3.5%4.2%5.1%5.7%
19.2%
58.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
<$20,000 $20k-
$29,999
$30k-
$39,999
$40k-
$49,999
$50k-
$59,999
$60k-
$99,999
$100,000+
Share of Owner Households by Income (2027)
PSA CSAFigure 5
BOWEN NATIONAL RESEARCH II-5
Housing Supply
With Nearly 21,000 Renter Households and Nearly 14,000 Owner Households
Considered Housing Cost Burdened Within the County, Housing Affordability
Remains a Critical Component to the Local Housing Market - Cost burdened
households pay over 30% of income toward housing costs, while severe cost burdened
households pay over 50% of income toward housing. The CSA’s (New Hanover
County) 2022 estimated median home value of $312,103 is well above the state’s
estimated value of $238,552, despite very comparable median household incomes. In
addition, the average gross rent of $1,108 for the CSA is higher than the state’s average
gross rent of $1,005. As such, the shares of cost-burdened renter households (49.1%)
and owner households (23.9%) in the CSA are higher than the corresponding shares for
the state (42.7% and 19.2%, respectively). Furthermore, over one-fourth (26.5%) of
renter households and one-tenth (10.0%) of owner households in the CSA are severe
cost burdened. Within the PSA (City of Wilmington), the shares of households with
affordability issues closely resemble the shares within the CSA. Overall, the county has
an estimated 20,993 renter households and 13,992 owner households that are cost
burdened. With an estimated total of nearly 35,000 cost burdened households (17,184
severe cost burdened) in the county, affordable housing alternatives should be part of
future housing solutions.
Household Income, Housing Costs and Affordability
2022
Households
Median
Household
Income
Estimated
Median
Home
Value
Average
Gross
Rent
Share of Cost
Burdened
Households*
Share of Severe Cost
Burdened
Households**
Renter Owner Renter Owner
PSA 54,806 $54,746 $314,417 $1,065 50.4% 23.7% 26.5% 9.8%
CSA 101,299 $63,926 $312,103 $1,108 49.1% 23.9% 26.5% 10.0%
North Carolina 4,262,494 $63,994 $238,552 $1,005 42.7% 19.2% 20.4% 7.7%
Source: American Community Survey (2016-2020); ESRI
*Paying more than 30% of income toward housing costs
**Paying more than 50% of income toward housing costs
With a Large Portion of the Nearly 33,000 People Living in Poverty Consisting of
Children, Affordable Family Housing Should be a Priority in the County -
Approximately 14.6% of the population in the CSA (New Hanover County) suffers from
poverty, which reflects a slightly higher overall poverty rate when compared to the state
(14.0%) and a lower rate than the PSA (18.8%). People less than 18 years of age have
the highest poverty rate (18.0%) in the CSA, followed by individuals between 18 and
64 years (15.4%). Those age 65 and older have the lowest poverty rate in the CSA
(8.4%). Poverty rates by age cohort within the PSA (City of Wilmington) are
considerably higher than the corresponding rates in the CSA and the state, with the
highest rate occurring among children less than 18 years of age (23.7%). Overall, the
CSA has approximately 32,800 individuals that are affected by poverty. Of these, the
data illustrates that households with children present are the most disproportionately
affected group. As such, it appears there is a significant need for affordable housing
options oriented toward a variety of household types, particularly family-oriented
housing within the PSA.
Table 1A
11___
BOWEN NATIONAL RESEARCH II-6
While Occupancy Rates of Market-Rate Rentals (Operating without Government
Income or Rent Limits) Remain Stable and High, There are no Longer Any Available
Affordable Rental Alternatives (e.g., Tax Credit or Government-Subsidized)– Overall,
90 multifamily apartments were surveyed as part of this update. Of the 17,035 units at
the surveyed properties, 674 are vacant, resulting in an overall occupancy rate of 96.0%.
This is slightly higher than 95.9% occupancy rate from the original (2020) survey of this
market, meaning the availability of multifamily rental housing is diminishing slightly.
While the market-rate rental inventory maintains several hundred available units and
has maintained a relatively high and stable occupancy level over the last two years, all
surveyed affordable rentals that operate under either the Low-Income Housing Tax
Credit program or with a government subsidy are now fully occupied and many of these
affordable housing alternatives maintain wait lists. As a result, there is clear pent-up
demand for rental housing that serves households with incomes of up to 80% of Area
Median Housing Income (earning up to approximately $68,000 for a family of four).
The lack of available housing serving these lower income households is likely
contributing to the large number of renters living in cost burdened housing situations in
the market.
The following table (see Table 1) summarizes the recently surveyed product by program
type for the PSA (City of Wilmington) and CSA (New Hanover County) and compares
occupancy rates with those from the 2020 study.
Project Type
Current Survey - 2022 2020
Occupancy
Rate
Occupancy
Rate Change
2020 to 2022
Projects
Surveyed
Total
Units
Vacant
Units
Occupancy
Rate
PSA (City of Wilmington)
Market-rate 52 11,449 510 95.5% 95.2% 0.3%
Market-rate/Tax Credit 1 360 5 98.6% 63.5% 35.1%
Tax Credit 11 1,143 0 100.0% 97.3% 2.7%
Tax Credit/Government-Subsidized 3 223 0 100.0% 98.7% 1.3%
Market-rate/Tax Credit/
Government-Subsidized 1 204 0 100.0% - -
Government-Subsidized 6 629 0 100.0% 99.7% 0.3%
Total 74 14,008 515 96.3% 95.7% 0.6%
CSA (New Hanover County)
Market-rate 66 14,336 669 95.3% 95.5% -0.2%
Market-rate/Tax Credit 1 360 5 98.6% 63.5% 35.1%
Tax Credit 13 1,283 0 100.0% 97.7% 2.3%
Tax Credit/Government-Subsidized 3 223 0 100.0% 98.7% 1.3%
Market-rate/Tax Credit/
Government-Subsidized 1 204 0 100.0% - -
Government-Subsidized 6 629 0 100.0% 99.7% 0.3%
Total 90 17,035 674 96.0% 95.9% 0.1%
Source: Bowen National Research
Additional details of the area’s multifamily rental housing supply are included in Section
V of this report.
Table 1
BOWEN NATIONAL RESEARCH II-7
Median Collected Rents Escalated Rapidly Over the Past Two Years, Particularly
Among Market-Rate Rentals - From 2020 to 2022, the median collected rent for nearly
all bedroom types in the CSA (New Hanover County) increased substantially. Among
the most common unit configurations, median collected rent increased by 53.3% ($955
to $1,464) in the one-bedroom, one-bath units, while median collected rent among the
two-bedroom, two-bath units increased by 44.7% ($1,225 to $1,773) during the past two
years. Median collected rents among the three-bedroom, two-bath units, which also
comprise a significant share of the overall supply in the CSA, increased by 47.6%
($1,300 to $1,919). With the exception of the three-bedroom, one-and-a-half bath units,
median collected rents have increased between 25.0% and 67.9% in the CSA depending
on unit configuration. While the overall occupancy rate in the CSA (95.4%) is generally
considered healthy, the rapid increase in median collected rents illustrates not only the
ability to obtain premium rents in the market, but the high level of demand for market-
rate apartments in the area. Although the median rents of the Tax Credit supply in the
PSA and CSA are well below the median rents of the market-rate multifamily supply,
which is to be expected, median collected rents among all Tax Credit bedroom types
have increased since 2020. Among the five most common bedroom/bathroom
configurations, median Tax Credit rents in the CSA have increased between 7.4% and
19.7% since 2020, even though the residents of these Tax Credit units have not
experienced household income increases at these levels. Despite these increases, Tax
Credit housing remains a value in the market, which is likely contributing to its strong
level of demand. Tables 2 and 3 below illustrate key vacancy and rent data for the most
common bedroom types among the market-rate and Tax Credit supply within the
county. Tables with the full inventory of surveyed properties are included on pages V-
9 and V-11.
Market-rate
Bedroom Baths
Current Survey - 2022 2020 Survey
% Change
Median
Collected
Rent
Units Distribution
Vacant
Units
%
Vacant
Median
Collected
Rent
%
Vacant
Median
Collected
Rent
CSA (New Hanover County)
One-Bedroom 1.0 4,367 29.8% 205 4.7% $1,464 5.4% $955 53.3%
Two-Bedroom 2.0 6,179 42.1% 277 4.5% $1,773 4.7% $1,225 44.7%
Three-Bedroom 2.0 1,297 8.8% 70 5.4% $1,919 4.0% $1,300 47.6%
Source: Bowen National Research
Tax Credit
Bedroom Baths
Current Survey - 2022 2020 Survey % Change
Median
Collected
Rent Units Distribution Vacancy
%
Vacant
Median
Collected
Rent
%
Vacant
Median
Collected
Rent
CSA (New Hanover County)
One-Bedroom 1.0 348 26.4% 0 0.0% $662 2.3% $610 8.5%
Two-Bedroom 1.0 393 29.8% 0 0.0% $760 2.8% $654 16.2%
Two-Bedroom 1.5 211 16.0% 0 0.0% $760 5.2% $665 14.3%
Two-Bedroom 2.0 144 10.9% 0 0.0% $750 0.0% $698 7.4%
Three-Bedroom 2.0 132 10.0% 0 0.0% $904 0.0% $755 19.7%
Source: Bowen National Research
Table 2
Table 3
BOWEN NATIONAL RESEARCH II-8
The Median Sale Price of Homes in the County Increased 63.8% Since 2016, Making
Housing More Difficult to Attain, Particularly for Lower-Income Households - The
number of homes sold on an annual basis in the CSA (New Hanover County) averaged
4,962 homes between 2016 and 2021. The number of homes sold each year in the CSA
increased year over year with the exception of a decrease in 2020 (12.9%). In 2021, over
6,100 homes were sold in the CSA, which represents a 39.4% increase over 2020. Based
on data through November 2, 2022, it is projected that approximately 5,120 homes will
be sold in the CSA in 2022 at the current rate. While this represents a 16.6% decrease
from 2021, the projected number of homes sold for the current year would surpass the
six-year average by 3.2%. Regardless of recent fluctuations in sales volume, the median
sale price for homes in the CSA increased each year during the time period. Overall, the
median home price in the CSA increased by 63.8% since 2016, and as of November
2022 the current median price for homes sold in the CSA was $390,000. As such,
affordability of for-sale housing in the county may become a challenge for many
households, including first-time homebuyers, if this trend continues. (see Figure 6)
*Through November 2, 2022
Additional details of historical homes sales of the market are included starting on page
V-15.
$225,000
$250,000
$275,000
$300,000
$325,000
$350,000
$375,000
$400,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2016 2017 2018 2019 2020 2021 2022*
CSA Annual Sales/Median Price (2016-2022*)
Number Sold Median Price
Figure 6
BOWEN NATIONAL RESEARCH II-9
New Hanover County has Limited Availability Among its For-Sale Housing Stock,
Particularly Among Product Priced Below $300,000 – The 816 available homes in the
CSA (New Hanover County) represent an availability rate of 1.4%, which is lower than
the 1.6% rate from 2020. As such, for-sale housing is becoming less available in the
county. Regardless, the 1.4% availability rate is below the typical 2.0% to 3.0% range
for a healthy, well balanced market. Within the CSA, nearly nine-tenths (87.7%) of the
available for-sale product is priced above $300,000. This is a notable increase from the
73.5% share of higher-priced product from 2020. Only 12.3% of the available supply
in the CSA is priced under $300,000, totaling just 100 units, which is a decline from the
26.5% share of 247 units available at this price range in the CSA just two years ago. The
number of days on market (days a home has been listed) for all listed homes in the CSA
(67 days) declined dramatically from the 118 days on market from 2020. As such,
despite the increased inventory of higher priced homes, the sales period is shorter than
in the recent past, indicating an increased level of demand for for-sale housing. The
diminished available inventory of product priced under $300,000 places even greater
challenges for low- to moderate-income households to find and secure a for-sale housing
alternative. With the projected increase in the number of households in the PSA (4.6%)
and CSA (4.3%) over the next five years, it will be critical that additional for-sale
product is introduced into the market in order to accommodate demand and possibly
slow the increase in pricing. (see Table 4 and Figure 7)
CSA (New Hanover County) - Available For-Sale Housing by Price
List Price
Current (2022) Original (2020)
Number
Available
Percent of
Supply
Average
Days
on Market
Number
Available
Percent of
Supply
Average
Days
on Market
Up to $99,999 1 0.1% 233 0 0.0% -
$100,000 to $149,999 4 0.5% 70 20 2.1% 66
$150,000 to $199,999 13 1.6% 38 38 4.1% 67
$200,000 to $249,999 21 2.6% 44 90 9.7% 64
$250,000 to $299,999 61 7.5% 36 99 10.6% 68
$300,000+ 716 87.7% 70 684 73.5% 136
Total 816 100.0% 67 931 100.0% 118
Source: Multiple Listing Service
58
189
684
18
82
716
0
150
300
450
600
750
Up to $199,999 $200k-$299,999 $300,000+
New Hanover County Available For-Sale Housing by Price
2020 Study 2022 Study
Table 4
Figure 7
BOWEN NATIONAL RESEARCH II-10
Overall CSA (New Hanover County) Housing Needs
We compared various demand drivers with the existing and planned residential product
in the market to derive housing gap estimates. This analysis was done at various
affordability levels and for both rental and for-sale housing alternatives. Given many
factors (shifts in household incomes, housing units added/removed from the inventory,
changes in housing conditions, shifts in commuting patterns, increases in Area Median
Income levels, etc.) contribute to changes between housing gap estimates between the
two time periods, readers are cautioned from drawing conclusions on the specific factors
that are influencing the changes in housing gaps between affordability levels.
The following table (see Table 5) summarizes the approximate housing gaps (units
needed) in the CSA (New Hanover County) over the next 10 years (2022 to 2032) and
compares those results with the housing gap estimates from the original (2020) study of
the county. Housing gap estimates for the city of Wilmington are provided in Section
VI of this report.
CSA (New Hanover County) Housing Gap Estimates – Number of Units Needed
Housing Segment Current Units Needed
(2022-2032)
Original
(2020-2030) Percent of AMHI Annual Income Rent/Price Range
Re
n
t
a
l
s
≤ 30% < $25,560 < $639 2,344 2,787
31%-50% $25,561-$42,600 $640-$1,065 1,792 1,968
51%-60% $42,601-$51,120 $1,066-$1,278 1,772 1,231
61%-80% $51,121-$68,160 $1,279-$1,704 2,359 1,431
81%-120% $68,161-$102,240 $1,705-$2,256 3,002 1,796
121%+ $102,241+ $2,557+ 878 1,563
TOTAL UNITS 12,147 10,776
Fo
r
-Sa
l
e
≤ 30% < $25,560 < $85,200 1,294 1,228
31%-50% $25,561-$42,600 $85,201-$142,000 1,670 862
51%-60% $42,601-$51,120 $142,001-$170,400 1,784 1,165
61%-80% $51,121-$68,160 $170,401-$227,200 2,216 1,471
81%-120% $68,161-$102,240 $227,201-$340,800 3,746 3,659
121%+ $102,241+ $340,801+ 6,165 4,632
TOTAL UNITS 16,875 13,017
Note: Number of units assumes product is marketable, affordable and in a marketable location. Variations of product types will impact the actual
number of units that can be supported. Additionally, incentives and/or government policy changes could encourage support for additional units that
exceed the preceding projections.
There is an estimated overall housing gap of 12,147 rental units (up from 10,776 units
in 2020) and a gap of 16,875 for-sale units (up from 13,017 units in 2020) within the
county over the next 10 years. These both represent increases in housing gaps since the
2020 study, with the rental housing gap increasing by 1,371 (12.7%) and the for-sale
housing gap increasing by 3,858 (29.6%) over the past two years. The greatest rental
housing gap in the overall county is for product affordable to households earning
between 81% and 120% of Area Median Household Income (households generally
earning between $68,161 and $102,640), while the greatest for-sale housing gap in the
county appears to be for higher income households (households generally earning
$102,241 or more). Regardless, significant rental and for-sale housing gaps exist among
all affordability levels and future housing efforts should address this broad need.
Table 5
BOWEN NATIONAL RESEARCH II-11
Numerous factors impact a market’s ability to support new housing product. This is
particularly true of individual housing projects or units. Certain design elements, pricing
structures, target market segments (e.g., seniors, workforce, families, etc.), product
quality and location all influence the actual number of units that can be supported. As a
result, the preceding estimates should be used as a general guideline for establishing
housing priorities and goals for New Hanover County. Demand estimates could exceed
those shown in the preceding table if the community changes policies or offers
incentives to encourage people to move into the market or for developers to develop
new housing product.
BOWEN NATIONAL RESEARCH III-1
III. STUDY AREAS
This updated Housing Needs Assessment addresses the residential housing needs
of New Hanover County, North Carolina. To this end, this study focuses on the
demographic and economic characteristics, as well as the existing housing stock,
of New Hanover County. Additionally, because of the unique characteristics that
exist within certain areas of the county, we provide additional analysis of
Wilmington to understand trends and attributes that affect the city. The following
summarizes the various study areas used in this analysis.
County Study Area - The County Study Area (CSA) is comprised of the overall
New Hanover County (including the city of Wilmington), which encompasses
approximately 201.48 square miles.
Primary Study Area - The Primary Study Area (PSA) includes only the city of
Wilmington. It encompasses approximately 52.43 square miles.
Maps showing New Hanover County and North Carolina, as well as delineating the
boundaries of the various study areas are shown on the following pages.
BOWEN NATIONAL RESEARCH IV-1
IV. DEMOGRAPHIC ANALYSIS
A. INTRODUCTION
This section of the report evaluates key demographic characteristics for the
Primary Study Area (PSA, City of Wilmington), the County Study Area (CSA,
county overall), and North Carolina (statewide). Through this analysis,
unfolding trends and unique conditions are often revealed regarding
populations and households residing in the geographic areas.
This section is comprised of two major parts: population characteristics and
household characteristics. Population characteristics describe the qualities of
individual people, while household characteristics describe the qualities of
people living together in one residence.
It is important to note that 2000, 2010, and 2020 demographics are based on
U.S. Census data (actual count), while 2022 and 2027 data are based on
calculated estimates provided by ESRI, a nationally recognized demography
firm. These estimates and projections are adjusted using the most recent data
available from the 2020 Census count, when available. The accuracy of these
estimates depends on the realization of certain assumptions:
• Economic projections made by secondary sources materialize;
• Governmental policies with respect to residential development remain
consistent;
• Availability of financing for residential development (i.e., mortgages,
commercial loans, subsidies, Tax Credits, etc.) remains consistent;
• Sufficient housing and infrastructure are provided to support projected
population and household growth.
Significant unforeseen changes or fluctuations among any of the preceding
assumptions could have an impact on demographic estimates/projections.
B. POPULATION CHARACTERISTICS
Population by numbers and percent change (growth or decline) for selected
years is shown in the following table. (see Table 6) It should be noted that some
total numbers and percentages may not match the totals within or between
tables in this section due to rounding.
Total Population
2010
Census
2020
Census
Change 2010-2020 2022
Estimated
Change 2020-2022 2027
Projected
Change 2022-2027
Number Percent Number Percent Number Percent
PSA 107,669 115,451 7,782 7.2% 119,306 3,855 3.3% 124,212 4,906 4.1%
CSA 202,670 225,702 23,032 11.4% 232,445 6,743 3.0% 241,594 9,149 3.9%
North Carolina 9,535,419 10,439,314 903,895 9.5% 10,671,320 232,006 2.2% 10,981,049 309,729 2.9%
Source: 2010, 2020 Census; ESRI; Urban Decision Group; Bowen National Research
Table 6
BOWEN NATIONAL RESEARCH IV-2
Between 2010 and 2020, the population within the CSA (New Hanover County)
increased by 23,032 (11.4%), which reflects a larger increase than the
corresponding rates for the PSA (City of Wilmington) and the state of North
Carolina (7.2% and 9.5%, respectively). In 2022, the population of the CSA is
estimated to be 232,445, which reflects an increase of 3.0% over the 2020
population. This 3.0% increase constitutes a larger rate of increase than the state
(2.2%) during this time period. By 2027, the population of the CSA is projected
to increase by an additional 9,149 people, or 3.9%, which exceeds the
corresponding projected rate of increase for the state (2.9%) over the next five
years. Overall, there has been consistent and considerable growth in the CSA
and PSA since 2010, and projections through 2027 indicate substantial,
continued growth within New Hanover County. This trend of population
growth will continue to contribute to the ongoing demand for housing for the
foreseeable future.
The following graph (see Figure 8) compares the percent change in population
since 2010 and projected through 2027 for the PSA (City of Wilmington), the
CSA (New Hanover County), and the state of North Carolina.
7.2%
3.3%4.1%
11.4%
3.0%3.9%
9.5%
2.2%2.9%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
2010-2020 2020-2022 2022-2027
Population Trends (2010-2027)
PSA CSA North CarolinaFigure 8
BOWEN NATIONAL RESEARCH IV-3
Population by age cohorts for selected years is shown in the following table (see
Table 7):
Population by Age
<25 25 to 34 35 to 44 45 to 54 55 to 64 65 to 74 75+ Median
Age
PSA
2010 37,892
(35.2%)
16,107
(15.0%)
12,743
(11.8%)
13,349
(12.4%)
12,439
(11.6%)
7,757
(7.2%)
7,382
(6.9%) 34.9
2022 37,796
(31.7%)
18,075
(15.2%)
14,185
(11.9%)
12,730
(10.7%)
13,869
(11.6%)
12,298
(10.3%)
10,353
(8.7%) 37.5
2027 38,700
(31.2%)
16,950
(13.6%)
15,727
(12.7%)
13,357
(10.8%)
13,511
(10.9%)
13,388
(10.8%)
12,579
(10.1%) 38.9
Change
2022-2027
904
(2.4%)
-1,125
(-6.2%)
1,542
(10.9%)
627
(4.9%)
-358
(-2.6%)
1,090
(8.9%)
2,226
(21.5%) N/A
CSA
2010 65,758
(32.4%)
29,563
(14.6%)
26,831
(13.2%)
27,286
(13.5%)
25,139
(12.4%)
15,584
(7.7%)
12,509
(6.2%) 37.2
2022 68,179
(29.3%)
32,366
(13.9%)
30,480
(13.1%)
27,722
(11.9%)
29,297
(12.6%)
25,865
(11.1%)
18,536
(8.0%) 39.9
2027 70,066
(29.0%)
30,535
(12.6%)
32,749
(13.6%)
28,816
(11.9%)
28,595
(11.8%)
27,529
(11.4%)
23,304
(9.6%) 41.1
Change
2022-2027
1,887
(2.8%)
-1,831
(-5.7%)
2,269
(7.4%)
1,094
(3.9%)
-702
(-2.4%)
1,664
(6.4%)
4,768
(25.7%) N/A
North
Carolina
2010 3,220,236
(33.8%)
1,246,588
(13.1%)
1,327,143
(13.9%)
1,368,636
(14.4%)
1,138,749
(11.9%)
697,559
(7.3%)
536,508
(5.6%) 37.3
2022 3,302,730
(30.9%)
1,445,072
(13.5%)
1,378,266
(12.9%)
1,334,845
(12.5%)
1,366,753
(12.8%)
1,107,846
(10.4%)
735,808
(6.9%) 39.2
2027 3,353,927
(30.5%)
1,417,328
(12.9%)
1,446,195
(13.2%)
1,328,289
(12.1%)
1,323,839
(12.1%)
1,197,371
(10.9%)
914,100
(8.3%) 39.8
Change
2022-2027
51,197
(1.6%)
-27,744
(-1.9%)
67,929
(4.9%)
-6,556
(-0.5%)
-42,914
(-3.1%)
89,525
(8.1%)
178,292
(24.2%) N/A
Source: 2010 Census; ESRI; Urban Decision Group; Bowen National Research
N/A – Not Applicable
In 2022, the median age for the population of the CSA (New Hanover County)
is 39.9 years, which represents a 7.3% increase over the 2010 median age (37.2
years). Overall, the population of the CSA is slightly older than the PSA (37.5
years) and the state (39.2 years). The median age for the population of the CSA
is projected to increase by 3.0% by 2027, at which time the median age for the
population in New Hanover County will be 41.1 years. This increase in median
age within the CSA is largely due to the tremendous growth in the population
cohorts of people aged 75 years and older (25.7%) and people between the ages
of 65 and 74 (6.4%). This significant growth among the oldest cohorts by age
is also projected to occur within the PSA (City of Wilmington). Aside from the
population aged 65 years and older, there is also considerable growth in the
CSA projected among the age cohorts of 35 to 44 years (7.4%), 45 to 54 years
(3.9%), and less than 25 years (2.8%). Only two age cohorts in the CSA are
projected to decrease between 2022 and 2027, which includes individuals ages
25 to 34 years (5.7%) and those 55 to 64 years (2.4%). These trends likely
indicate an overall increasing need for a variety of housing types in New
Hanover County and Wilmington, particularly senior-oriented housing.
Table 7
BOWEN NATIONAL RESEARCH IV-4
The following graph (see Figure 9) compares the projected change in population
by age cohort between 2022 and 2027.
Poverty status by age cohort based on 2016-2020 American Community Survey
data is shown in the following table (see Table 8):
Population and Share Below Poverty Level by Age Cohort (2016-2020)
<18 18 to 64 65+ Overall
PSA Number 4,972 14,993 2,118 22,083
Percent 23.7% 19.9% 10.1% 18.8%
CSA Number 7,548 21,863 3,394 32,805
Percent 18.0% 15.4% 8.4% 14.6%
North Carolina Number 452,422 807,494 152,020 1,411,936
Percent 20.0% 13.0% 9.2% 14.0%
Source: U.S. Census Bureau, 2016-2020 American Community Survey; Urban Decision Group; Bowen National Research
Approximately 14.6% of the population in the CSA (New Hanover County)
suffers from poverty, which reflects a slightly higher overall poverty rate when
compared to the state (14.0%) and a lower rate than the PSA (18.8%). Among
the three age cohorts illustrated in the preceding table, those less than 18 years
of age have the highest poverty rate (18.0%) in the CSA, followed by
individuals between 18 and 64 years (15.4%). Those age 65 and older have the
lowest poverty rate in the CSA (8.4%). Poverty rates by age cohort within the
PSA (City of Wilmington) are considerably higher than the corresponding rates
in the CSA and the state, with the highest rate occurring among children less
than 18 years of age (23.7%). Overall, the CSA has approximately 32,800
individuals that are affected by poverty. Of these, the data illustrates that
households with children present are the most disproportionately affected
group. As such, it appears there is a significant need for affordable housing
options oriented toward a variety of household types, particularly family-
oriented housing within the PSA.
4,768
1,664
-702
1,094
2,269
-1,831
1,887
2,226
1,090
-358
627
1,542
-1,125
904
-2,000 -1,000 0 1,000 2,000 3,000 4,000 5,000
75+
65-74
55-64
45-54
35-44
25-34
<25
Change in Population by Age (2022-2027)
PSA CSAFigure 9
Table 8
BOWEN NATIONAL RESEARCH IV-5
The following graph (see Figure 10) compares the poverty rate by age/overall
for the PSA (City of Wilmington), the CSA (New Hanover County) and the
state.
C. HOUSEHOLD CHARACTERISTICS
Households by numbers and percent change (growth or decline) for selected
years are shown in the following table (see Table 9):
Total Households
2010
Census
2020
Census
Change 2010-2020 2022
Estimated
Change 2020-2022 2027
Projected
Change 2022-2027
Number Percent Number Percent Number Percent
PSA 47,541 52,731 5,190 10.9% 54,806 2,075 3.9% 57,350 2,544 4.6%
CSA 86,055 98,109 12,054 14.0% 101,299 3,190 3.3% 105,681 4,382 4.3%
North Carolina 3,745,143 4,160,833 415,690 11.1% 4,262,494 101,661 2.4% 4,400,229 137,735 3.2%
Source: 2010, 2020 Census; ESRI; Urban Decision Group; Bowen National Research
There are approximately 101,300 households within the CSA (New Hanover
County) in 2022. The number of households in the CSA grew between 2010
and 2020, increasing by 12,054 (14.0%). This represents a larger rate of
increase than that for the state overall (11.1%) during this time period. Over the
next five years, the number of households within the CSA is projected to
increase by 4,382 households, or 4.3%, which represents a considerably greater
growth rate than the state (3.2%). The growth rate of households (4.6%) in the
PSA (City of Wilmington) is also projected to exceed the growth rate of the
state from 2022 to 2027. The recent and projected continued growth in
households in both the CSA and PSA will add to the overall demand for housing
in both markets over the next five years.
The following graph (see Figure 11) compares the percent change in households
between 2010 and 2027.
23.7%19.9%
10.1%
18.8%18.0%15.4%
8.4%
14.6%
20.0%
13.0%9.2%
14.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Under 18 18-64 65+Overall
Poverty Rates by Age/Overall (2022)
PSA CSA North Carolina
10.9%
3.9%4.6%
14.0%
3.3%4.3%
11.1%
2.4%3.2%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%
2010-2020 2020-2022 2022-2027
Household Growth Trends (2010-2027)
PSA CSA North Carolina
Figure 10
Table 9
Figure 11
BOWEN NATIONAL RESEARCH IV-6
Household heads by age cohorts for selected years are shown in the following
table (see Table 10):
Household Heads by Age
<25 25 to 34 35 to 44 45 to 54 55 to 64 65 to 74 75+
PSA
2010 5,220
(11.0%)
8,667
(18.2%)
7,367
(15.5%)
7,921
(16.7%)
7,768
(16.3%)
5,171
(10.9%)
5,427
(11.4%)
2022 5,041
(9.2%)
9,728
(17.7%)
8,271
(15.1%)
7,547
(13.8%)
8,637
(15.8%)
8,202
(15.0%)
7,380
(13.5%)
2027 5,207
(9.1%)
9,120
(15.9%)
9,060
(15.8%)
7,883
(13.7%)
8,368
(14.6%)
8,823
(15.4%)
8,889
(15.5%)
Change
2022-2027
166
(3.3%)
-608
(-6.3%)
789
(9.5%)
336
(4.5%)
-269
(-3.1%)
621
(7.6%)
1,509
(20.4%)
CSA
2010 6,998
(8.1%)
15,009
(17.4%)
14,695
(17.1%)
15,637
(18.2%)
15,106
(17.6%)
10,042
(11.7%)
8,566
(10.0%)
2022 6,533
(6.4%)
16,130
(15.9%)
16,743
(16.5%)
15,599
(15.4%)
17,334
(17.1%)
16,450
(16.2%)
12,510
(12.3%)
2027 6,708
(6.3%)
15,213
(14.4%)
17,859
(16.9%)
16,148
(15.3%)
16,821
(15.9%)
17,350
(16.4%)
15,582
(14.7%)
Change
2022-2027
175
(2.7%)
-917
(-5.7%)
1,116
(6.7%)
549
(3.5%)
-513
(-3.0%)
900
(5.5%)
3,072
(24.6%)
North Carolina
2010 192,967
(5.2%)
588,691
(15.7%)
712,155
(19.0%)
771,236
(20.6%)
673,801
(18.0%)
443,532
(11.8%)
362,761
(9.7%)
2022 183,075
(4.3%)
664,661
(15.6%)
730,666
(17.1%)
734,593
(17.2%)
785,361
(18.4%)
684,066
(16.0%)
480,072
(11.3%)
2027 187,656
(4.3%)
651,586
(14.8%)
760,555
(17.3%)
726,411
(16.5%)
752,706
(17.1%)
730,728
(16.6%)
590,587
(13.4%)
Change
2022-2027
4,581
(2.5%)
-13,075
(-2.0%)
29,889
(4.1%)
-8,182
(-1.1%)
-32,655
(-4.2%)
46,662
(6.8%)
110,515
(23.0%)
Source: 2010 Census; ESRI; Urban Decision Group; Bowen National Research
In 2022, household heads between the ages of 55 and 64 comprise the largest
share (17.1%) of all households in the CSA (New Hanover County). Household
heads between the ages of 35 and 44 (16.5%) and those between the ages of 65
and 74 (16.2%) comprise the next largest shares of the total households.
Collectively, senior households (age 55 and older) constitute over two-fifths
(45.6%) of all households within the CSA. This is a slightly higher share of
senior households when compared to the PSA (44.3%) and a nearly identical
share to the state overall (45.7%). Within the PSA (City of Wilmington), there
is a significant share of household heads under the age of 35 (26.9%). This is
notable because this age cohort is more likely to be renters when compared to
older age cohorts.
Projections for 2027 indicate that the greatest growth of household heads by
age will occur among those 75 and older with an increase of 3,072 households
(24.6% increase) within the CSA. Significant growth is also projected to occur
for households age 35 to 44 (6.7%) and households age 65 to 74 (5.5%), while
those between the ages of 45 and 54 (3.5%) and under 25 years of age (2.7%)
will experience more moderate growth. Declines are projected over the next
five years among the household heads ages 25 to 34 (5.7%) and 55 to 64 (3.0%).
The projected significant increase in senior households age 65 and older (3,972
Table 10
BOWEN NATIONAL RESEARCH IV-7
households) indicates a likely increase in demand for senior-oriented housing
of both independent and assisted-living types, while the expected growth in
households between the ages of 35 and 54 (1,665 households) will likely
contribute to demand for family-oriented housing.
The following graph (see Figure 12) illustrates the projected change in
households by age between 2022 and 2027.
Households by tenure for selected years are shown in the following table (see
Table 11):
Households by Tenure
Household Type
2000 2010
2022
(Estimated)
2027
(Projected)
Number Percent Number Percent Number Percent Number Percent
PSA
Owner-Occupied 25,696 54.0% 24,028 50.5% 24,727 45.1% 25,811 45.0%
Renter-Occupied 21,845 46.0% 23,513 49.5% 30,079 54.9% 31,539 55.0%
Total 47,541 100.0% 47,541 100.0% 54,806 100.0% 57,350 100.0%
CSA
Owner-Occupied 55,672 64.7% 51,436 59.8% 58,543 57.8% 61,284 58.0%
Renter-Occupied 30,383 35.3% 34,618 40.2% 42,756 42.2% 44,397 42.0%
Total 86,055 100.0% 86,054 100.0% 101,299 100.0% 105,681 100.0%
North
Carolina
Owner-Occupied 2,597,616 69.4% 2,497,890 66.7% 2,797,501 65.6% 2,909,051 66.1%
Renter-Occupied 1,147,527 30.6% 1,247,253 33.3% 1,464,993 34.4% 1,491,178 33.9%
Total 3,745,143 100.0% 3,745,143 100.0% 4,262,494 100.0% 4,400,229 100.0%
Source: 2000 Census; 2010 Census; ESRI; Urban Decision Group; Bowen National Research
In 2022, owners comprise a majority (57.8%) of households in the CSA (New
Hanover County), while renter households comprise a majority (54.9%) of
households in the PSA (City of Wilmington). Between 2010 and 2022, the
number of owner households in the CSA increased by 7,107, or an increase of
13.8%. By comparison, renter households in the CSA have increased by 8,138
households, or an increase of 23.5%, during the same time period. It is notable
that over four-fifths (80.7%) of the growth in renter households in the CSA, or
an increase of 6,566 households, has occurred in the PSA. Between 2022 and
2027, considerable growth is projected to occur among both owner households
(4.7%) and renter households (3.8%) in the CSA. This represents an additional
3,072
900
-513
549
1,116
-917
175
1,509
621
-269
336
789
-608
166
-1,000 -500 0 500 1,000 1,500 2,000 2,500 3,000 3,500
75+
65-74
55-64
45-54
35-44
25-34
<25
Change in Household Heads by Age (2022-2027)PSA CSAFigure 12
Table 11
BOWEN NATIONAL RESEARCH IV-8
4,382 total households, or an increase of 4.3%, in the CSA by 2027. Of these
additional households, over three-fifths (62.6%), or 2,741 households, are
projected to be owner households.
The following graph (see Figure 13) illustrates household tenure within the
PSA, CSA, and state of North Carolina.
Median household income for selected years is shown in the following table
(see Table 12):
Median Household Income
2010
Census
2022
Estimated
% Change
2010-2022
2027
Projected
% Change
2022-2027
PSA $41,764 $54,746 31.1% $67,448 23.2%
CSA $46,450 $63,926 37.6% $80,265 25.6%
North Carolina $44,080 $63,994 45.2% $76,356 19.3%
Source: 2010 Census; ESRI; Urban Decision Group; Bowen National Research
The median household income of the CSA (New Hanover County) is estimated
to be $63,926 in 2022, which is significantly higher than the median household
income in the PSA ($54,746) and nearly identical to the state overall ($63,994).
Between 2022 and 2027, the median household income in the CSA is projected
to increase by 25.6%, at which time the median household income will be
approximately $80,265. This represents an increase above that of the state of
North Carolina (19.3%) and the PSA (23.2%). It is notable that, by 2027, the
median household income in the CSA is projected to surpass the median
household income of the state overall ($76,356). The projected increase in
median household income over the next five years will likely have an impact
on the housing market in New Hanover County and Wilmington.
45.1%57.8%65.6%
54.9%42.2%34.4%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
PSA CSA North Carolina
Households by Tenure (2022)
Owner-Occupied Renter-Occupied
Figure 13
Table 12
BOWEN NATIONAL RESEARCH IV-9
The distribution of renter households by income is illustrated in Table 13:
Renter Households by Income
<$10,000
$10,000 -
$19,999
$20,000 -
$29,999
$30,000 -
$39,999
$40,000 -
$49,999
$50,000 -
$59,999
$60,000 -
$99,999 $100,000+
PSA
2010 4,174
(17.8%)
4,680
(19.9%)
3,978
(16.9%)
2,990
(12.7%)
2,384
(10.1%)
1,611
(6.9%)
2,953
(12.6%)
743
(3.2%)
2022
(Estimated)
3,742
(12.4%)
4,065
(13.5%)
4,490
(14.9%)
3,436
(11.4%)
3,555
(11.8%)
2,536
(8.4%)
5,053
(16.8%)
3,201
(10.6%)
2027
(Projected)
3,247
(10.3%)
3,160
(10.0%)
4,327
(13.7%)
3,401
(10.8%)
3,432
(10.9%)
2,831
(9.0%)
6,437
(20.4%)
4,706
(14.9%)
Change
2022-2027
-495
(-13.2%)
-905
(-22.3%)
-163
(-3.6%)
-35
(-1.0%)
-123
(-3.5%)
295
(11.6%)
1,384
(27.4%)
1,505
(47.0%)
CSA
2010 5,382
(15.5%)
6,346
(18.3%)
5,778
(16.7%)
4,673
(13.5%)
3,672
(10.6%)
2,419
(7.0%)
4,970
(14.4%)
1,376
(4.0%)
2022
(Estimated)
4,580
(10.7%)
5,170
(12.1%)
6,117
(14.3%)
4,928
(11.5%)
5,454
(12.8%)
3,488
(8.2%)
7,665
(17.9%)
5,355
(12.5%)
2027
(Projected)
3,672
(8.3%)
3,908
(8.8%)
5,625
(12.7%)
4,668
(10.5%)
5,238
(11.8%)
3,949
(8.9%)
9,824
(22.1%)
7,512
(16.9%)
Change
2022-2027
-908
(-19.8%)
-1,262
(-24.4%)
-492
(-8.0%)
-260
(-5.3%)
-216
(-4.0%)
461
(13.2%)
2,159
(28.2%)
2,157
(40.3%)
North
Carolina
2010 195,552
(15.7%)
268,561
(21.5%)
209,437
(16.8%)
164,848
(13.2%)
128,251
(10.3%)
77,774
(6.2%)
154,380
(12.4%)
48,450
(3.9%)
2022
(Estimated)
140,609
(9.6%)
201,712
(13.8%)
187,127
(12.8%)
177,140
(12.1%)
157,109
(10.7%)
118,500
(8.1%)
298,927
(20.4%)
183,868
(12.6%)
2027
(Projected)
107,726
(7.2%)
159,053
(10.7%)
155,949
(10.5%)
160,455
(10.8%)
148,782
(10.0%)
128,261
(8.6%)
360,036
(24.1%)
270,915
(18.2%)
Change
2022-2027
-32,883
(-23.4%)
-42,659
(-21.1%)
-31,178
(-16.7%)
-16,685
(-9.4%)
-8,327
(-5.3%)
9,761
(8.2%)
61,109
(20.4%)
87,047
(47.3%)
Source: 2010 Census; ESRI; Urban Decision Group; Bowen National Research
In 2022, an estimated share of 37.1% of all renter households in the CSA (New
Hanover County) have annual incomes below $30,000. This represents a
slightly greater share of such households than the state (36.2%). Within the PSA
(City of Wilmington), the share of renter households earning less than $30,000
annually (40.8%) is greater than the CSA as a whole. As such, affordable rental
housing plays a particularly important role in the area. Although the number of
these low-income renter households is projected to decrease by 2,662
households in the CSA between 2022 and 2027, they will continue to comprise
nearly three-tenths (29.8%) of all renter households in the CSA. It is notable
that all household income segments in the CSA earning less than $50,000
annually are projected to decrease over the next five years. Conversely, renter
households earning $50,000 or more annually are projected to increase by 4,777
households, or an increase of 28.9%. The projected trend of increased income
among renter households is similar to that within both the PSA and state for the
time period. Overall, this indicates that there will likely be an increase in
demand for market-rate rental housing in the CSA, while affordable rental
housing will remain a vital need for a significant share of renter households in
New Hanover County.
Table 13
BOWEN NATIONAL RESEARCH IV-10
20.3%
13.7%
10.8%10.9%
9.0%
20.4%
14.9%
17.1%
12.7%
10.5%11.8%
8.9%
22.1%
16.9%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
<$20,000 $20k-
$29,999
$30k-
$39,999
$40k-
$49,999
$50k-
$59,999
$60k-
$99,999
$100,000+
Share of Renter Households by Income (2027)
PSA CSA
The following graph (see Figure 14) illustrates the distribution of renter
households by income for 2027.
The distribution of owner households by income is included in the following
table (see Table 14):
Owner Households by Income
<$10,000
$10,000 -
$19,999
$20,000 -
$29,999
$30,000 -
$39,999
$40,000 -
$49,999
$50,000 -
$59,999
$60,000 -
$99,999 $100,000+
PSA
2010 1,066
(4.4%)
1,687
(7.0%)
2,164
(9.0%)
2,218
(9.2%)
2,228
(9.3%)
2,168
(9.0%)
5,327
(22.2%)
7,170
(29.8%)
2022
(Estimated)
780
(3.2%)
855
(3.5%)
1,213
(4.9%)
1,455
(5.9%)
1,801
(7.3%)
1,701
(6.9%)
4,704
(19.0%)
12,219
(49.4%)
2027
(Projected)
614
(2.4%)
539
(2.1%)
859
(3.3%)
1,176
(4.6%)
1,412
(5.5%)
1,301
(5.0%)
4,057
(15.7%)
15,852
(61.4%)
Change
2022-2027
-166
(-21.3%)
-316
(-37.0%)
-354
(-29.2%)
-279
(-19.2%)
-389
(-21.6%)
-400
(-23.5%)
-647
(-13.8%)
3,633
(29.7%)
CSA
2010 2,188
(4.3%)
3,600
(7.0%)
4,565
(8.9%)
4,898
(9.5%)
5,005
(9.7%)
5,023
(9.8%)
13,217
(25.7%)
12,941
(25.2%)
2022
(Estimated)
1,731
(3.0%)
2,041
(3.5%)
2,998
(5.1%)
3,438
(5.9%)
4,341
(7.4%)
4,004
(6.8%)
12,484
(21.3%)
27,505
(47.0%)
2027
(Projected)
1,288
(2.1%)
1,305
(2.1%)
2,174
(3.5%)
2,602
(4.2%)
3,133
(5.1%)
3,468
(5.7%)
11,748
(19.2%)
35,567
(58.0%)
Change
2022-2027
-443
(-25.6%)
-736
(-36.1%)
-824
(-27.5%)
-836
(-24.3%)
-1,208
(-27.8%)
-536
(-13.4%)
-736
(-5.9%)
8,062
(29.3%)
North
Carolina
2010 131,928
(5.3%)
229,206
(9.2%)
255,998
(10.2%)
264,219
(10.6%)
246,324
(9.9%)
235,866
(9.4%)
610,174
(24.4%)
524,175
(21.0%)
2022
(Estimated)
86,315
(3.1%)
148,555
(5.3%)
178,900
(6.4%)
202,664
(7.2%)
200,172
(7.2%)
220,390
(7.9%)
690,748
(24.7%)
1,069,758
(38.2%)
2027
(Projected)
68,493
(2.4%)
118,965
(4.1%)
144,818
(5.0%)
170,691
(5.9%)
171,824
(5.9%)
205,597
(7.1%)
692,240
(23.8%)
1,336,424
(45.9%)
Change
2022-2027
-17,822
(-20.6%)
-29,590
(-19.9%)
-34,082
(-19.1%)
-31,973
(-15.8%)
-28,348
(-14.2%)
-14,793
(-6.7%)
1,492
(0.2%)
266,666
(24.9%)
Source: 2010 Census; ESRI; Urban Decision Group; Bowen National Research
Figure 14
Table 14
BOWEN NATIONAL RESEARCH IV-11
4.5%3.3%4.6%5.5%5.0%
15.7%
61.4%
4.2%3.5%4.2%5.1%5.7%
19.2%
58.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
<$20,000 $20k-
$29,999
$30k-
$39,999
$40k-
$49,999
$50k-
$59,999
$60k-
$99,999
$100,000+
Share of Owner Households by Income (2027)
PSA CSA
In 2022, an estimated share of 68.3% of owner households in the CSA (New
Hanover County) earn $60,000 or more, while only 11.6% earn less than
$30,000. These are nearly identical shares of such households when compared
to the PSA (City of Wilmington) and slightly more weighted toward the higher
earning households when compared to the state. Between 2022 and 2027, owner
households in the CSA earning $100,000 or more are projected to increase by
8,062 households, or an increase of 29.3%. This represents the only income
segment in the CSA projected to experience growth as all other income
segments are projected to decline over the next five years. By 2027, the total
number of owner households in the CSA is projected to increase by 2,741
households, or an increase of 4.7%. As such, the CSA will likely experience an
overall increase in demand among for-sale product in the market and the income
levels of owner households will need to be considered to ensure the appropriate
mix of income-appropriate housing is available in the county.
The following graph (see Figure 15) illustrates the distribution of owner
households by income for 2027.
Figure 15
BOWEN NATIONAL RESEARCH V-1
V. HOUSING SUPPLY ANALYSIS
This housing supply analysis considers both rental and for-sale housing.
Understanding the historical trends, market performance, characteristics,
composition, and current housing choices provide critical information as to current
market conditions and future housing potential. The housing data presented and
analyzed in this section includes primary data collected directly by Bowen National
Research and secondary data sources including American Community Survey
(ACS), U.S. Census housing information, and data provided by various government
entities and real estate professionals.
While there are a variety of housing options offered in the County Study Area
(CSA, New Hanover County), we focused our analysis on the most common
housing alternatives. The housing structures included in this analysis are:
• Rental Housing – Rental properties consisting of multifamily apartments
(generally with 10 or more units within a structure) were identified and
surveyed.
• For-Sale Housing – For-sale housing alternatives, both recent sales activity
and currently available supply, were inventoried. This data includes single-
family homes, condominiums, mobile homes, and other traditional housing
alternatives. It includes stand-alone product as well as homes within planned
developments or projects.
For the purposes of this analysis, the housing supply information is presented for
the CSA (New Hanover County), as well as for the PSA (City of Wilmington), and
compared with the state of North Carolina.
Maps illustrating the location of various housing types are included throughout this
section.
BOWEN NATIONAL RESEARCH V-2
A. Overall Housing Supply (Secondary Data)
This section of analysis on the area housing supply is based on secondary data
sources such as the U.S. Census, American Community Survey and ESRI, and
is provided for the CSA (New Hanover County), the PSA (City of Wilmington),
and the state of North Carolina, when applicable. When possible, data from the
2020 Census is used in conjunction with ESRI estimates to provide the most
up-to-date data. Note that some small variation of total numbers and
percentages within tables may exist due to rounding.
Housing Characteristics
The estimated distribution of the area housing stock by tenure within the PSA,
CSA, and the state of North Carolina for 2022 are summarized in the following
table (see Table 15):
Occupied and Vacant Housing Units by Tenure
2022 Estimates
Total
Occupied
Owner
Occupied
Renter
Occupied Vacant Total
PSA Number 54,806 24,727 30,079 7,616 62,422
Percent 87.8% 45.1% 54.9% 12.2% 100.0%
CSA Number 101,299 58,543 42,756 16,149 117,448
Percent 86.3% 57.8% 42.2% 13.7% 100.0%
North Carolina Number 4,262,494 2,797,501 1,464,993 570,716 4,833,210
Percent 88.2% 65.6% 34.4% 11.8% 100.0%
Source: 2010, 2020 Census; ESRI; Urban Decision Group; Bowen National Research
In total, there are an estimated 117,448 housing units within the CSA (New
Hanover County) in 2022. Based on ESRI estimates and 2020 Census data, of
the 101,299 total occupied housing units in the CSA, 57.8% are owner
occupied, while the remaining 42.2% are renter occupied. While owner-
occupied units comprise a majority of the housing units in the CSA, there is a
considerably higher share of renter-occupied housing units in the CSA when
compared to the state of North Carolina (42.2% versus 34.4%). Approximately
13.7% of the housing units within the CSA are classified as vacant, which is a
slightly higher share of vacant units when compared to the corresponding share
in the state (11.8%). Vacant units are comprised of a variety of units including
abandoned properties, rentals, for-sale, and seasonal housing units.
Within the PSA (City of Wilmington), there are an estimated 62,422 total
housing units in 2022. Of the 54,806 occupied units, a majority (54.9%) are
renter occupied. This represents a significantly higher share of renter-occupied
housing units when compared to the CSA (42.2%) and state (34.4%).
Approximately 12.2% of the housing units in the PSA are classified as vacant,
which is a slightly smaller share of vacant units when compared to the CSA
(13.7%).
Table 15
BOWEN NATIONAL RESEARCH V-3
The following graph (see Figure 16) illustrates households by tenure within the
PSA, CSA, and state of North Carolina in 2022.
Based on the 2016-2020 American Community Survey (ACS) data, the
following is a distribution of all renter- and owner-occupied housing by units
in structure for the PSA, CSA, and the state (see Table 16).
Renter-Occupied Housing
by Units in Structure
Owner-Occupied Housing
by Units in Structure
4 Units
or Less
5 Units
or More
Mobile
Home/
Other
Total 4 Units
or Less
5 Units
or More
Mobile
Home/
Other
Total
PSA Number 12,579 14,620 758 27,957 24,658 801 184 25,643
Percent 45.0% 52.3% 2.7% 100.0% 96.2% 3.1% 0.7% 100.0%
CSA Number 19,943 19,152 1,691 40,786 54,644 1,389 1,179 57,212
Percent 48.9% 47.0% 4.1% 100.0% 95.5% 2.4% 2.1% 100.0%
North Carolina Number 717,984 490,802 172,957 1,381,743 2,319,782 30,299 299,768 2,649,849
Percent 52.0% 35.5% 12.5% 100.0% 87.5% 1.1% 11.3% 100.0%
Source: American Community Survey (2016-2020); ESRI; Bowen National Research
Compared to the state of North Carolina, the CSA (New Hanover County) has
a much higher share (47.0% vs. 35.5%) of the rental supply within multifamily
structures with five or more units and a slightly lower share (48.9% vs. 52.0%)
of the rental supply within structures of four units or less. As such, multifamily
rentals of five or more units in a structure are a critical component to meeting
the housing needs of the renter households in New Hanover County. This is
particularly true within the PSA (City of Wilmington) where over half (52.3%)
of all renter-occupied structures are multifamily units of five or more units in a
structure. Among owner-occupied housing in the CSA, a vast majority (95.5%)
of the housing units are within structures of four units or less, with the
remaining balance split between multifamily units (2.4%) and mobile homes or
other similar structures (2.1%).
45.1%57.8%65.6%
54.9%42.2%34.4%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
PSA CSA North Carolina
Households by Tenure (2022)
Owner-Occupied Renter-Occupied
Figure 16
Table 16
BOWEN NATIONAL RESEARCH V-4
In an effort to better understand the composition of the vacant housing units in
New Hanover County, the following table (see Table 17) illustrates the shares
of vacancies by type for the CSA based on 2020 American Community (ACS)
estimates:
Vacancy Status by Type – New Hanover County
Vacancy
Status Estimate Distribution
For Rent 2,591 17.1%
For-Sale Only 897 5.9%
Renter/Sold, Not Occupied 1,749 11.6%
Seasonal or Recreational 7,463 49.3%
Other Vacant 2,427 16.0%
Total 15,127 100.0%
Source: American Community Survey (2016-2020)
As the preceding table illustrates, nearly one-half (49.3%) of all vacant housing
units in the county are classified as “seasonal or recreational” units. Due to the
significant influence of tourism on the local economy and the nature of these
short-term housing units, it is not unusual for them to experience high vacancy
rates. ACS estimates indicate that there are 2,591 vacant rental units and 897
for-sale housing units within the county. Given the estimated total occupied
units by tenure for 2022, the vacancy rate for the county’s rental housing supply
is 5.7%, while the vacancy rate for the owner housing is 1.5%. It is worth noting
that while the actual circumstances of the “Other Vacant” units is unknown, it
is likely that some of these 2,427 units in the county consist of abandoned,
blighted and uninhabitable units that could serve as adaptive reuse or renovation
projects, or be razed (cleared) for new development.
The following table (see Table 18) compares key housing age and conditions of
each study area and the state based on 2016-2020 American Community Survey
(ACS) data. Housing units built over 50 years ago (pre-1970), overcrowded
housing (1.01+ persons per room), or housing that lacks complete indoor
kitchens or bathroom plumbing are illustrated for each study area by tenure. It
is important to note that some occupied housing units may have more than one
housing issue.
Housing Age and Conditions
Pre-1970 Product Overcrowded Incomplete Plumbing or Kitchen
Renter Owner Renter Owner Renter Owner
Number Percent Number Percent Number Percent Number Percent Number Percent Number Percent
PSA 6,325 22.6% 8,521 33.2% 596 2.1% 76 0.3% 677 2.4% 141 0.5%
CSA 7,707 18.9% 11,434 20.0% 732 1.8% 163 0.3% 804 2.0% 221 0.4%
North Carolina 338,936 24.5% 593,946 22.4% 56,231 4.1% 33,798 1.3% 22,723 1.6% 14,243 0.5%
Source: American Community Survey (2016-2020); ESRI; Urban Decision Group; Bowen National Research
Table 17
Table 18
BOWEN NATIONAL RESEARCH V-5
The age of the existing housing stock in the CSA (New Hanover County) is
slightly more current compared to the state overall. Typically, homes that are
newer, appraise at a higher value. The fact that critical elements of the house,
like plumbing, electrical, the roof, and appliances are newer and therefore less
likely to break down, can generate savings for a buyer. Additionally, well-
maintained older homes within a historic district or that have landmark status,
can further add value to housing. Alternatively, housing with deferred
maintenance and in disrepair that are often associated with older homes can
become a detriment to value. With just over 800 substandard units (lacking
complete plumbing or kitchens) in the PSA (Wilmington) and 1,025 such units
in the overall CSA (New Hanover County), housing conditions remain a
challenge for a portion of the local housing market.
The following table (see Table 19) compares key household income, housing
cost, and housing affordability metrics of each study area and the state. It should
be noted that cost burdened households pay over 30% of income toward
housing costs, while severe cost burdened households pay over 50% of income
toward housing.
Household Income, Housing Costs and Affordability
2022
Households
Median
Household
Income
Estimated
Median
Home
Value
Average
Gross
Rent
Share of Cost
Burdened
Households*
Share of Severe Cost
Burdened
Households**
Renter Owner Renter Owner
PSA 54,806 $54,746 $314,417 $1,065 50.4% 23.7% 26.5% 9.8%
CSA 101,299 $63,926 $312,103 $1,108 49.1% 23.9% 26.5% 10.0%
North Carolina 4,262,494 $63,994 $238,552 $1,005 42.7% 19.2% 20.4% 7.7%
Source: American Community Survey (2016-2020); ESRI
*Paying more than 30% of income toward housing costs
**Paying more than 50% of income toward housing costs
The CSA’s (New Hanover County) 2022 estimated median home value of
$312,103 is well above the state’s estimated value of $238,552, despite very
comparable median household incomes. In addition, the average gross rent of
$1,108 for the CSA is higher than the state’s average gross rent of $1,005. As
such, the shares of cost-burdened renter households (49.1%) and owner
households (23.9%) in the CSA are higher than the corresponding shares for
the state (42.7% and 19.2%, respectively). Furthermore, over one-fourth
(26.5%) of renter households and one-tenth (10.0%) of owner households in the
CSA are severe cost burdened. Within the PSA (City of Wilmington), the shares
of households with affordability issues closely resemble the shares within the
CSA. Overall, the county has an estimated 20,993 renter households and 13,992
owner households that are cost burdened. With an estimated total of nearly
35,000 cost burdened households (17,184 severe cost burdened) in the county,
affordable housing alternatives should be part of future housing solutions.
Table 19
BOWEN NATIONAL RESEARCH V-6
Based on 5-year ACS data, the following table (see Table 20) illustrates the
change in gross rents in New Hanover County between 2014 and 2020. Note
that rents paid are tenant portions of rents and do not include government
subsidies.
Gross Rents in CSA (New Hanover County)
Gross Rent
2014 2020 Change from 2014 to 2020
Number of
Units
Percent of
Units
Number of
Units
Percent of
Units
Absolute
Change
Percent
Change
Less than $300 1,409 3.8% 1,394 3.4% -15 -1.1%
$300-$499 1,876 5.1% 2,110 5.2% 234 12.5%
$500-$749 7,954 21.5% 4,159 10.2% -3,795 -47.7%
$750-$999 10,752 29.1% 9,419 23.1% -1,333 -12.4%
$1,000-$1,499 10,931 29.5% 16,143 39.6% 5,212 47.7%
$1,500+ 2,883 7.8% 5,906 11.2% 3,023 104.9%
No Cash Rent 1,197 3.2% 1,655 3.3% 458 38.3%
Total 37,002 100.0% 40,786 4.1% 3,784 10.2%
Median (dollars) $902 - $1,060 - $158 17.5%
Source: American Community Survey (2010-2014), (2016-2020); ESRI; Urban Decision Group; Bowen National Research
As the preceding table illustrates, nearly one-third (30.4%) of rental units in the
CSA (New Hanover County) had rents less than $750 per month in 2014. In
2020, the share of units with gross rents less than $750 declined to 18.8%, or a
reduction of 3,576 units. Conversely, the share of units with rents in excess of
$1,000 per month increased by 13.5 percentage points between 2014 and 2020.
As such, over half (50.8%) of the rental units in 2020 had gross rents of $1,000
or more, with the largest overall share (39.6%) having rents between $1,000
and $1,500. This shift from lower to higher gross rents resulted in a median rent
increase of $158 between 2014 and 2020, or a 17.5% increase in median rent.
While this illustrates that premium rental rates are obtainable in the CSA, this
results in a significant share of cost burdened and severe cost burdened renter
households in New Hanover County.
Table 20
BOWEN NATIONAL RESEARCH V-7
B. Housing Supply Analysis (Bowen National Research Survey)
Multifamily Rental Housing
Between September and December of 2022, Bowen National Research
surveyed (by telephone) numerous multifamily rental housing projects within
New Hanover County. Data collected during our survey is presented in
aggregate format for the Primary Study Area (PSA, City of Wilmington) and
County Study Area (CSA, New Hanover County). While these rentals do not
represent all multifamily rental housing projects in the market, they provide
significant insight as to the market conditions of commonly offered multifamily
rental product. We believe this survey represents a good base from which
characteristics and trends of multifamily rental housing can be evaluated and
from which conclusions can be drawn.
Projects that were identified, inventoried, and surveyed operate under a number
of affordable housing programs including Low-Income Housing Tax Credit
(LIHTC), HUD Section 8, and Rural Development Section 515 programs. Such
programs are structured to serve households with incomes of up to 80% of Area
Median Household Income. Market-rate projects were also included. Market-
rate properties do not operate with any programmatic income or rent limits and
instead, operate on the unrestricted open market. Managers and leasing agents
at each project were surveyed to collect a variety of property information
including vacancies, rental rates, design characteristics, amenities, utility
responsibility, and other features.
A total of 90 multifamily apartment projects were surveyed within the CSA
(New Hanover County). This survey was conducted to establish the overall
strength of the rental market and to help identify potential housing needs in the
market. Overall, a total of 674 vacant units were identified among the 17,035
multifamily rental units surveyed in the CSA, resulting in an occupancy rate of
96.0%. The overall occupancy rate of 96.3% in the PSA (City of Wilmington)
is slightly higher than in the CSA. Because the multifamily units surveyed in
the PSA comprise over four-fifths (82.2%) of the total units surveyed for the
CSA, the county-wide data is primarily driven by the PSA.
The following table (see Table 21) summarizes the surveyed multifamily rental
supply for the PSA and CSA. Note, some properties operate as mixed-income
(e.g., market-rate/Tax Credit) projects that concurrently serve households at
various income levels.
BOWEN NATIONAL RESEARCH V-8
Project Type
Current Survey - 2022 2020
Occupancy
Rate
Occupancy
Rate Change
2020 to 2022
Projects
Surveyed
Total
Units
Vacant
Units
Occupancy
Rate
PSA (City of Wilmington)
Market-rate 52 11,449 510 95.5% 95.2% 0.3%
Market-rate/Tax Credit 1 360 5 98.6% 63.5% 35.1%
Tax Credit 11 1,143 0 100.0% 97.3% 2.7%
Tax Credit/
Government-Subsidized 3 223 0 100.0% 98.7% 1.3%
Market-rate/Tax Credit/
Government-Subsidized 1 204 0 100.0% - -
Government-Subsidized 6 629 0 100.0% 99.7% 0.3%
Total 74 14,008 515 96.3% 95.7% 0.6%
CSA (New Hanover County)
Market-rate 66 14,336 669 95.3% 95.5% -0.2%
Market-rate/Tax Credit 1 360 5 98.6% 63.5% 35.1%
Tax Credit 13 1,283 0 100.0% 97.7% 2.3%
Tax Credit/
Government-Subsidized 3 223 0 100.0% 98.7% 1.3%
Market-rate/Tax Credit/
Government-Subsidized 1 204 0 100.0% - -
Government-Subsidized 6 629 0 100.0% 99.7% 0.3%
Total 90 17,035 674 96.0% 95.9% 0.1%
Source: Bowen National Research
Overall, the CSA (New Hanover County) has 674 vacant units resulting in an
overall occupancy rate of 96.0%. This is nearly identical to the 95.9%
occupancy rate from the original (2020) survey of this market. While the
overall occupancy rate has gone virtually unchanged over the past two years, it
is important to point out that all Tax Credit and government-subsidized projects
are fully occupied within the county. All 674 vacancies in the county are
market-rate units. Occupancy characteristics and trends within the PSA (City
of Wilmington) are very similar to overall county metrics.
In typical well-balanced rental housing markets, the occupancy rate is generally
between 94.0% and 96.0%. As such, the market-rate projects appear to be the
only project type in the PSA and CSA operating with an optimal level of
vacancies. There are virtually no vacancies among the Tax Credit and
government-subsidized projects in the PSA, and as such, many low-income
residents must seek housing alternatives within market-rate multifamily rental
units, non-conventional housing units (i.e., mobile home, single-family home,
duplex, etc.) or buying a home. These options, which are typically more costly,
can result in a higher share of cost burdened or severe cost burdened households
in the PSA and CSA.
Each multifamily rental housing segment is evaluated in the following pages.
Table 21
BOWEN NATIONAL RESEARCH V-9
Market-rate Housing
Within the CSA (New Hanover County), a total of 90 projects were surveyed.
Of these, 66 properties exclusively offer market-rate units, while two mixed-
income properties (same properties as the PSA) offer at least one market-rate
unit. Of the 74 total properties surveyed in the PSA (City of Wilmington), 52
properties exclusively offer market-rate units, while two additional mixed-
income properties offer at least one market-rate unit.
The following tables (see Tables 22 and 23) summarize the units by
bedroom/bathroom type for the PSA and CSA.
Market-rate
Bedroom Baths
Current Survey - 2022 2020 Survey % Change
Median
Collected
Rent Units Distribution
Vacant
Units % Vacant
Median
Collected
Rent
%
Vacant
Median
Collected
Rent
PSA (City of Wilmington)
Studio 1.0 250 2.1% 32 12.8% $1,336 2.2% $875 52.7%
One-Bedroom 1.0 3,653 31.0% 156 4.3% $1,470 5.6% $950 54.7%
One-Bedroom 1.5 322 2.7% 12 3.7% $1,610 7.3% $959 67.9%
Two-Bedroom 1.0 774 6.6% 28 3.6% $1,150 4.0% $828 38.9%
Two-Bedroom 1.5 599 5.1% 14 2.3% $1,345 1.3% $999 34.6%
Two-Bedroom 2.0 4,393 37.3% 189 4.3% $1,815 5.0% $1,210 50.0%
Two-Bedroom 2.5 369 3.1% 12 3.3% $1,891 10.9% $1,445 30.9%
Three-Bedroom 1.5 20 0.2% 0 0.0% $1,250 10.0% $1,315 -4.9%
Three-Bedroom 2.0 1,002 8.5% 50 5.0% $1,997 4.4% $1,300 53.6%
Three-Bedroom 2.5 129 1.1% 8 6.2% $1,667 0.7% $1,320 26.3%
Three-Bedroom 3.0 191 1.6% 11 5.8% $2,100 0.8% $1,515 38.6%
Three-Bedroom 3.5 22 0.2% 0 0.0% $2,535 23.5% $1,945 30.3%
Four-Bedroom 4.0 50 0.4% 3 6.0% $3,120 - - -
Total Market-rate 11,774 100.0% 515 4.4% - 5.0% - -
Source: Bowen National Research
Market-rate
Bedroom Baths
Current Survey - 2022 2020 Survey % Change
Median
Collected
Rent Units Distribution
Vacant
Units % Vacant
Median
Collected
Rent
%
Vacant
Median
Collected
Rent
CSA (New Hanover County)
Studio 1.0 250 1.7% 32 12.8% $1,336 2.2% $875 52.7%
One-Bedroom 1.0 4,367 29.8% 205 4.7% $1,464 5.4% $955 53.3%
One-Bedroom 1.5 322 2.2% 12 3.7% $1,610 7.3% $959 67.9%
Two-Bedroom 1.0 774 5.3% 28 3.6% $1,150 3.5% $920 25.0%
Two-Bedroom 1.5 599 4.1% 14 2.3% $1,345 1.3% $1,005 33.8%
Two-Bedroom 2.0 6,179 42.1% 277 4.5% $1,773 4.7% $1,225 44.7%
Two-Bedroom 2.5 369 2.5% 12 3.3% $1,891 10.9% $1,455 30.0%
Three-Bedroom 1.5 20 0.1% 0 0.0% $1,250 10.0% $1,315 -4.9%
Three-Bedroom 2.0 1,297 8.8% 70 5.4% $1,919 4.0% $1,300 47.6%
Three-Bedroom 2.5 129 0.9% 8 6.2% $1,667 0.7% $1,320 26.3%
Three-Bedroom 3.0 283 1.9% 13 4.6% $2,200 1.3% $1,515 45.2%
Three-Bedroom 3.5 22 0.2% 0 0.0% $2,535 23.5% $1,945 30.3%
Four-Bedroom 4.0 50 0.3% 3 6.0% $3,120 - - -
Total Market-rate 14,661 100.0% 674 4.6% - 4.7% - -
Source: Bowen National Research
Table 22
Table 23
BOWEN NATIONAL RESEARCH V-10
The 674 identified vacant units in the CSA (New Hanover County) result in a
4.6% vacancy rate, nearly identical to the 4.7% rate among the market-rate
supply from 2020. As such, the market-rate supply has remained stable and
healthy. Among the two most common bedroom/bathroom configurations,
vacancy rates have declined. One-bedroom/one-bathroom vacancy declined
from 5.4% in 2020 to 4.7% in 2022, while two-bedroom/two-bathroom vacancy
declined from 4.7% to its current rate of 4.5%. These trends illustrate
increasing demand for these common unit types.
From 2020 to 2022, the median collected rent for nearly all bedroom types in
the CSA increased substantially. Among the most common unit configurations,
median collected rent increased by 53.3% ($955 to $1,464) in the one-bedroom,
one-bath units, while median collected rent among the two-bedroom, two-bath
units increased by 44.7% ($1,225 to $1,773) during the past two years. Median
collected rents among the three-bedroom, two-bath units, which also comprise
a significant share of the overall supply in the PSA, increased by 47.6% ($1,300
to $1,919). With the exception of the three-bedroom, one-and-a-half bath units,
median collected rents have increased between 25.0% and 67.9% in the CSA
depending on unit configuration.
While the overall occupancy rate in the CSA (95.4%) is generally considered
healthy, the rapid increase in median collected rents illustrates not only the
ability to obtain premium rents in the market, but the high level of demand for
market-rate apartments in the area. Additionally, as some configurations have
above average occupancy rates, such as the two-bedroom, one-and-a-half bath
units (97.7%), development opportunities may exist for a variety of
bedroom/bathroom configurations of market-rate units in the market.
The following graph (see Figure 17) illustrates median market-rate rents among
common bedroom types offered in the PSA and CSA.
$1,470
$1,150
$1,815 $1,997
$1,464
$1,150
$1,773 $1,919
$0
$250
$500
$750
$1,000
$1,250
$1,500
$1,750
$2,000
1-Br/1.0-Ba 2-Br/1.0-Ba 2-Br/2.0-Ba 3-Br/2.0-Ba
Market-Rate Median Collected Rents
PSA CSA
Figure 17
BOWEN NATIONAL RESEARCH V-11
Tax Credit Housing
Tax Credit housing is developed under the Low-Income Housing Tax Credit
(LIHTC) program. Typically, these projects serve households with incomes of
up to 60% of Area Median Household Income (AMHI), although recent federal
legislation allows for some units to target households with incomes of up to
80% of AMHI. A total of 18 surveyed multifamily projects in the CSA (New
Hanover County) offer Low-Income Housing Tax Credit (LIHTC or Tax
Credit) units. Most (16) of these surveyed projects are located within the PSA
(City of Wilmington). Five projects operate as mixed-income properties, with
market-rate and/or government-subsidized units. It is worth noting that six of
the 18 properties surveyed are age-restricted. This section focuses only on the
non-subsidized Tax Credit units (units that do not have a concurrent subsidy),
while the Tax Credit units operating with concurrent subsidies are discussed in
the government-subsidized section of this report (starting on page V-12).
The following table (see Table 24) summarizes the breakdown of non-
subsidized Tax Credit units surveyed for each study area.
Tax Credit
Bedroom Baths
Current Survey - 2022 2020 Survey % Change
Median
Collected
Rent Units Distribution Vacancy
%
Vacant
Median
Collected
Rent
%
Vacant
Median
Collected
Rent
PSA (City of Wilmington)
One-Bedroom 1.0 290 24.6% 0 0.0% $661 3.1% $610 8.4%
Two-Bedroom 1.0 327 27.7% 0 0.0% $760 3.3% $704 8.0%
Two-Bedroom 1.5 211 17.9% 0 0.0% $760 5.2% $715 6.3%
Two-Bedroom 2.0 144 12.2% 0 0.0% $750 0.0% $698 7.4%
Three-Bedroom 1.0 67 5.7% 0 0.0% $845 2.7% $810 4.3%
Three-Bedroom 2.0 124 10.5% 0 0.0% $904 0.0% $715 26.4%
Four-Bedroom 1.5 16 1.4% 0 0.0% $770 0.0% $757 1.7%
Total Tax Credit 1,179 100.0% 0 0.0% - 2.9% - -
CSA (New Hanover County)
One-Bedroom 1.0 348 26.4% 0 0.0% $662 2.3% $610 8.5%
Two-Bedroom 1.0 393 29.8% 0 0.0% $760 2.8% $654 16.2%
Two-Bedroom 1.5 211 16.0% 0 0.0% $760 5.2% $665 14.3%
Two-Bedroom 2.0 144 10.9% 0 0.0% $750 0.0% $698 7.4%
Three-Bedroom 1.0 67 5.1% 0 0.0% $845 2.7% $810 4.3%
Three-Bedroom 2.0 132 10.0% 0 0.0% $904 0.0% $755 19.7%
Four-Bedroom 1.5 16 1.2% 0 0.0% $770 0.0% $757 1.7%
Four-Bedroom 2.0 8 0.6% 0 0.0% $1,100 0.0% $995 10.6%
Total Tax Credit 1,319 100.0% 0 0.0% - 2.5% - -
Source: Bowen National Research
Table 24
BOWEN NATIONAL RESEARCH V-12
The non-subsidized Tax Credit units are 100.0% occupied within the PSA (City
of Wilmington) and CSA (New Hanover County). By comparison, the vacancy
rate in the PSA for the Tax Credit product in 2020 was 2.9%, and although this
still represented a high occupancy rate of 97.1%, some units were available for
low-income households in the area. Although not illustrated in the table, the
demand for this type of housing is further supported by the fact that the 12 of
the surveyed Tax Credit projects in the CSA maintain a wait list, with up to 100
or more households on any one wait list. Additionally, wait lists among the age-
restricted properties ranged from 24 to 70 households.
Although the median rents of the Tax Credit supply in the PSA and CSA are
well below the median rents of the market-rate multifamily supply, which is to
be expected, median collected rents among all bedroom types have increased
since 2020. Among the five most common bedroom/bathroom configurations,
median Tax Credit rents have increased between 7.4% and 19.7% since 2020.
Despite these increases, Tax Credit housing remains a value in the market,
which is likely contributing to its strong level of demand.
The following graph (see Figure 18) illustrates the median non-subsidized Tax
Credit rents among common bedroom types offered in the PSA and CSA.
Government-Subsidized Housing
A total of 10 projects were surveyed within the county that offer at least some
units that operate with a government subsidy, of which four projects also
operate with Tax Credits. It is worth noting that five of these projects are age
restricted. Government-subsidized housing typically requires residents to pay
30% of their adjusted gross income toward rent and generally qualifies
households with incomes of up to 50% of Area Median Household Income
(AMHI). Note that all of the government-subsidized projects that were
surveyed are located in the PSA (City of Wilmington), therefore, the following
tables only illustrate the supply in the PSA.
$661
$760 $760
$904
$662
$760 $760
$904
$0
$200
$400
$600
$800
$1,000
1-Br/1.0-Ba 2-Br/1.0-Ba 2-Br/1.5-Ba 3-Br/2.0-Ba
Tax Credit Median Collected Rents
PSA CSA
Figure 18
BOWEN NATIONAL RESEARCH V-13
The government-subsidized product surveyed in the PSA (City of Wilmington)
is summarized in the following table (see Table 25).
Subsidized Tax Credit
Bedroom Baths
Current Survey – 2022
% Vacant 2020 Units Distribution Vacancy % Vacant
PSA (City of Wilmington)
One-Bedroom 1.0 57 13.4% 0 0.0% 2.2%
Two-Bedroom 1.0 218 51.2% 0 0.0% 1.7%
Two-Bedroom 1.5 28 6.6% 0 0.0% -
Two-Bedroom 2.0 11 2.6% 0 0.0% 0.0%
Two-Bedroom 2.5 1 0.2% 0 0.0% -
Three-Bedroom 1.0 41 9.6% 0 0.0% 0.0%
Three-Bedroom 1.5 36 8.5% 0 0.0% 0.0%
Three-Bedroom 2.0 3 0.7% 0 0.0% 0.0%
Three-Bedroom 2.5 19 4.5% 0 0.0% -
Four-Bedroom 2.0 12 2.8% 0 0.0% 0.0%
Total Subsidized Tax Credit 426 100.0% 0 0.0% 1.2%
Government-Subsidized
Bedroom Baths
Current Survey - 2022
% Vacant 2020 Units Distribution Vacancy % Vacant
PSA (City of Wilmington)
Studio 1.0 82 13.0% 0 0.0% 0.0%
One-Bedroom 1.0 346 55.0% 0 0.0% 0.5%
Two-Bedroom 1.0 149 23.7% 0 0.0% 0.0%
Three-Bedroom 1.5 52 8.3% 0 0.0% 0.0%
Total Subsidized 629 100.0% 0 0.0% 0.3%
Source: Bowen National Research
Within the PSA, both the subsidized Tax Credit units and the government-
subsidized units are fully occupied. By comparison, the occupancy rate for the
subsidized Tax Credit units in 2020 was 98.8%, while the government-
subsidized units had an occupancy rate of 99.7% at that time. Of the 10 projects
surveyed, nine projects maintain wait lists. Wait list among the age-restricted
properties ranged from eight to 52 households, while general-occupancy
projects have wait lists of up to 166 households and time estimates of up to two
or years or more. It should also be noted that one project which is restricted to
the homeless and veterans currently maintains a wait list of approximately 150
households. As such, very low-income renter households (earning 50% or less
of AMHI) have very few options available for subsidized housing. Potential
renters likely must choose from either the non-subsidized multifamily housing
options or non-conventional housing options, such as single-family homes and
duplexes. Based on this analysis, it is clear that there is pent-up demand for
subsidized housing in the county.
A map illustrating the location of all multifamily apartments surveyed within
New Hanover County is included on the following page.
Table 25
BOWEN NATIONAL RESEARCH V-15
C. For-Sale Housing Supply
1. Introduction
Bowen National Research obtained for-sale housing data from the local
Multiple Listing Service provider for the PSA (City of Wilmington) and
CSA (New Hanover County). The historical and available for-sale data
which we collected and analyzed includes the distribution of housing by
bedrooms and price point. While this sales/listing data does not include all
for-sale residential transactions or supply in the study areas, it does consist
of the majority of such product and therefore, it is representative of market
norms for for-sale housing product.
The following table (see Table 26) summarizes the available and recently
sold homes for each study area:
Sold/Currently Available For-Sale Housing Supply
Status Number of Homes
Median Price
2022 2020
PSA (City of Wilmington)
Sold* 5,309 $328,000 $248,000
Available** 309 $464,865 $399,900
CSA (New Hanover County)
Sold* 12,359 $343,000 $262,000
Available** 816 $519,923 $399,900
Source: Multiple Listing Service
*Sales from July 1, 2020 to November 2, 2022
**As of December 2, 2022
Within the CSA (New Hanover County), 12,359 homes were sold between
July 2020 and November 2022 at a median price of $343,000. This
represents an annual average of approximately 5,300 homes sold in the CSA
during this time period and an increase over the annual average between
2016 and 2020 (4,818). In addition, the median price of the homes sold in
the CSA increased by 30.9% compared to the median price between 2016
and 2020 ($262,000). The available for-sale housing stock consists of 816
units with a median price of nearly $520,000. These available homes in the
CSA yield a vacancy/availability rate of 1.4%, which is a decrease from the
rate in 2020 (1.6%).
Table 26
BOWEN NATIONAL RESEARCH V-16
Within the PSA (City of Wilmington), over 5,300 homes were sold between
July 2020 and November 2022 at a median price of $328,000. This equates
to an average of approximately 2,275 homes sold in the PSA annually
during this time period, which is an increase over the annual average
between January 2016 and June 2020 (1,974). Additionally, the median
price of the homes sold in the PSA have increased by 32.3% compared to
the median price between 2016 and 2020 ($248,000). The PSA’s available
for-sale housing stock consists of 309 units with a median price of nearly
$465,000.
Overall, the 309 available homes in the PSA yield a vacancy/availability
rate of 1.2% when compared to the number of owner-occupied units in the
PSA (24,727). This vacancy rate is below the normal range of 2.0% to 3.0%
for a well-balanced for-sale/owner-occupied market, and represents a slight
decrease in the vacancy rate compared to 2020 (1.3%). This low vacancy
rate is an indication of a likely shortage of for-sale housing in the PSA and
can contribute to an increase in home prices.
Overall, it appears that the PSA and CSA have a shortage of for-sale housing
with a trend of increased pricing. In general, this apparent shortage of for-
sale housing will likely make it difficult for many households to locate
homes that suit their individual needs and contribute to continued increases
in pricing. For low-income households and many first-time homebuyers,
these factors will create affordability issues within the for-sale housing
market. With the projected increase in the number of households in the PSA
(4.6%) and CSA (4.3%) over the next five years, it will be critical that
additional for-sale product is introduced into the market in order to
accommodate demand and possibly slow the increase in pricing.
2. Historical For-Sale Analysis
Through the local Multiple Listing Service, we identified 34,040 housing
units within the CSA (New Hanover County) that were sold between
January 2016 and November 2022. Of these, 14,191 (41.7%) were within
the PSA (City of Wilmington). In an effort to understand the health of a for-
sale housing market, it is important to understand numerous historical
metrics of the for-sale housing supply, including trends in both annual home
sales volume (number of homes sold) and annual median home sale prices.
The following table (see Table 27) illustrates the annual sales activity from
January 2016 to November 2022 for the PSA and CSA, with full year sales
volume projections for 2022 shown in parenthesis.
BOWEN NATIONAL RESEARCH V-17
Sales History by Year (2016 through 2022*)
Year
PSA (City of Wilmington) CSA (New Hanover County)
Number
Sold
Percent
Change
Median
Sale Price
Percent
Change
Number
Sold
Percent
Change
Median
Sale Price
Percent
Change
2016 1,904 - $220,000 - 4,568 - $238,125 -
2017 1,872 -1.7% $240,000 9.1% 4,788 4.8% $253,000 6.2%
2018 2,005 7.1% $249,300 3.9% 4,820 0.7% $265,000 4.7%
2019 2,133 6.4% $259,275 4.0% 5,055 4.9% $277,500 4.7%
2020 1,804 -15.4% $275,000 6.1% 4,404 -12.9% $285,000 2.7%
2021 2,635 46.1% $305,000 10.9% 6,138 39.4% $325,000 14.0%
2022*
1,838*
(2,206) -16.3% $375,000 23.0%
4,267*
(5,120) -16.6% $390,000 20.0%
Source: Multiple Listing Service
*As of Nov. 2, 2022 (Full year projection shown in parenthesis)
The number of homes sold on an annual basis in the CSA (New Hanover
County) averaged 4,962 homes between 2016 and 2021. The number of
homes sold each year in the CSA increased year over year with the
exception of a decrease in 2020 (12.9%). In 2021, over 6,100 homes were
sold in the CSA, which represents a 39.4% increase over 2020. Based on
data through November 2, 2022, it is projected that approximately 5,120
homes will be sold in the CSA in 2022 at the current rate. While this
represents a 16.6% decrease from 2021, the projected number of homes sold
for the current year would surpass the six-year average by 3.2%. Regardless
of recent fluctuations in sales volume, the median sale price for homes in
the CSA increased each year during the time period. Overall, the median
home price in the CSA increased by 63.8% since 2016, and as of November
2022 the current median price for homes sold in the CSA was $390,000.
(see Figure 19)
By comparison, the number of homes sold on an annual basis in the PSA
(City of Wilmington) averaged 2,059 homes between 2016 and 2021. While
the number of homes sold in the PSA in 2020 (1,804) was significantly less
than the average, this is likely due to the economic effects that resulted from
the COVID-19 pandemic that occurred during that year. In 2021, the
number of homes sold (2,635) increased by 46.1% year over year in the
PSA and surpassed the six-year average by 28.0%. As of November 2, 2022,
over 1,800 homes have been sold in the PSA which equates to an annualized
projection of 2,206 home sales for the current year. Regardless of the
number of homes sold in the PSA each year since 2016, the median sale
price increased every year. These annual increases in median price ranged
between 3.9% (2018) and 10.9% (2021). As of November 2022, the median
price of homes sold in the PSA was $375,000, or a 23.0% increase over the
median price in 2021. As such, the largest year over year increases in
median sale prices in the PSA occurred in the last two years (including
2022). Overall, the median sale price in the PSA increased by 70.5% since
2016. (see Figure 20)
Table 27
BOWEN NATIONAL RESEARCH V-18
*Through November 2, 2022
*Through November 2, 2022
The distribution of homes recently sold between July 1, 2020 and November
2, 2022 by price point for each study area is summarized in the following
table (see Table 28).
Sales History by Price
(July 1, 2020 to November 2, 2022)
Sale Price
PSA (City of Wilmington) CSA (New Hanover County)
Number Sold
Percent of
Supply
Average Days
on Market Number Sold
Percent of
Supply
Average Days
on Market
Up to $99,999 77 1.5% 16 86 0.7% 17
$100,000 to $149,999 290 5.5% 15 325 2.6% 15
$150,000 to $199,999 638 12.0% 15 906 7.3% 15
$200,000 to $249,999 667 12.6% 15 1,510 12.2% 14
$250,000 to $299,999 656 12.4% 19 1,871 15.1% 15
$300,000+ 2,981 56.1% 22 7,661 62.0% 22
Total 5,309 100.0% 20 12,359 100.0% 19
Source: Multiple Listing Service
$225,000
$250,000
$275,000
$300,000
$325,000
$350,000
$375,000
$400,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2016 2017 2018 2019 2020 2021 2022*
CSA Annual Sales/Median Price (2016-2022*)
Number Sold Median Price
$200,000
$225,000
$250,000
$275,000
$300,000
$325,000
$350,000
$375,000
$400,000
0
500
1,000
1,500
2,000
2,500
3,000
2016 2017 2018 2019 2020 2021 2022*
PSA Annual Sales/Median Price (2016-2022*)
Number Sold Median Price
Figure 20
Figure 19
Table 28
BOWEN NATIONAL RESEARCH V-19
Over half (56.1%) of the recently sold product within the PSA (City of
Wilmington) has pricing above $300,000, which is an increase in the share
of such product compared to the time period between 2016 and 2020
(36.0%). In the CSA (New Hanover County), the share of recently sold
product priced above $300,000 (62.0%) is even greater than within the PSA.
By contrast, the share of recently sold product priced below $150,000 in the
PSA (7.0%) has decreased significantly compared to the time period
between 2016 and 2020 (20.1%). The lack of recent sales among this lower
priced product (less than $150,000) is even more pronounced in the CSA
where such sales only account for 3.3% of the 12,359 home sales since July
2020. Of the recently sold product in the PSA priced between $150,000 and
$300,000, there is a relatively even distribution of shares (between 12.0%
and 12.6%) among individual price points. In the CSA, there is a wider
distribution of shares, with product between $250,000 and $299,999
comprising the largest share (15.1%). Overall, the recent home sales in the
PSA and CSA have been dominated by higher priced product (over
$300,000), with the lower priced product (less than $150,000) comprising a
very small share. Additionally, it appears this trend has increased since
2020.
The distribution of recent home sales by price point within each study area
is illustrated in the following graph (see Figure 21).
77 290 638 667 656
2,981
86 325 906
1,510 1,871
7,661
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Up to $99,999 $100k-
$149,999
$150k-
$199,999
$200k-
$249,999
$250k-
$299,999
$300,000+
Sales History by Price (July 2020 to November 2022)
PSA CSA
Figure 21
BOWEN NATIONAL RESEARCH V-20
The following table (see Table 29) illustrates recent home sales by bedroom
type:
Sales History by Bedroom Type
(July 1, 2020 to November 2, 2022)
Bedrooms
Number
Sold
Average
Baths
Average
Square
Feet
Average
Year
Built
Price
Range
Median
Sale Price
Median
Price per
Sq. Ft.
Average
Days on
Market
PSA (City of Wilmington)
One-Br. 165 1.25 683 1979 $44,900 - $575,000 $235,500 $370.37 28
Two-Br. 1,317 2.0 1,171 1982 $56,000 - $1,800,000 $206,000 $180.60 17
Three-Br. 2,454 2.5 1,738 1982 $65,000 - $5,225,000 $320,000 $190.30 16
Four-Br. 1,108 3.25 2,752 1990 $95,000 - $3,995,000 $475,000 $188.37 24
Five+-Br. 265 4.5 4,066 1990 $145,000 - $5,000,000 $740,000 $200.78 45
Total 5,309 2.5 1,893 1984 $44,900 - $5,225,000 $328,000 $189.71 20
CSA (New Hanover County)
One-Br. 424 1.25 633 1982 $44,900 - $805,000 $265,000 $449.01 24
Two-Br. 2,022 2.0 1,145 1985 $56,000 - $1,800,000 $230,000 $199.18 17
Three-Br. 6,229 2.5 1,718 1992 $65,000 - $5,225,000 $320,000 $192.31 16
Four-Br. 2,936 3.5 2,584 2001 $95,000 - $9,500,000 $450,000 $183.20 23
Five+-Br. 748 4.5 3,537 2002 $145,000 - $10,000,000 $629,571 $188.41 33
Total 12,359 2.5 1,903 1993 $44,900 - $10,000,000 $343,000 $192.67 19
Source: Multiple Listing Service
Within the CSA (New Hanover County), over half (50.4%) of recent home
sales have been three-bedroom units. Four-bedroom units (23.8%) and two-
bedroom units (16.4%) comprise the next largest shares of recent sales in
the CSA. While three-bedroom units in the CSA have the same median sale
price ($320,000) as three-bedroom homes in the PSA, the median price per
square foot of these homes in the CSA ($192.31) is slightly higher than
those in the PSA ($190.30). It is interesting to note that, although the overall
median sale price ($343,000) and median price per square foot ($192.67) of
recent home sales in the CSA are higher than that in the PSA, the median
sale price and price per square foot of four- and five-bedroom homes in the
CSA are less than the PSA. As is the case with the PSA, the very low
average number of days on market (19 days) and increases in pricing in the
CSA indicates a strong level of demand among for-sale product in New
Hanover County, as a whole.
Among the recent homes sold in the PSA (City of Wilmington), the largest
share (46.2%) has been three-bedroom homes, which average 1,738 square
feet in size, have an average year built of 1982, and a median sale price of
$320,000. Two-bedroom homes, which constitute the second largest share
(24.8%) of recent home sales in the PSA are, on average, much smaller
(1,171 square feet) and have a lower median sale price ($206,000). Four-
bedroom homes comprise over one-fifth (20.9%) of recent sales, despite
having a significantly greater median sale price ($475,000). This is due
primarily to the much larger average size (2,752 square feet) of these homes.
While the overall median price of recent home sales (July 2020 to
November 2022) increased by 32.3% over the previous time period
Table 29
BOWEN NATIONAL RESEARCH V-21
(January 2016 to June 2020), the largest increase occurred among the five-
or-more-bedroom homes (42.3%). Because this bedroom type comprises a
small share (5.0%) of the overall sales in the PSA, much of the overall
median price increase can be attributed to the increases among two-
bedroom (37.3%) and three-bedroom (37.6%) homes. Despite the
significant increase of median sale prices in the PSA, the overall average
number of days on market for the recently sold product is only 20 days. This
is considered extremely low and illustrates the strong demand for the for-
sale housing product in the PSA.
The distribution of recent home sales by bedroom type within the various
study areas is shown in the following graph (see Figure 22):
165
1,317
2,454
1,108
265424
2,022
6,229
2,936
748
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
One-Br.Two-Br.Three-Br.Four-Br.Five+-Br.
Sales History by Bedrooms (July 2020 to November 2022)
PSA CSA
Figure 22
BOWEN NATIONAL RESEARCH V-23
3. Available For-Sale Housing Supply
Utilizing data from the local Multiple Listing Service, we identified 816
housing units within the CSA (New Hanover County) that were listed as
available for purchase as of December 2, 2022. Of these, 309 (37.9%) are
located in the PSA (City of Wilmington). While there are likely some other
for-sale residential units available for purchase, such homes were not
identified during our research due to the method of advertisement or simply
because the product was not actively marketed. Regardless, the available
inventory of for-sale product identified in this analysis provides a good
baseline for evaluating the for-sale housing alternatives offered in the
subject markets.
The following table (see Table 30) summarizes the distribution of available
for-sale residential units by price point within the various study areas:
Available For-Sale Housing by Price
(As of December 2, 2022)
List Price
PSA (City of Wilmington) CSA (New Hanover County)
Number
Available
Percent of
Supply
Average
Days
on Market
Number
Available
Percent of
Supply
Average
Days
on Market
Up to $99,999 1 0.3% 233 1 0.1% 233
$100,000 to $149,999 3 1.0% 55 4 0.5% 70
$150,000 to $199,999 8 2.6% 29 13 1.6% 38
$200,000 to $249,999 14 4.5% 53 21 2.6% 44
$250,000 to $299,999 40 12.9% 46 61 7.5% 36
$300,000+ 243 78.6% 75 716 87.7% 70
Total 309 100.0% 69 816 100.0% 67
Source: Multiple Listing Service
Within the CSA (New Hanover County), nearly nine-tenths (87.7%) of the
available for-sale product are priced above $300,000. Only 12.3% of the
available supply in the CSA is priced under $300,000, totaling just 100
units. Nearly four-fifths (78.6%) of available for-sale homes within the PSA
(City of Wilmington) are priced above $300,000. This represents a larger
share of product in this price range compared to the share (74.3%) in June
2020. Only 21.4% of the available supply in Wilmington is priced below
$300,000, which is a decrease in the share (25.6%) from June 2020.
Although this represents a very small share of affordable product in the
PSA, the share of homes priced below $300,000 in the CSA (12.3%) is
roughly half that of the PSA. This also represents a significant decline
compared to the share in June 2020 (26.5%). Although the number of days
on market for homes priced above $300,000 in the PSA (75 days) and CSA
(70 days) are slightly higher than the overall average for each study area (69
and 67 days, respectively), both are still considered relatively low and
illustrate the significant level of demand for product of this price point in
the area. The average days on market for the price points below $300,000
are considerably less and would indicate there is also substantial demand
for affordable housing options in the PSA and CSA.
Table 30
BOWEN NATIONAL RESEARCH V-24
The distribution of available homes for each study area by price point is
illustrated in the following graph (see Figure 23):
The available for-sale housing by bedroom type within the various study
areas is summarized in the following table (see Table 31):
Available For-Sale Housing by Bedroom Type
(As of December 2, 2022)
Bedrooms
Number
Available
Average
Baths
Average
Square
Feet
Average
Year
Built
Price
Range
Median
List Price
Median
Price per
Sq. Ft.
Average
Days on
Market
PSA (City of Wilmington)
One-Br. 9 1.25 739 1954 $139,999 - $560,000 $365,000 $487.80 85
Two-Br. 61 2.0 1,209 1972 $94,500 - $705,000 $289,900 $245.96 62
Three-Br. 121 2.5 1,795 1987 $150,000 - $6,200,000 $443,000 $256.54 56
Four-Br. 93 3.25 2,776 1996 $190,000 - $2,495,000 $578,710 $219.98 79
Five+-Br. 25 4.5 4,035 1984 $350,000 - $5,250,000 $753,900 $246.88 108
Total 309 2.75 2,125 1985 $94,500 - $6,200,000 $464,865 $246.88 69
CSA (New Hanover County)
One-Br. 31 1.25 645 1975 $139,999 - $699,900 $399,900 $668.34 93
Two-Br. 103 2.0 1,124 1978 $94,500 - $1,995,000 $339,000 $300.22 59
Three-Br. 342 2.5 1,827 1995 $150,000 - $6,200,000 $449,759 $248.02 58
Four-Br. 252 3.5 2,673 2006 $190,000 - $13,900,000 $618,900 $231.26 73
Five+-Br. 88 4.75 3,633 2003 $350,000 - $9,659,000 $962,000 $293.39 83
Total 816 3.0 2,150 1997 $94,500 – $13,900,000 $519,923 $253.30 67
Source: Multiple Listing Service
1 3 8 14 40
243
1 4 13 21 61
716
0
100
200
300
400
500
600
700
800
Up to $99,999 $100k-
$149,999
$150k-
$199,999
$200k-
$249,999
$250k-
$299,999
$300,000+
Available For-Sale Housing by Price
PSA CSA
Figure 23
Table 31
BOWEN NATIONAL RESEARCH V-25
The median price per square foot for available product in the CSA (New
Hanover County) was slightly higher ($253.30) then the PSA (City of
Wilmington) price per square foot ($246.88). Regardless of bedroom type,
the current overall median price per square foot of the available homes in
the PSA increased by 35.1% over the median price per square foot in June
2020. In the CSA (New Hanover County), the increase in median price per
square foot (40.8%) between the two time periods is larger than the increase
in the PSA. Despite significant increases in pricing since 2020 in both the
PSA and CSA, the average number of days on market for both areas (69 and
67 days, respectively) are considered relatively low. Among specific
bedroom types, three-bedroom homes have the lowest days on market in the
PSA (56 days) and CSA (58 days). As this bedroom type comprises the
largest share of available homes and has the lowest days on market in both
study areas, it would appear that the demand for this bedroom type is very
high in Wilmington and New Hanover County. Regardless of bedroom type,
it appears the demand among for-sale housing is strong within New
Hanover County. It is notable, however, that due to the significant increase
in price of for-sale housing within the PSA and CSA, many low-income
residents will likely have difficulty locating income-appropriate for-sale
housing in the area.
The distribution of available homes by bedroom type within the study areas
is shown in the following graph (see Figure 24):
A map illustrating the location of available for-sale homes within the
various study areas is included on the following page.
9
61
121 93
2531
103
342 252
88
0
50
100
150
200
250
300
350
One-Br.Two-Br.Three-Br.Four-Br.Five+-Br.
Available For-Sale Housing by Bedrooms
PSA CSA
Figure 24
BOWEN NATIONAL RESEARCH V-27
D. Planned & Proposed
In order to assess housing development potential, we evaluated recent
residential building permit activity and identified residential projects in the
development pipeline within New Hanover County. Understanding the number
of residential units and the type of housing being considered for development
in the market can assist in determining how these projects are expected to meet
the housing needs of the county.
The following table (see Table 32) illustrates single-family and multifamily
building permits issued in New Hanover County during the past 10 years (2022
data was not available):
Housing Unit Building Permits for New Hanover County:
Permits 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Multifamily Permits 934 912 827 712 1,173 557 582 1,625 1,609 1,735
Single-Family Permits 659 981 922 1,100 1,210 1,701 1,336 1,381 1,486 1,666
Total Units 1,593 1,893 1,749 1,812 2,383 2,258 1,918 3,006 3,095 3,401
Source: SOCDS Building Permits Database at http://socds.huduser.org/permits/index.html
Within New Hanover County, an average of approximately 2,300 total
residential building permits were issued annually between 2012 and 2021.
Since 2019, the total number of permits issued in the county increased
substantially (over 3,000 annually). In 2021, over 3,400 total permits were
issued, which represents the most permits issued in any year during this 10-year
time period. Of these, slightly more than half (51.0%) were for multifamily
units. It is notable that nearly 5,000 multifamily permits were issued in the
county in the last three years alone, which is significant considering that 5,697
multifamily permits were issued in the prior eight years combined (between
2012 and 2018). In addition, the number of single-family permits issued in the
county increased each year since 2018, with 1,666 single-family permits issued
in 2021.
The individual projects that are either under construction or planned for
development within the county are summarized on the following pages.
Table 32
BOWEN NATIONAL RESEARCH V-28
Multifamily Housing
Based on interviews with planning representatives, there are 18 rental housing
projects planned, proposed, or under construction within the PSA (City of
Wilmington) and eight rental housing projects in the development process in
the CSA (New Hanover County). Note that the status of some projects may
have changed since the information was collected and does not include the
identification of senior care or student housing. (see Table 33)
Rental Housing in Pipeline
Project Name & Address Type Units Developer Status/Details
PSA (City of Wilmington)
Barclay Place Apartments II
2544 Croquet Drive Market-rate 96
Cameron
Management
Under Construction: Preleasing began late fall
2022; First move-in winter 2022; One- to three-
bedroom units; ECD spring 2023
Riverwood
3510 Corder Drive Market-rate 41
Matrix
Development
Under Construction: Opened 120 units in spring
2022; Occupancy in fall 2022 was 66%; One- to
three-bedroom units; ECD fall 2022
Ansley Park I & II
3612 Salinger Court Market-rate 163
SRS Real Estate
Partners
Under Construction: Phase I opened 133 units in
spring 2022; Occupancy for Phase I in fall 2022
was 41%; Phase II under construction; One- to
three-bedroom units; ECD summer 2023
Wilmington Waterfront
19 Cowan Street Market-rate 276 Kettler
Under Construction: Studio to two-bedroom
units; ECD 2023
Metropolitan at Riverwalk
19 Harnett Street Market-rate 293 Kettler
Under Construction: Studio to two-bedroom
units
CenterPoint
1531 Eastwood Road
Market-rate 351
Swain &
Associates &
Beach
Company
Under Construction: One- to three-bedroom
units; ECD 2024
City Block II
814 North 3rd Street
Market-rate 56
City Block
Apartments,
LLC
Planned: Delayed due to cost of materials; One-
bedroom units
Starway Village I & II
2346 Carolina Beach Road Tax Credit 276
Bradley
Developers
Planned: Allocated 2021; One- to three-bedroom
units; ECD 2023
Paseo
821 South College Road Market-rate 298
Bella Vista
Development
Group &
Craig Davis
Properties
Planned: Construction may start in late 2022 or
early 2023; ECD 2024
Switchyard
3804 Market Street Market-rate 192
PBW Holdings,
LLC Proposed: One- and two-bedroom units
Hawthorne at the Point II
3215 Midvale Drive Market-rate 42 N/A
Proposed: Phase I opened 176 units in 2020;
Occupancy in fall 2022 was 96%; One- to three-
bedroom units; Phase II proposed in late 2022;
Two- and three- bedrooms units
Avenue
Military Cutoff Road
Market-rate 500
The Carroll
Companies
Proposed: Approved in 2018 but put on hold; As
of summer 2022, is again moving forward; One- to
three-bedroom units
N/A - Not available
ECD - Estimated completion date
Table 33
BOWEN NATIONAL RESEARCH V-29
(Continued)
Rental Housing in Pipeline
Project Name & Address Type Units Developer Status/Details
PSA (City of Wilmington)
Helm
1010 North 4th Street
Market-rate 94 Bush Watson Proposed: Studio to two-bedroom units
Residences at Galleria
6730-6800 Wrightsville Avenue Market-rate 366
State Street
Companies Proposed: One- to three-bedroom units
Hamlet at Barclay West
(AKA Pointe at Barclay)
3152 South 17th Street
Market-rate
& Affordable 563
Middleburg
Communities,
LLC Proposed: One- to three-bedroom units
Proximity at Watermark
4216 River Road Market-rate 248
Cape Fear
Development
Partners
Proposed: Rezoning approved by city council fall
2022
Proximity at Dram Tree Point
Dawson Street and Surrey Street Market-rate 300
Cape Fear
Development
Partners
Proposed: Submitted rezoning request summer
2022
Cottages at Riverlights
5759 River Road Market-rate 279
Capstone
Communities Under Construction: ECD spring 2023
CSA (New Hanover County)
Reserve at Beaumont Oaks
115 Beaumont Oaks Drive
Wilmington Market-rate 238
Logan
Developers Under Construction: ECD early 2023
Estrella Landing
4615 Gordon Road
Wilmington Tax Credit 84
Terroir
Development,
LLC Under Construction
Wrightsboro Commons
2525 Castle Hayne Road
Wilmington Market-rate 226
BRC
Wrightsboro
Commons, LLC Proposed: Project delayed fall 2022
Hanover Reserve
1308 Crooked Pine Road
Wilmington Market-rate 312 TDR-HL, LLC Proposed: Approved for construction
Comet Apartments
9000 Market Street
Wilmington Market-rate 256
WPE Holdings,
LLC/Comet
Development Proposed: Approved for construction
Middle Sound West
7241 Market Street
Ogden Market-rate 288
Tribute
Companies
Under Construction: Mixed-use commercial and
office with apartments on top
Proximity
Lake Park Boulevard and
St. Joseph Street
Carolina Beach Market-rate 261
GHK Cape Fear
Development
Proposed: Town council approved rezoning in late
2021
Timbers at Whiskey Branch
5601 South College Road/
132 NC Highway
Wilmington Market-rate 250
Dry Pond
Partners, LLC Proposed: Delayed
N/A - Not available
ECD - Estimated completion date
BOWEN NATIONAL RESEARCH V-30
For-Sale Housing
There are five confirmed for-sale housing projects of notable size planned
and/or under construction within the PSA (City of Wilmington) and 17
confirmed for-sale housing projects of notable size planned and/or under
construction within the CSA (New Hanover County County). Note that the
status of some projects may have changed since the information was collected
and does not include the identification of senior for-sale housing. These
developments are summarized as follows: (see Table 34)
For-Sale Housing in Pipeline
Project Name & Address
Product
Type Lots/Units Developer Status/Details
PSA (City of Wilmington)
Woodlands at Echo Farms
4114 Echo Farms Boulevard Single-family 51
Dream
Finders
Homes
Under Construction: Three- to five-
bedroom units; From 2,225 to 3,353 square
feet; Starting $410,000 to $600,000
Pacific Place
Pacific Road Single-family 39
Blanton
Custom
Homes
Under Construction: Finishing up
construction; Three- to five-bedroom units;
From 2,639 to 3,506 square feet; Starting
$720,000 to $870,000
Woodlands Grove at Echo Farms
1105 McCarley Boulevard Single-family 87
Dream
Finders
Homes
Planned: Currently selling lots; Two- to
four-bedroom units; From 1,912 to 3,225
square feet; Starting $415,000 to $488,000
Cottages at Bradley Creek
311 Hooker Road Single-family N/A
Mungo
Homes
Planned: Construction to begin late 2022;
High $500,000s
Bradley Heights
261 Giles Avenue Townhome 61
Bradley
Heights, LLC
Proposed: One- and two-bedroom units; No
other information available
CSA (New Hanover County)
Riverside
432 Tributary Circle
Wilmington Single-family 93 D.R. Horton
Under Construction: Additional phases
planned; Three- and four-bedroom units;
From 1,475 to 2,368 square feet
River Bluffs
3571 Hansa Drive
Castle Hayne Combination 742 N/A
Under Construction: Phases 1 and 2 are
complete; Phases 3 and 4 consist of 91 units
in a subdivision; Phase 4 is 37.2 acres and
zoned for performance development
Congleton Farms
1220 Lt. Congleton Road
Wilmington Single-family 150+
Mungo
Homes
Under Construction: Two- to six-bedroom
units; From 1,910 to 3,904 square feet; High
$400,000s to $630,000
Scotts Hill Village/
Courtyards at Scotts Hill Village
339 Victoria Charm Drive
Wilmington Single-family 227
Mungo
Homes
Under Construction: Built in several
phases; Last phase not yet under construction
Hanover Lakes
287 Hanover Lakes Drive
Wilmington Single-family 230
Bill Clark
Homes
Under Construction: Two- and three-
bedroom units; From 1,489 to 3,803 square
feet; Starting $385,000 to $500,000
Bountiful Village
561 Bountiful Lane
Castle Hayne Single-family 35 N/A
Under Construction: Lots from $125,000
to $2.3 million; Project is halfway complete
(15 units built); Some already sold (not sure
how many)
N/A - Not available
Table 34
BOWEN NATIONAL RESEARCH V-31
(Continued)
For-Sale Housing in Pipeline
Project Name & Address
Product
Type Lots/Units Developer Status/Details
CSA (New Hanover County)
Sidbury Station
5730 Sidbury Road
Castle Hayne Single-family 200+ D.R. Horton
Project is being built in four phases; Phase 1
is completed, and Phase 2 is proposed
Homestead Estates at River Oaks
Penny Royal Drive
Wilmington Single-family 107
Bill Clark
Homes
Under Construction: Three- to four-
bedroom units; From 2,159 to 3,954 square
feet; Starting $540,000+
Reserve at Beaumont Oaks
(FKA Oaks at Murray Farm)
8300 block of Shiraz Way and
Old Market Street
Porters Neck
Single-family
& Townhome 62/34
Logan
Developers,
Incorporated
Under Construction: Three- to five-
bedroom units; From 1,866 to 3,299 square
feet; Starting $510,000 to $650,000; ECD
2025
Grand Bay Townhomes
6220 River Road
Wilmington Townhome 72 D.R. Horton
Under Construction: Three-bedroom units;
From 1,497 to 1, 895 square feet; Starting
$355,000 to $440,000
Parsons Mill Farm
4534 Huntsman Court
Castle Hayne Single-family 52
Mungo
Homes
Phase 1- 3 is completed; Phase 4 is under
construction; Phase 5 is proposed
Tarin Woods
5936 Appomattox Drive
Wilmington Single-family 150
Cabiness &
Cates
Communities
Under Construction: Phases 1 and 2 are
completed; Phase III proposed
approximately 150 homes
The Manors/The Cottages
1137 Eventide Boulevard
Wilmington Townhome 24 N/A
Under Construction: Townhomes (24)
under construction
Sunset Reach
1330 Rockhill Road
Castle Hayne
Single-family
& Townhome 73/9 N/A
Under Construction: Estimated home
prices $600,000 to $1.5 million
Cape Landing II
Blue Clay Road
Castle Hayne Single-family 126
American
Homesmith &
Hardison
Building
Company
Planned: Phase 1 (built) 71 lots; Phase 2
planned (55 lots)
Sidbury Station
6010 Sidbury Road
Castle Hayne
Single-family
& Townhome 655/103 N/A
Proposed: Currently under review; To be
built in three phases
Timbers at Whiskey Branch
5601 South College Road
Wilmington Combination
210
Trusst
Builder
Group
Proposed: Single-family homes,
townhomes, duplexes, triplexes; Expansion
of Whiskey Branch; No other details
available
N/A - Not available
ECD - Estimated completion date
BOWEN NATIONAL RESEARCH VI-1
VI. HOUSING GAP/DEMAND ESTIMATES
INTRODUCTION
This section provides housing gap estimates for both rental and for-sale housing
within the overall CSA (New Hanover County) as well as the PSA (City of
Wilmington). While this assessment includes demand from a variety of sources
and focuses on the housing demand drivers within New Hanover County,
consideration is also given to potential support that may originate from outside
the county.
Housing to meet the needs of both current and future households in the market
will most likely involve multifamily, duplex, and single-family housing
alternatives. There are a variety of financing mechanisms that can support the
development of housing alternatives such as federal and state government
programs, as well as conventional financing through private lending institutions.
These different financing alternatives often have specific income and rent/price
restrictions, which affect the market they target.
We evaluated the market’s ability to support rental and for-sale housing based on
six levels of income/affordability. While there may be overlap among these levels
due to program targeting and rent/price levels charged, we have established
specific income stratifications that are exclusive of each other in order to
eliminate double counting demand. We used HUD’s published income and rent
limits (2022) for the Wilmington, NC HUD Metro FMR area.
The following table (see Table 35) summarizes the income segments used in this
analysis to estimate potential rental and for-sale housing demand.
Household Income/Wage & Affordability Levels (2022)
Percent AMHI Income Range* Hourly Wage** Affordable Rents*** Affordable Prices^
≤ 30% < $25,560 < $12.29 < $639 < $85,200
31%-50% $25,561-$42,600 $12.30-$20.48 $640-$1,065 $85,201-$142,000
51%-60% $42,601-$51,120 $20.49-$24.58 $1,066-$1,278 $142,001-$170,400
61%-80% $51,121-$68,160 $24.59-$32.77 $1,279-$1,704 $170,401-$227,200
81%-120% $68,161-$102,240 $32.78-$49.15 $1,705-$2,556 $227,201-$340,800
121%+ $102,241+ $49.16+ $2,557+ $340,801+
AMHI – Area Median Household Income
* Based on approximate HUD limits for the Wilmington HUD Metro FMR Area (4-person limit)
** Assumes full-time employment 2,080 hours/year (Assumes one wage earner household)
*** Based on assumption tenants pay up to 30% of income toward rent (not including tenant-paid utilities)
^Based on assumption homebuyer can afford to purchase home priced three times annual income after 5% down payment
While different state and federal housing programs establish income and rent
restrictions for their respective programs, in reality, there is potential overlap
between windows of affordability between the programs. Further, households that
respond to a certain product or program type vary. This is because housing
markets are highly dynamic, with households entering and exiting by tenure and
economic profile. Further, qualifying policies of property owners/management
Table 35
BOWEN NATIONAL RESEARCH VI-2
and financial institutions impact the households that may respond to specific
project types. As such, while a household may prefer a certain product,
ownership/management and financial institution’s qualifying procedures (i.e.,
review of credit history, current income verification, criminal background checks,
deposit/down payment requirements, etc.) may affect housing choices that are
available to households.
Regardless, we have used the preceding income segmentations as the ranges that
a typical project or lending institution would use to qualify residents, based on
their household income. Ultimately, any new product added to the market will
be influenced by many decisions made by the development and/or management.
This includes eligibility requirements, design type, location, rents/prices,
amenities and other features. As such, our estimates assume that the rents/prices,
quality, location, design, and features of new housing product are marketable and
will appeal to most renters and homebuyers.
While this study considers current market considerations such as the available
housing stock, households living in substandard housing, and people currently
commuting into the market, it also accounts for residential units in the
development pipeline and forecasted household growth over the next 10 years
(2022 to 2032). Therefore, it serves to provide estimates of the number of
housing units that will be needed over the next several years to address housing
needs within the market.
A. RENTAL HOUSING GAP ESTIMATES
The primary sources of demand for new rental housing include the following:
• New Housing Needed to Meet Projected Household Growth
• Additional Units Required for a Balanced Market
• Replacement of Substandard Housing
• External (Outside County) Commuter Support
• Step-Down Support
A full description of these demand components and the assumptions used in
this analysis are included in the original (2020) Housing Needs Assessment.
BOWEN NATIONAL RESEARCH VI-3
The overall New Hanover County rental housing gap estimates by
affordability level are shown in Table 36.
New Hanover County, North Carolina
Rental Housing Gap Estimates by Affordability Level
2022 to 2032
Percent of AMHI 30% 31%-50% 51%-60% 61%-80% 81%-120% 121%+
Household Income < $25,560
$25,561-
$42,600
$42,601-
$51,120
$51,121-
$68,160
$68,161-
$102,240 $102,241+
Rent Range <$639 $640-$1,065 $1,066-$1,278 $1,279-$1,704 $1,705-$2,556 $2,557+
Household Growth -4,886 -1,072 -212 1,700 3,352 4,220
Balanced Market 1,316 906 442 466 50 42
Replacement Units 2,104 724 178 94 62 22
External Support 2,626 1,808 878 930 1,236 1,040
Step-Down Support 1,184 -540 952 754 312 -2,662
Pipeline Units 0 -34 -466 -1,585 -2,010 -1,784
Current (2022)
Housing Gap (Units) 2,344 1,792 1,772 2,359 3,002 878
Original (2020)
Housing Gap (Units) 2,787 1,968 1,231 1,431 1,796 1,563
New Hanover County’s overall rental housing gap estimate (which includes
the city of Wilmington) over the next 10 years is 12,147 units. This is an
increase of 1,371 additional units needed since the original 2020 study, which
showed an overall county-wide rental housing gap of 10,776. This represents
a 12.7% increase in the housing gap in just the past two years. Housing gaps
by affordability level range from a low of 878 among the highest income
households to 3,002 among households with incomes between 81% and 120%
of AMHI. The largest increases in housing gaps by affordability level since
the 2020 study are for housing that is affordable to households earning
between 61% and 80% of AMHI (originally 1,431 units, increased to 2,359
units) and those earning between 81% and 120% of AMHI (originally 1,796
units, increased to 3,002 units). Regardless of these changes, housing gaps
exist among all affordability levels, despite the amount of new product added
to the market and currently in the development pipeline.
We also calculated the housing gap estimates for the city of Wilmington,
which are shown in Table 37 on the following page.
Table 36
BOWEN NATIONAL RESEARCH VI-4
City of Wilmington, North Carolina
Rental Housing Gap Estimates by Affordability Level
2022 to 2032
Percent of AMHI 30% 31%-50% 51%-60% 61%-80% 81%-120% 121%+
Household Income < $25,560
$25,561-
$42,600
$42,601-
$51,120
$51,121-
$68,160
$68,161-
$102,240 $102,241+
Rent Range <$639 $640-$1,065 $1,066-$1,278 $1,279-$1,704 $1,705-$2,556 $2,557+
Household Growth -2,980 -280 -116 1,088 2,272 2,942
Balanced Market 1,030 636 292 38 50 36
Replacement Units 1,978 610 140 78 50 18
External Support 1,050 646 298 334 418 318
Step-Down Support 806 -500 462 626 262 -1,656
Pipeline Units 0 0 -416 -1,134 -1,558 -1,333
Current (2022)
Housing Gap (Units) 1,884 1,112 660 1,030 1,494 325
Original (2020)
Housing Gap (Units) 1,603 1,383 778 399 618 566
The city of Wilmington has an overall rental housing gap of 6,505. Like the
overall county, the city of Wilmington has experienced an increase in its
housing gap estimates since the original (2020) study of the area. At that
time, the city’s rental housing gap estimate was 5,347 units. This has
increased by 1,158 units, representing an increase of 21.7% since 2020.
While there have been some rental housing gap increases or decreases among
the various levels of affordability, there have been notable housing gap
increases for housing affordable to households earning between 61% and 80%
of AMHI (originally 399 units, increased to 1,030 units) and for households
earning between 81% and 120% of AMHI (originally 618 units, increased to
1,494 units). These are significant increases, despite the fact that each of these
two income segments experienced new units being developed and have more
than 1,000 units in the development pipeline for each of these two
affordability segments.
It is critical to understand that these estimates represent potential units of
demand by targeted income level. The actual number of rental units that can
be supported will ultimately be contingent upon a variety of factors including
the location of a project, proposed features (i.e., rents, amenities, bedroom
type, unit mix, square footage, etc.), product quality, design (i.e., townhouse,
single-family homes, or garden-style units), management, and marketing
efforts. As such, each targeted segment outlined in the previous table may be
able to support more or less than the number of units shown in the table. The
potential number of units of support should be considered a general guideline
to residential development planning.
Table 37
BOWEN NATIONAL RESEARCH VI-5
B. FOR-SALE HOUSING GAP ESTIMATES
This section of the report addresses the gap for for-sale housing alternatives
in New Hanover County and within the city of Wilmington. Like the rental
housing demand analysis, the for-sale housing analysis considers individual
household income segments and corresponding housing price ranges.
Naturally, there are cases where a household can afford a higher down
payment to purchase a more expensive home. There are also cases in which
a household purchases a less expensive home although they could afford a
higher purchase price. The actual support for new housing will ultimately be
based on a variety of factors such as price points, square footages, amenities,
design, quality of finishes, and location. Considering these variations, this
broad analysis provides the basis in which to estimate the potential demand
of new for-sale housing within the county and city.
There are a variety of market factors that impact the demand for new homes
within an area. In particular, area and neighborhood perceptions, quality of
school districts, socioeconomic characteristics, mobility patterns, demolition
and revitalization efforts, and availability of existing homes all play a role in
generating new home sales. Support can be both internal (households moving
within the market) and external (households new to the market).
Overall, we have considered the following specific sources of demand for
new for-sale housing in New Hanover County and Wilmington.
• Household Growth
• Units Required for a Balanced Market
• Replacement Housing for Functionally Obsolete/Substandard Housing
• External Market Support of Commuters from Outside the County
• Step-Down Support
A full description of these demand components and the assumptions used in
this analysis are included in the original (2020) Housing Needs Assessment.
BOWEN NATIONAL RESEARCH VI-6
For-sale housing gap estimates are provided for the overall county in Table
38 below.
New Hanover County, North Carolina
For-Sale Housing Gap Estimates by Affordability Level
2022 to 2032
Percent of AMHI 30% 31%-50% 51%-60% 61%-80% 81%-120% 121%+
Household Income < $25,560
$25,561-
$42,600
$42,601-
$51,120
$51,121-
$68,160
$68,161-
$102,240 $102,241+
Price Range <$85,200
$85,201-
$142,000
$142,001-
$170,400
$170,401-
$227,200
$227,201-
$340,800 $340,801+
Household Growth -3,278 -3,028 -1,918 -1,252 -818 15,770
Balanced Market 326 344 214 320 386 290
Replacement Units 174 94 30 36 42 54
External Support 2,190 2,378 1,114 836 2,118 702
Step-Down Support 1,882 1,882 2,344 2,276 2,018 -10,408
Pipeline Units 0 0 0 0 0 -243
Current (2022)
Housing Gap (Units) 1,294 1,670 1,784 2,216 3,746 6,165
Original (2020)
Housing Gap (Units) 1,228 862 1,165 1,471 3,659 4,632
The overall for-sale housing gap in the county is for 16,875 units over the 10-
year projection period of 2022 to 2032. This is a significant increase of 3,858
units (29.6%) from the 13,017 for-sale housing gap estimate from just two
years earlier. While all price segments and affordability levels have housing
gaps of more than 1,200 units, the largest housing gaps are for households
earning 121% or more of AMHI (6,165 units), households earning between
81% and 120% AMHI (3,746 units), and households earning between 61%
and 80% of AMHI (2,216 units). The highest of these affordability levels has
also seen the greatest increase in housing gap estimates since the 2020 study,
increasing by more than 1,500 units in the past two years. With housing gaps
increasing among virtually all of the affordability levels, housing needs are a
growing problem for virtually all household income levels in the county.
Table 38
BOWEN NATIONAL RESEARCH VI-7
The for-sale housing gap estimates for the city of Wilmington are illustrated
in the following table (see Table 39).
City of Wilmington, North Carolina
For-Sale Housing Gap Estimates by Affordability Level
2022 to 2032
Percent of AMHI 30% 31%-50% 51%-60% 61%-80% 81%-120% 121%+
Household Income < $25,560
$25,561-
$42,600
$42,601-
$51,120
$51,121-
$68,160
$68,161-
$102,240 $102,241+
Price Range <$85,200
$85,201-
$142,000
$142,001-
$170,400
$170,401-
$227,200
$227,201-
$340,800 $340,801+
Household Growth -1,356 -1,076 -666 -974 -892 7,108
Balanced Market 138 140 88 114 118 268
Replacement Units 92 50 16 14 16 24
External Support 1,866 1,986 934 504 626 422
Step-Down Support 550 -364 1,126 1,578 2,022 -4,912
Pipeline Units 0 0 0 0 0 0
Current (2022)
Housing Gap (Units) 1,290 736 1,498 1,236 1,890 2,910
Original (2020)
Housing Gap (Units) 654 516 605 641 1,732 1,840
The city of Wilmington has an overall for-sale housing gap of 9,560 units,
representing a significant increase over the 5,988 housing gap estimate from
2020. The increase of 3,572 housing units needed over the projection period
represents an increase of 59.7% since the original (2020) study. The housing
gaps among each affordability level has increased, indicating a growing
demand for housing regardless of price. The largest housing gaps continue to
be for product serving the highest income segments, with a gap of 1,890 units
for households earning between 81% and 120% of AMHI and 2,910 units for
households earning 121% or higher of AMHI.
Overall, there is potential support for a variety of residential development
alternatives in both the city of Wilmington and for all of New Hanover
County. It is important to understand that the housing demand estimates
shown in this report assume no major changes occur in the local economy and
that the demographic trends and projections provided in this report
materialize. While recent notable increases in home mortgage rates may slow
home buying and building, we anticipate that such rates will normalize at
some point in the near future and that the strong level of demand for for-sale
housing will continue to exist.
Table 39
ADDENDUM A:
PHONE SURVEY OF
CONVENTIONAL RENTALS
BOWEN NATIONAL RESEARCH Addendum A-1
Map ID — New Hanover County, North Carolina Survey Date: October 2022
Map
ID
Prop
Type VacantRating
Quality
Built
YearProperty Total
Units
Occ.
Rate
1 17 Social Apts.MRR 2021 270 9 96.7%
2 34 North Apts.MRR 1977 187 2 98.9%
3 Abbotts Run MRR 2001 264 0 100.0%
4 AHEPA 408 Apts.GSS 1998 50 0 100.0%
5 Alexandra Apts.TMG 1980 204 0 100.0%
6 Amberleigh Shores MRR 2014 282 19 93.3%
7 Amberleigh South MRR 2021 280 23 91.8%
8 Annexe at the Reserve MRR 2016 144 4 97.2%
9 Ansley Park Apts. I & II MRR 2021 133 79 40.6%
10 Antiqua Apts.MRR 2000 200 21 89.5%
11 Arboretum West Apts.MIN 2020 360 5 98.6%
12 Avalon MRR 2007 457 21 95.4%
13 Barclay Place Apts. I MRR 1997 164 0 100.0%
14 Birchwood Park MRR 2001 172 5 97.1%
15 Braxton Place Apts.MRR 1999 210 10 95.2%
16 Canebreak Apts.TAX 2005 32 0 100.0%
17 Canterbury Woods Apts.MRR 1974 198 0 100.0%
18 Cape Fear Hotel Apts.GSS 1924 53 0 100.0%
19 Cape Harbor MRR 1996 360 0 100.0%
20 Chateau Terrace Apts.MRR 1963 128 0 100.0%
21 City Block MRR 2014 112 1 99.1%
22 Clear Run MRR 1990 288 19 93.4%
23 Colonial Parke Apts.MRR 1970 236 0 100.0%
24 Cottages at College Acres MRR 2021 122 6 95.1%
25 Creek at Forest Hills Apts.MRR 1973 198 0 100.0%
26 Cypress Cove TAX 2018 200 0 100.0%
27 Cypress Pond at Porters Neck Apts.MRR 2004 264 13 95.1%
28 Deer Brook Apts.MRR 1999 152 1 99.3%
29 Element Barclay MRR 2017 405 7 98.3%
30 Ellington Farms MRR 2015 96 0 100.0%
31 Flats on Front MRR 2020 273 6 97.8%
32 Forest Hills MRR 1967 260 0 100.0%
33 Glenmeade Village MRR 1969 104 0 100.0%
34 Hadden Hall GSS 1992 79 0 100.0%
35 Harbor Station Townhomes MRR 1979 384 35 90.9%
36 Harbour Ridge MRR 1984 84 5 94.0%
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Map ID — New Hanover County, North Carolina Survey Date: October 2022
Map
ID
Prop
Type VacantRating
Quality
Built
YearProperty Total
Units
Occ.
Rate
37 Hawthorne at Murrayville MRR 2008 204 0 100.0%
38 Hawthorne at Oleander MRR 2021 223 0 100.0%
39 Hawthorne at Smith Creek MRR 2020 318 8 97.5%
40 Hawthorne at the Pointe I MRR 2020 176 7 96.0%
41 Hawthorne at the Station MRR 2014 192 2 99.0%
42 Headwaters at Autumn Hall MRR 2012 286 3 99.0%
43 Hillcrest Apts.GSS 1941 256 0 100.0%
44 Hudson Renaissance MRR 2022 198 28 85.9%
45 Indy West MRR 2019 254 6 97.6%
46 James A Walker TGS 1923 37 0 100.0%
47 Jervay Communities TGS 2003 82 0 100.0%
48 Kent Street TAX 1992 12 0 100.0%
49 Lake Ridge Commons TAX 2012 75 0 100.0%
50 Landing at Lewis Creek MRR 2022 117 45 61.5%
51 Lockwood Village TAX 2015 53 0 100.0%
52 Mayfaire Flats MRR 2017 240 15 93.8%
53 Meridian Village MRR 1994 103 2 98.1%
54 Mill Creek I & II MRR 1998 364 30 91.8%
55 Myrtle Landing Townhomes MRR 2017 144 0 100.0%
56 New Hanover Village MRR 1971 100 0 100.0%
57 New Providence Park MRR 2008 336 19 94.3%
58 Oasis at Riverlights MRR 2021 250 7 97.2%
59 One Midtown MRR 2015 223 3 98.7%
60 Overlook at RiverPlace MRR 2020 79 4 94.9%
61 Park at Three Oaks MRR 2006 201 7 96.5%
62 Pier 33 MRR 2020 282 9 96.8%
63 Pines of Wilmington MRR 1970 233 0 100.0%
64 Pleasant Grove Village & Townhomes MRR 2000 117 0 100.0%
65 Pointe at Taylor Estates TAX 2008 48 0 100.0%
66 Preserve at Pine Valley MRR 1976 219 9 95.9%
67 Quad MRR 1998 136 4 97.1%
68 Reserve at Beaumont Oaks MRR 2022 0 0
69 Reserve at Forest Hills MRR 1994 516 4 99.2%
70 Reserve at Mayfaire MRR 2005 264 14 94.7%
71 Riverwood Apts.MRR 2022 120 41 65.8%
72 Robert R. Taylor Senior Homes TAX 2008 96 0 100.0%
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Map ID — New Hanover County, North Carolina Survey Date: October 2022
Map
ID
Prop
Type VacantRating
Quality
Built
YearProperty Total
Units
Occ.
Rate
73 Sand Ridge I, II, III MRR 1987 172 4 97.7%
74 Sawmill Point MRR 2017 280 8 97.1%
75 SECU Lakeside Reserve GSS 2019 40 0 100.0%
76 Shipyard at Wilmington MRR 2018 96 2 97.9%
77 Solomon Towers GSS 1972 151 0 100.0%
78 South Front I & II MRR 1939 250 30 88.0%
79 Spring Branch TAX 1973 100 0 100.0%
80 St. Andrews Reserve MRR 1999 390 22 94.4%
81 Still Meadow Village MRR 1999 280 7 97.5%
82 Tesla Park MRR 2003 288 26 91.0%
83 Tidewater Townhomes TGS 1971 104 0 100.0%
84 Townhomes at Beau Rivage MRR 2018 120 15 87.5%
85 Village at Greenfield TAX 1940 429 0 100.0%
86 Village Green MRR 1984 138 2 98.6%
87 Vineyard Pointe TAX 2005 58 0 100.0%
88 White Oak TAX 2005 60 0 100.0%
89 Willow Pond TAX 1994 40 0 100.0%
90 Woodbridge Pointe TAX 2019 80 0 100.0%
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Properties Surveyed — New Hanover County, North Carolina Survey Date: October 2022
1 514 S 17th St, Wilmington, NC 28401 Phone: (833) 701-0026
Contact: Kyle
Total Units:270 UC:0 Occupancy:96.7%Stories:4 Year Built:2021w/Elevator
17 Social Apts.
BR:
Target Population:
Rent Special:
Notes: Preleasing 4/2021, opened 6/2021, 90% occupancy 6/2022; Rents change daily
0, 1, 2 9Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
2 603 Plum Nearly Ln, Wilmington, NC 28403 Phone: (910) 799-8580
Contact: Shaneida
Total Units:187 UC:5 Occupancy:98.9%Stories:3 Year Built:1977
34 North Apts.
BR:
Target Population:
Rent Special:
Notes: 5 units under renovation
0, 1, 2 2Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
3 511 Cobblestone Dr, Wilmington, NC 28405 Phone: (844) 493-1875
Contact: Austin
Total Units:264 UC:0 Occupancy:100.0%Stories:3 Year Built:2001
Abbotts Run
BR:
Target Population:
Rent Special:
Notes: Rent range due to upgrades & floorplan
1, 2, 3 0Vacant Units:Waitlist:1 mos AR Year:
Family Yr Renovated:2015
None
4 109 N Kerr Ave, Wilmington, NC 28405 Phone: (910) 793-6555
Contact: Krystal
Total Units:50 UC:0 Occupancy:100.0%Stories:3 Year Built:1998w/Elevator
AHEPA 408 Apts.
BR:
Target Population:
Rent Special:
Notes: HUD Section 202 PRAC
1 0Vacant Units:Waitlist:52 HH AR Year:
Senior 62+Yr Renovated:
None
5 111 Darlington Ave, Wilmington, NC 28403 Phone: (910) 762-1272
Contact: Ellie
Total Units:204 UC:0 Occupancy:100.0%Stories:1 Year Built:1980
Alexandra Apts.
BR:
Target Population:
Rent Special:
Notes: Market-rate (1 unit); Tax Credit & HUD Section 8 (203 units)
2, 3 0Vacant Units:Waitlist:60 HH AR Year:
Family Yr Renovated:2020
None
6Bowen National Research A-
Properties Surveyed — New Hanover County, North Carolina Survey Date: October 2022
6 115 Amberleigh Drive, Wilmington, NC 28411 Phone: (910) 821-8252
Contact: Matao
Total Units:282 UC:0 Occupancy:93.3%Stories:2,3 Year Built:2014
Amberleigh Shores
BR:
Target Population:
Rent Special:
Notes: Rents change daily
1, 2, 3 19Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
7 115 Amberleigh Dr, Wilmington, NC 28411 Phone: (910) 821-8252
Contact: Matao
Picture
Not
Available
Total Units:280 UC:0 Occupancy:91.8%Stories:2,3,4 Year Built:2021
Amberleigh South
BR:
Target Population:
Rent Special:
Notes: Rents change daily; Preleasing 05/2020; 1st units in 2021, still in lease-up
1, 2, 3 23Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
8 315 Covil Ave, Wilmington, NC 28403 Phone: (910) 335-2839
Contact: Steven
Total Units:144 UC:0 Occupancy:97.2%Stories:3 Year Built:2016
Annexe at the Reserve
BR:
Target Population:
Rent Special:
Notes: Rents change daily
0, 1, 2, 3 4Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
9 3612 Beverly Cover Way, Wilmington, NC 28412 Phone: (910) 795-2925
Contact: Sharice
Total Units:133 UC:163 Occupancy:40.6%Stories:3 Year Built:2021
Ansley Park Apts. I & II
BR:
Target Population:
Rent Special:
Notes: Preleasing 03/2021, still in lease-up; 163 additional units UC, ECD Summer 2023; Rent range due to floor level
1, 2, 3 79Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
10 3810 Portofino Ct, Wilmington, NC 28412 Phone: (833) 321-0871
Contact: Melanie
Total Units:200 UC:0 Occupancy:89.5%Stories:2 Year Built:2000
Antiqua Apts.
BR:
Target Population:
Rent Special:
Notes: Rents change daily
0, 2 21Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
7Bowen National Research A-
Properties Surveyed — New Hanover County, North Carolina Survey Date: October 2022
11 347 Arboretum Dr, Wilmington, NC 28405 Phone: (833) 395-0599
Contact: Ruben
Total Units:360 UC:0 Occupancy:98.6%Stories:3 Year Built:2020
Arboretum West Apts.
BR:
Target Population:
Rent Special:
Notes: Market-rate (324 units); Income-restricted, not LIHTC (36 units); Preleasing 4/2020, opened 5/2020
1, 2 5Vacant Units:Waitlist:INR units; 6 HH AR Year:
Family Yr Renovated:
One month rent free
12 327 Guinevere Ln, Wilmington, NC 28405 Phone: (910) 254-4645
Contact: Emily
Total Units:457 UC:0 Occupancy:95.4%Stories:3 Year Built:2007
Avalon
BR:
Target Population:
Rent Special:
Notes:
1, 2, 3 21Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
13 2545 Croquet Dr, Wilmington, NC 28412 Phone: (910) 793-1993
Contact: Michelle
Total Units:164 UC:0 Occupancy:100.0%Stories:2 Year Built:1997
Barclay Place Apts. I
BR:
Target Population:
Rent Special:
Notes: Rent range due to location +$25 for pond view & 1st floor units
1, 2, 3 0Vacant Units:Waitlist:32 HH AR Year:
Family Yr Renovated:2013
None
14 4395 Birchwood Dr, Wilmington, NC 28403 Phone: (910) 392-9811
Contact: Allison
Total Units:172 UC:0 Occupancy:97.1%Stories:3 Year Built:2001
Birchwood Park
BR:
Target Population:
Rent Special:
Notes: Rent range due to floor level
1 5Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
15 4191 Hearthside Dr, Wilmington, NC 28412 Phone: (910) 793-3010
Contact: April
Total Units:210 UC:0 Occupancy:95.2%Stories:3 Year Built:1999
Braxton Place Apts.
BR:
Target Population:
Rent Special:
Notes:
1, 2 10Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
8Bowen National Research A-
Properties Surveyed — New Hanover County, North Carolina Survey Date: October 2022
16 4901 Amy Dr, Wilmington, NC 28403 Phone: (910) 392-8101
Contact: Rita
Total Units:32 UC:0 Occupancy:100.0%Stories:1 Year Built:2005
Canebreak Apts.
BR:
Target Population:
Rent Special:
Notes: Tax Credit
1, 2 0Vacant Units:Waitlist:24 mos AR Year:
Senior 55+Yr Renovated:
None
17 1302 Canterwood Dr, Wilmington, NC 28401 Phone: (910) 791-3782
Contact: Calila
Total Units:198 UC:0 Occupancy:100.0%Stories:2 Year Built:1974
Canterbury Woods Apts.
BR:
Target Population:
Rent Special:
Notes:
1, 2, 3 0Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
18 121 Chestnut St, Wilmington, NC 28401 Phone: (910) 762-0487
Contact: Rhonda
Total Units:53 UC:36 Occupancy:100.0%Stories:9 Year Built:1924w/Elevator
Cape Fear Hotel Apts.
BR:
Target Population:
Rent Special:
Notes: PBV/PBRA
0, 1 0Vacant Units:Waitlist:None 1980AR Year:
Senior 62+Yr Renovated:2020
None
19 7113 Cape Harbor Dr, Wilmington, NC 28411 Phone: (910) 597-2152
Contact: Byron
Total Units:360 UC:0 Occupancy:100.0%Stories:3 Year Built:1996
Cape Harbor
BR:
Target Population:
Rent Special:
Notes: Rent range attributed to upgrades & floor level; Rents change daily
1, 2, 3 0Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:2010
None
20 1201 Columbus Cir, Wilmington, NC 28403 Phone: (910) 762-1055
Contact: Susan
Total Units:128 UC:0 Occupancy:100.0%Stories:2 Year Built:1963
Chateau Terrace Apts.
BR:
Target Population:
Rent Special:
Notes: Rent range based on floorplan & unit updates
0, 1, 2, 3 0Vacant Units:Waitlist:2 HH AR Year:
Family Yr Renovated:
None
9Bowen National Research A-
Properties Surveyed — New Hanover County, North Carolina Survey Date: October 2022
21 814 N 3rd St, Wilmington, NC 28401 Phone: (910) 463-9747
Contact: Dale
Total Units:112 UC:0 Occupancy:99.1%Stories:5 Year Built:2014w/Elevator
City Block
BR:
Target Population:
Rent Special:
Notes: Rent range due to floorplan
1, 2 1Vacant Units:Waitlist:1-br; 2 HH AR Year:
Family Yr Renovated:
None
22 5300 New Centre Dr, Wilmington, NC 28403 Phone: (910) 597-2153
Contact: Amanda
Total Units:288 UC:0 Occupancy:93.4%Stories:2,3 Year Built:1990
Clear Run
BR:
Target Population:
Rent Special:
Notes: Rents change daily
1, 2, 3 19Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:2010
None
23 5034 Hunt Club Rd, Wilmington, NC 28403 Phone: (910) 791-8632
Contact: Arial
Total Units:236 UC:0 Occupancy:100.0%Stories:2 Year Built:1970
Colonial Parke Apts.
BR:
Target Population:
Rent Special:
Notes:
1, 2 0Vacant Units:Waitlist:Yes AR Year:
Family Yr Renovated:
None
24 4716 College Acres Dr, Wilmington, NC 28403 Phone: (910) 398-3213
Contact: Robert
Total Units:122 UC:0 Occupancy:95.1%Stories:2,3 Year Built:2021
Cottages at College Acres
BR:
Target Population:
Rent Special:
Notes:
3, 4 6Vacant Units:Waitlist:None AR Year:
Student Yr Renovated:
None
25 2247 Wrightsville Ave, Wilmington, NC 28403 Phone: (910) 375-5347
Contact: Brad
Total Units:198 UC:0 Occupancy:100.0%Stories:2,3 Year Built:1973
Creek at Forest Hills Apts.
BR:
Target Population:
Rent Special:
Notes: Does not accept HVC; Rent range based on unit upgrades & floor levels; Rents change daily
0, 1, 2, 3 0Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
10Bowen National Research A-
Properties Surveyed — New Hanover County, North Carolina Survey Date: October 2022
26 331 S Turners Run, Wilmington, NC 28405 Phone: (910) 833-5043
Contact: Jeff
Total Units:200 UC:0 Occupancy:100.0%Stories:2,3 Year Built:2018
Cypress Cove
BR:
Target Population:
Rent Special:
Notes: Tax Credit; Preleasing 11/2018, opened 12/2018
1, 2, 3 0Vacant Units:Waitlist:12 HH AR Year:
Family Yr Renovated:
None
27 211 Cypress Pond Way, Wilmington, NC 28411 Phone: (833) 543-2071
Contact: Felicia
Picture
Not
Available
Total Units:264 UC:0 Occupancy:95.1%Stories:3 Year Built:2004
Cypress Pond at Porters Neck Apts.
BR:
Target Population:
Rent Special:
Notes: Rents change daily
1, 2, 3 13Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
50% off 1st months rent on select units if move-in by 11/15
28 703 Grathwol Dr, Wilmington, NC 28403 Phone: (910) 791-4912
Contact: Nick
Total Units:152 UC:0 Occupancy:99.3%Stories:2,3 Year Built:1999
Deer Brook Apts.
BR:
Target Population:
Rent Special:
Notes: Rent range due to renovated units
1, 2, 3 1Vacant Units:Waitlist:2 HH AR Year:
Family Yr Renovated:
None
29 1605 Barclay Pointe Blvd, Wilmington, NC 28412 Phone: (910) 936-1170
Contact: Michelle
Total Units:405 UC:0 Occupancy:98.3%Stories:3 Year Built:2017w/Elevator
Element Barclay
BR:
Target Population:
Rent Special:
Notes:
1, 2, 3 7Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
30 505 Vorils Ln, Wilmington, NC 28411 Phone:
Contact: Mike
Picture
Not
Available
Total Units:96 UC:0 Occupancy:100.0%Stories:3 Year Built:2015
Ellington Farms
BR:
Target Population:
Rent Special:
Notes:
1, 2, 3 0Vacant Units:Waitlist:3 HH AR Year:
Family Yr Renovated:
None
11Bowen National Research A-
Properties Surveyed — New Hanover County, North Carolina Survey Date: October 2022
31 1045 N Front St, Wilmington, NC 28401 Phone: (910) 685-8701
Contact: Joe
Total Units:273 UC:0 Occupancy:97.8%Stories:5 Year Built:2020w/Elevator
Flats on Front
BR:
Target Population:
Rent Special:
Notes: Preleasing 4/2020, opened 1st units 6/2020, leased-up at 95% occupancy in 6/2022
1, 2, 3 6Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
32 505 Alpine Dr, Wilmington, NC 28403 Phone: (910) 375-5380
Contact: Ali
Total Units:260 UC:0 Occupancy:100.0%Stories:2 Year Built:1967
Forest Hills
BR:
Target Population:
Rent Special:
Notes: Rents change daily
1, 2, 3 0Vacant Units:Waitlist:3 HH AR Year:
Family Yr Renovated:2005
None
33 1518 Village Dr, Wilmington, NC 28401 Phone: (910) 762-8108
Contact: Roselyn
Total Units:104 UC:0 Occupancy:100.0%Stories:2 Year Built:1969
Glenmeade Village
BR:
Target Population:
Rent Special:
Notes: Rent range based on unit location
1, 2, 3 0Vacant Units:Waitlist:Yes AR Year:
Senior 55+Yr Renovated:
None
34 3610 Caswell St, Wilmington, NC 38403 Phone: (910) 792-1210
Contact: Sharon
Total Units:79 UC:0 Occupancy:100.0%Stories:3 Year Built:1992w/Elevator
Hadden Hall
BR:
Target Population:
Rent Special:
Notes: HUD Sections 8 & 202
1 0Vacant Units:Waitlist:32 HH AR Year:
Senior 62+Yr Renovated:
None
35 4901 Randall Pkwy, Wilmington, NC 28403 Phone: (910) 756-3533
Contact: Shannon
Total Units:384 UC:0 Occupancy:90.9%Stories:1,2 Year Built:1979
Harbor Station Townhomes
BR:
Target Population:
Rent Special:
Notes:
1, 2 35Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:2019
$50 off every month of lease OR $ 1500 credit off in 3 months
12Bowen National Research A-
Properties Surveyed — New Hanover County, North Carolina Survey Date: October 2022
36 1436 Harbour Dr, Wilmington, NC 28401 Phone: (910) 791-6665
Contact: Brittany
Total Units:84 UC:0 Occupancy:94.0%Stories:2 Year Built:1984
Harbour Ridge
BR:
Target Population:
Rent Special:
Notes:
1, 2, 3 5Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:2010
$300 off 1st month's rent
37 5418 Sirius Dr, Wilmington, NC 28405 Phone: (910) 796-3222
Contact: Tabitha
Total Units:204 UC:0 Occupancy:100.0%Stories:3 Year Built:2008w/Elevator
Hawthorne at Murrayville
BR:
Target Population:
Rent Special:
Notes: Rent range based on floor level, balconies, and upgrades
1, 2, 3 0Vacant Units:Waitlist:14 HH AR Year:
Family Yr Renovated:
None
38 5335 Oleander Dr, Wilmington, NC 28403 Phone: (336) 275-9511
Contact: Kristian
Total Units:223 UC:0 Occupancy:100.0%Stories:4 Year Built:2021w/Elevator
Hawthorne at Oleander
BR:
Target Population:
Rent Special:
Notes: Preleasing 3/2020, opened 9/2021, 100% occupancy 12/2021; Rents change daily
1, 2, 3 0Vacant Units:Waitlist:9 HH AR Year:
Family Yr Renovated:
None
39 4645 Gordon Rd, Wilmington, NC 28411 Phone: (844) 301-0915
Contact: Isabella
Total Units:318 UC:0 Occupancy:97.5%Stories:3 Year Built:2020w/Elevator
Hawthorne at Smith Creek
BR:
Target Population:
Rent Special:
Notes: Preleasing 11/2019, opened 1st units 2/2020, still in lease-up
1, 2, 3 8Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
2-br: One month's rent free
40 3215 Midvale Dr, Wilmington, NC 28412 Phone: (910) 406-6607
Contact: McKenzie
Total Units:176 UC:0 Occupancy:96.0%Stories:2 Year Built:2020
Hawthorne at the Pointe I
BR:
Target Population:
Rent Special:
Notes: Preleasing & opened 4/2020
1, 2, 3 7Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
13Bowen National Research A-
Properties Surveyed — New Hanover County, North Carolina Survey Date: October 2022
41 531 Old Maccumber Station Rd, Wilmington, NC 28405 Phone: (844) 825-4026
Contact: Olivia
Total Units:192 UC:0 Occupancy:99.0%Stories:3 Year Built:2014w/Elevator
Hawthorne at the Station
BR:
Target Population:
Rent Special:
Notes:
1, 2 2Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
One month's rent is free
42 612 Council St, Wilmington, NC 28403 Phone: (910) 392-1222
Contact: Ryan
Total Units:286 UC:0 Occupancy:99.0%Stories:3 Year Built:2012
Headwaters at Autumn Hall
BR:
Target Population:
Rent Special:
Notes: Rent range due to floorplan, floor level, and upgrades
1, 2, 3 3Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
43 1402 Meares St, Wilmington, NC 28401 Phone: (910) 341-7715
Contact: Valerie
Total Units:256 UC:0 Occupancy:100.0%Stories:1 Year Built:1941
Hillcrest Apts.
BR:
Target Population:
Rent Special:
Notes: Public Housing
0, 1, 2, 3 0Vacant Units:Waitlist:36 mos AR Year:
Family Yr Renovated:
None
44 1027 Ashes Dr, Wilmington, NC 28405 Phone: (910) 216-0173
Contact: Sidney
Picture
Not
Available
Total Units:198 UC:0 Occupancy:85.9%Stories:4 Year Built:2022w/Elevator
Hudson Renaissance
BR:
Target Population:
Rent Special:
Notes: Preleasing 1/2022, opened 5/2022, still in lease-up
0, 1, 2 28Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
1-br $500 off; 2-br one-month rent free
45 3938 Independence Blvd, Wilmington, NC 28412 Phone: (910) 665-7209
Contact: Leigh
Total Units:254 UC:0 Occupancy:97.6%Stories:3,4 Year Built:2019w/Elevator
Indy West
BR:
Target Population:
Rent Special:
Notes: Preleasing & opened 8/2019; Rents change daily; Rent range based on floorplan, floor level & view
1, 2, 3 6Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
Move-in within 30 days get 50% off rent
14Bowen National Research A-
Properties Surveyed — New Hanover County, North Carolina Survey Date: October 2022
46 1020 Rankin St, Wilmington, NC 28401 Phone: (910) 763-0406
Contact: Amber
Total Units:37 UC:0 Occupancy:100.0%Stories:4 Year Built:1923w/Elevator
James A Walker
BR:
Target Population:
Rent Special:
Notes: Tax Credit & HUD Section 8 (29 units); Tax Credit & Key (8 units)
1, 2 0Vacant Units:Waitlist:8 HH AR Year:
Senior 55+Yr Renovated:2010
None
47 903 Dawson St, Wilmington, NC 28401 Phone: (910) 763-0051
Contact: Ella
Total Units:82 UC:0 Occupancy:100.0%Stories:1,2,3 Year Built:2003w/Elevator
Jervay Communities
BR:
Target Population:
Rent Special:
Notes: Tax Credit; PBV/PBRA
1, 2, 3 0Vacant Units:Waitlist:36-60 mos AR Year:
Family, Senior 62+Yr Renovated:
None
48 2026-2028 Kent St, Wilmington, NC 28403 Phone: (910) 762-5004
Contact: Sherry
Total Units:12 UC:0 Occupancy:100.0%Stories:2 Year Built:1992
Kent Street
BR:
Target Population:
Rent Special:
Notes: Tax Credit
2 0Vacant Units:Waitlist:100 HH AR Year:
Family Yr Renovated:2016
None
49 4160 Lake Ave, Wilmington, NC 28403 Phone: (910) 794-3033
Contact: Sarah
Total Units:75 UC:0 Occupancy:100.0%Stories:3 Year Built:2012w/Elevator
Lake Ridge Commons
BR:
Target Population:
Rent Special:
Notes: Tax Credit
1, 2 0Vacant Units:Waitlist:50 HH AR Year:
Senior 55+Yr Renovated:
None
50 1630 Lewis Landing Ave, Wilmington, NC 28405 Phone:
Contact: Carter
Picture
Not
Available
Total Units:117 UC:75 Occupancy:61.5%Stories:3 Year Built:2022
Landing at Lewis Creek
BR:
Target Population:
Rent Special:
Notes: 75 additional units UC, ECD late 2022; Preleasing 5/2022, opened 7/2022, still in lease-up
1, 2, 3 45Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
15Bowen National Research A-
Properties Surveyed — New Hanover County, North Carolina Survey Date: October 2022
51 4900 S College Rd, Wilmington, NC 28412 Phone: (910) 793-3550
Contact: Kayla
Total Units:53 UC:0 Occupancy:100.0%Stories:3 Year Built:2015
Lockwood Village
BR:
Target Population:
Rent Special:
Notes: Tax Credit
1, 2 0Vacant Units:Waitlist:53 HH AR Year:
Family Yr Renovated:
None
52 1813 Sir Tyler Dr, Wilmington, NC 28405 Phone: (833) 763-1524
Contact: Taylor
Total Units:240 UC:0 Occupancy:93.8%Stories:4 Year Built:2017w/Elevator
Mayfaire Flats
BR:
Target Population:
Rent Special:
Notes: Rent range based on unit amenities & floor level
0, 1, 2 15Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
53 2620 Northchase Pkwy SE, Wilmington, NC 28405 Phone: (910) 601-2582
Contact: Lacy
Total Units:103 UC:0 Occupancy:98.1%Stories:2 Year Built:1994
Meridian Village
BR:
Target Population:
Rent Special:
Notes:
2, 3 2Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
54 414 Mill Creek Ct, Wilmington, NC 28403 Phone: (910) 597-2156
Contact: Haley
Total Units:364 UC:0 Occupancy:91.8%Stories:2,3 Year Built:1998
Mill Creek I & II
BR:
Target Population:
Rent Special:
Notes: Rents change daily; Rent range based on entrance & unit upgrades
1, 2, 3 30Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
55 7220 Myrtle Grove Rd, Wilmington, NC 28409 Phone: (910) 390-6271
Contact: McKenzie
Total Units:144 UC:0 Occupancy:100.0%Stories:2 Year Built:2017
Myrtle Landing Townhomes
BR:
Target Population:
Rent Special:
Notes:
2, 3 0Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
16Bowen National Research A-
Properties Surveyed — New Hanover County, North Carolina Survey Date: October 2022
56 2402 Flint Dr, Wilmington, NC 28401 Phone: (910) 799-2779
Contact: Kim
Total Units:100 UC:0 Occupancy:100.0%Stories:2 Year Built:1971
New Hanover Village
BR:
Target Population:
Rent Special:
Notes:
2, 3 0Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
57 4413 Cohan Cir, Wilmington, NC 28405 Phone: (910) 799-6996
Contact: Rachel
Total Units:336 UC:0 Occupancy:94.3%Stories:3 Year Built:2008
New Providence Park
BR:
Target Population:
Rent Special:
Notes:
1, 2, 3 19Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
58 4027 Watercraft Ferry Ave, Wilmington, NC 28412 Phone: (910) 777-5447
Contact: Abby
Total Units:250 UC:0 Occupancy:97.2%Stories:3,4 Year Built:2021w/Elevator
Oasis at Riverlights
BR:
Target Population:
Rent Special:
Notes: Preleasing 2/2022, opened 5/2022, still in lease-up
1, 2, 3 7Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
59 2945 Midtown Way, Wilmington, NC 28403 Phone: (910) 766-8528
Contact: Mike
Total Units:223 UC:0 Occupancy:98.7%Stories:3,4 Year Built:2015w/Elevator
One Midtown
BR:
Target Population:
Rent Special:
Notes: Rents change daily
1, 2, 3 3Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
60 14 Grace St, Wilmington, NC 28401 Phone: (910) 442-8116
Contact: Layla
Total Units:79 UC:0 Occupancy:94.9%Stories:13 Year Built:2020w/Elevator
Overlook at RiverPlace
BR:
Target Population:
Rent Special:
Notes: Preleasing 7/2020, opened 1st units 9/2020
0, 1, 2 4Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
17Bowen National Research A-
Properties Surveyed — New Hanover County, North Carolina Survey Date: October 2022
61 124 Amaryllis Dr, Wilmington, NC 28411 Phone: (910) 686-7368
Contact: Maryann
Total Units:201 UC:0 Occupancy:96.5%Stories:3 Year Built:2006
Park at Three Oaks
BR:
Target Population:
Rent Special:
Notes:
1, 2 7Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
62 901 Nutt St, Wilmington, NC 28401 Phone: (910) 505-9094
Contact: Jenna
Total Units:282 UC:0 Occupancy:96.8%Stories:6 Year Built:2020w/Elevator
Pier 33
BR:
Target Population:
Rent Special:
Notes: Preleasing 7/2020, opened 12/2020
0, 1, 2, 3 9Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
63 1002 Mayflower Dr, Wilmington, NC 28401 Phone: (910) 795-2408
Contact: Kelly
Total Units:233 UC:0 Occupancy:100.0%Stories:2 Year Built:1970
Pines of Wilmington
BR:
Target Population:
Rent Special:
Notes: Higher rents renovated units
1, 2, 3 0Vacant Units:Waitlist:3 HH AR Year:
Family Yr Renovated:2015
None
64 4505 Prior Dr, Wilmington, NC 28412 Phone: (910) 789-0340
Contact: Susan
Total Units:117 UC:0 Occupancy:100.0%Stories:2 Year Built:2000
Pleasant Grove Village & Townhomes
BR:
Target Population:
Rent Special:
Notes: Phase II 2008, phase III 2009
1, 2, 3 0Vacant Units:Waitlist:10 HH AR Year:
Family Yr Renovated:
None
65 516 Taylor St, Wilmington, NC 28401 Phone: (910) 762-4110
Contact: Rhonda
Total Units:48 UC:0 Occupancy:100.0%Stories:3 Year Built:2008
Pointe at Taylor Estates
BR:
Target Population:
Rent Special:
Notes: Tax Credit; Key Program (4 units, designated disabled)
2, 3 0Vacant Units:Waitlist:25 HH AR Year:
Family, Disabled Yr Renovated:
None
18Bowen National Research A-
Properties Surveyed — New Hanover County, North Carolina Survey Date: October 2022
66 3314 Wickslow Rd, Wilmington, NC 28412 Phone: (910) 519-1741
Contact: James
Total Units:219 UC:0 Occupancy:95.9%Stories:2 Year Built:1976
Preserve at Pine Valley
BR:
Target Population:
Rent Special:
Notes: Rents change daily
1, 2, 3 9Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
67 734 N MacMillian Ave, Wilmington, NC 28403 Phone: (910) 790-9484
Contact: Katheryn
Total Units:136 UC:0 Occupancy:97.1%Stories:3 Year Built:1998
Quad
BR:
Target Population:
Rent Special:
Notes: Rents change daily
1, 2, 3 4Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
68 115 Beaumont Oaks Dr, Wilmington, NC 28411 Phone:
Contact: Kathy
Picture
Not
Available
Total Units:0 UC:238 Occupancy:Stories:3 Year Built:2022
Reserve at Beaumont Oaks
BR:
Target Population:
Rent Special:
Notes: 238 units UC, ECD 2/2023, Preleasing 8/2022, still in lease-up
1, 2, 3, 4 0Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
69 361 Darlington Ave., Wilmington, NC 28403 Phone: (910) 335-2830
Contact: Steven
Total Units:516 UC:0 Occupancy:99.2%Stories:3 Year Built:1994
Reserve at Forest Hills
BR:
Target Population:
Rent Special:
Notes: Rents change daily
1, 2, 3 4Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
70 1411 Parkview Cir, Wilmington, NC 28405 Phone: (910) 256-4019
Contact: Erin
Total Units:264 UC:0 Occupancy:94.7%Stories:3 Year Built:2005
Reserve at Mayfaire
BR:
Target Population:
Rent Special:
Notes: Rents change daily; Rent range based on floorplan & unit upgrades
1, 2, 3 14Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
19Bowen National Research A-
Properties Surveyed — New Hanover County, North Carolina Survey Date: October 2022
71 3510 Corder Dr, Wilmington, NC 28412 Phone: (833) 871-3196
Contact: Jenna
Picture
Not
Available
Total Units:120 UC:86 Occupancy:65.8%Stories:3 Year Built:2022
Riverwood Apts.
BR:
Target Population:
Rent Special:
Notes: Preleasing 1/2022, opened 4/2022, still in lease-up; 86 additional units UC, ECD 11/2022
1, 2, 3 41Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
Sign a 10 month or 12 month ease get 1/2 month rent free
72 1308 N 5th St, Wilmington, NC 28401 Phone: (910) 762-1707
Contact: Kim
Total Units:96 UC:0 Occupancy:100.0%Stories:3 Year Built:2008w/Elevator
Robert R. Taylor Senior Homes
BR:
Target Population:
Rent Special:
Notes: Tax Credit
1, 2 0Vacant Units:Waitlist:70 HH AR Year:
Senior 55+Yr Renovated:
None
73 1192 Harbour Dr, Wilmington, NC 28401 Phone: (855) 705-4774
Contact: Ericka
Total Units:172 UC:0 Occupancy:97.7%Stories:2,3 Year Built:1987
Sand Ridge I, II, III
BR:
Target Population:
Rent Special:
Notes:
1, 2, 3 4Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:2000
None
74 1015 Nutt St, Wilmington, NC 28401 Phone: (833) 455-5003
Contact: Megan
Total Units:280 UC:0 Occupancy:97.1%Stories:4 Year Built:2017w/Elevator
Sawmill Point
BR:
Target Population:
Rent Special:
Notes: Rents change daily
1, 2 8Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
75 2126 W Lake Shore Dr, Wilmington, NC 28401 Phone: (910) 763-4424
Contact: Katrina
Total Units:40 UC:0 Occupancy:100.0%Stories:1 Year Built:2019
SECU Lakeside Reserve
BR:
Target Population:
Rent Special:
Notes: Permanent Support Housing; Preleasing 5/2019, opened 6/2019, 100% occupied 7/2019; Serves chronically homeless
& homeless veterans; HOME Funds (40 units)
1 0Vacant Units:Waitlist:150 HH AR Year:
Homeless, Veteran Yr Renovated:
None
20Bowen National Research A-
Properties Surveyed — New Hanover County, North Carolina Survey Date: October 2022
76 719 Galley Ln, Wilmington, NC 28412 Phone: (910) 729-6838
Contact: Giovanni
Total Units:96 UC:0 Occupancy:97.9%Stories:3 Year Built:2018
Shipyard at Wilmington
BR:
Target Population:
Rent Special:
Notes:
1, 2, 3 2Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
$99 off 1st month's rent
77 15 Castle St, Wilmington, NC 28401 Phone: (910) 341-7717
Contact: Rebecca
Total Units:151 UC:0 Occupancy:100.0%Stories:11 Year Built:1972w/Elevator
Solomon Towers
BR:
Target Population:
Rent Special:
Notes: Public Housing
0, 1, 2 0Vacant Units:Waitlist:24 mos AR Year:
Family Yr Renovated:2005
None
78 1400 S 2nd St, Wilmington, NC 28401 Phone: (910) 251-2391
Contact: Mia
Total Units:250 UC:0 Occupancy:88.0%Stories:2 Year Built:1939
South Front I & II
BR:
Target Population:
Rent Special:
Notes: Rent range based on floorplan & phase
1, 2 30Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:2012
None
79 4615 Greentree Rd, Wilmington, NC 28405 Phone: (910) 791-0498
Contact: Jody
Total Units:100 UC:0 Occupancy:100.0%Stories:2 Year Built:1973
Spring Branch
BR:
Target Population:
Rent Special:
Notes: Tax Credit
1, 2, 3, 4 0Vacant Units:Waitlist:95 HH AR Year:
Family Yr Renovated:2017
None
80 814 St Andrews Dr, Wilmington, NC 28412 Phone: (833) 262-0346
Contact: Tandy
Total Units:390 UC:0 Occupancy:94.4%Stories:3 Year Built:1999
St. Andrews Reserve
BR:
Target Population:
Rent Special:
Notes: Does not accept HCV
1, 2, 3 22Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
21Bowen National Research A-
Properties Surveyed — New Hanover County, North Carolina Survey Date: October 2022
81 4632 Still Meadow Dr, Wilmington, NC 28412 Phone: (910) 793-1984
Contact: Jessica
Total Units:280 UC:0 Occupancy:97.5%Stories:3 Year Built:1999
Still Meadow Village
BR:
Target Population:
Rent Special:
Notes: Does not accept HCV; Phase II built in 2004
1, 2, 3 7Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:2019
None
82 4510 Tesla Park Dr, Wilmington, NC 28412 Phone: (833) 225-8984
Contact: Jessica
Total Units:288 UC:0 Occupancy:91.0%Stories:3 Year Built:2003
Tesla Park
BR:
Target Population:
Rent Special:
Notes: Does not accept HCV; Rent range based on unit amenities & unit location
1, 2 26Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
83 355 Greendale Dr, Wilmington, NC 28405 Phone: (910) 762-1404
Contact: Ruby
Total Units:104 UC:0 Occupancy:100.0%Stories:1,2 Year Built:1971
Tidewater Townhomes
BR:
Target Population:
Rent Special:
Notes: Tax Credit; HUD Section 8
1, 2, 3, 4 0Vacant Units:Waitlist:166 HH AR Year:
Family Yr Renovated:2006
None
84 100 Beau Rivage Dr, Wilmington, NC 28412 Phone: (833) 266-0419
Contact: Elaina
Total Units:120 UC:0 Occupancy:87.5%Stories:2 Year Built:2018
Townhomes at Beau Rivage
BR:
Target Population:
Rent Special:
Notes: Rent range based on units with backyards & location; Opened 1/2018, stabilized occupancy 1/2019
2 15Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:
None
85 1519 Lake Branch Dr, Wilmington, NC 28401 Phone: (910) 763-3359
Contact: Kathy
Total Units:429 UC:0 Occupancy:100.0%Stories:1 Year Built:1940
Village at Greenfield
BR:
Target Population:
Rent Special:
Notes: Tax Credit; Accepts HCV
1, 2, 3 0Vacant Units:Waitlist:100 plus AR Year:
Family Yr Renovated:2000
None
22Bowen National Research A-
Properties Surveyed — New Hanover County, North Carolina Survey Date: October 2022
86 820 MacMillen Ave, Wilmington, NC 28403 Phone: (910) 392-0303
Contact: Heather
Total Units:138 UC:0 Occupancy:98.6%Stories:3 Year Built:1984
Village Green
BR:
Target Population:
Rent Special:
Notes: Does not accept HCV
1, 2, 3 2Vacant Units:Waitlist:None AR Year:
Family Yr Renovated:2009
None
87 4917 Vineyard Ln, Wilmington, NC 28403 Phone: (910) 395-0098
Contact: Maria
Total Units:58 UC:0 Occupancy:100.0%Stories:2 Year Built:2005
Vineyard Pointe
BR:
Target Population:
Rent Special:
Notes: Tax Credit
1, 2, 3 0Vacant Units:Waitlist:87 HH AR Year:
Family Yr Renovated:
None
88 7235 Darden Rd, Wilmington, NC 28411 Phone: (910) 686-4567
Contact: Thersa
Total Units:60 UC:0 Occupancy:100.0%Stories:2 Year Built:2005w/Elevator
White Oak
BR:
Target Population:
Rent Special:
Notes: Tax Credit
1, 2 0Vacant Units:Waitlist:6 Years Now closed AR Year:
Senior 55+Yr Renovated:
None
89 3508-3525 Frog Pond Pl, Wilmington, NC 28403 Phone: (844) 669-3264
Contact: Sherry
Total Units:40 UC:0 Occupancy:100.0%Stories:2 Year Built:1994
Willow Pond
BR:
Target Population:
Rent Special:
Notes: Tax Credit; HUD VASH (2 units); HOME Funds (40 units)
2, 3 0Vacant Units:Waitlist:12 mos AR Year:
Family Yr Renovated:2018
None
90 5025 Carolina Beach Rd, Wilmington, NC 28412 Phone: (910) 833-5466
Contact: Shenita
Total Units:80 UC:0 Occupancy:100.0%Stories:2,3 Year Built:2019
Woodbridge Pointe
BR:
Target Population:
Rent Special:
Notes: Tax Credit; Preleasing 7/2019, opened 9/2019, 100% occupied 3/2020
1, 2, 3, 4 0Vacant Units:Waitlist:59 HH AR Year:
Family Yr Renovated:
None
23Bowen National Research A-
Utility Allowance — New Hanover County, North Carolina Survey Date: October 2022
Source: Wilmington Housing Authority
Effective: 07/2021
Monthly Dollar Allowances
Garden Townhome
0 BR 1 BR 2 BR 3 BR 4 BR 5 BR 2 BR 3 BR1 BR 4 BR0 BR 5 BR
Natural Gas
+Base Charge
Bottled Gas
Electric
Oil
Heating
Natural Gas
Cooking Bottled Gas
Electric
Other Electric
+Base Charge
Air Conditioning
Bottled Gas
Natural Gas
ElectricWater Heating
Oil
Water
Sewer
Trash Collection
Internet*
Alarm Monitoring*
Cable*
19 21 2724 29 32 19 21 24 322729
11 1111 11 1111 11 11 11 1111 11
45 51 66 7260 78 7266455160 78
2118101215 24 12 18 24152110
41 50 62475635 623541475650
Heat Pump 10169 1412910 1612151514
4124 8644 12610108
27999212730 301521159
155 1012558 15812510
36 5151362820431717202843
16 16 16161616161616161616
191128911159 23151923 28
9 26 22917171322138 268
42 4221 662433212466335757
12 19101016261612 222219 26
15 18 26 35 41 50 15 18 26 35 41 50
573150373044445031573730
40 54 61 544768404740 684061
26 2626262626262626262626
20 20202020 20202020202020
202020202020202020202020
0 000 00000000
* Estimated- not from source
24Bowen National Research - Utility Allowance: NC-Wilmington (07/2021)A-
BOWEN NATIONAL RESEARCH Addendum B-1
ADDENDUM B: QUALIFICATIONS
The Company
Bowen National Research employs an expert staff to ensure that each market study
includes the highest standards. Each staff member has hands-on experience evaluating
sites and comparable properties, analyzing market characteristics and trends, and
providing realistic recommendations and conclusions. The Bowen National Research staff
has national experience and knowledge to assist in evaluating a variety of product types
and markets.
Primary Contact and Report Author
Patrick Bowen, President of Bowen National Research,
has conducted numerous housing needs assessments and
provided consulting services to city, county and state
development entities as it relates to residential
development, including affordable and market-rate
housing, for both rental and for-sale housing, and retail
development opportunities. He has also prepared and
supervised thousands of market feasibility studies for all
types of real estate products, including housing, retail,
office, industrial and mixed-use developments, since
1996. Mr. Bowen has worked closely with many state
and federal housing agencies to assist them with their market study guidelines. Mr. Bowen
has his bachelor’s degree in legal administration (with emphasis on business and law) from
the University of West Florida and currently serves as Trustee of the National Council of
Housing Market Analysts (NCHMA).
Housing Needs Assessment Experience
Location Client Completion
Year
Dublin, GA City of Dublin Purchasing Departments 2018
Evansville, IN City of Evansville, IN - Department of Metropolitan Development 2018
Beaufort County, SC Beaufort County 2018
Burke County, NC Burke County Board of REALTORS 2018
Ottawa County, MI HOUSING NEXT 2018
Bowling Green, KY City of Bowling Green Kentucky 2019
Evansville, IN City of Evansville, IN - Department of Metropolitan Development 2019
Zanesville, OH City of Zanesville Department of Community Development 2019
Buncombe County, NC City of Asheville Community and Economic Development Department 2019
Cleveland County, NC Cleveland County Government 2019
Frankstown Twp., PA Woda Cooper Companies, Inc. 2019
Taylor County, WV Taylor County Development Authority 2019
Lac Courte Oreilles Reservation, WI Lac Courte Oreilles Ojibwa Community College 2019
Owensboro, KY City of Owensboro 2019
Asheville, NC City of Asheville Community and Economic Development Department 2020
Evansville, IN City of Evansville, IN - Department of Metropolitan Development 2020
Youngstown, OH Youngstown Neighborhood Development Corporation (YNDC) 2020
BOWEN NATIONAL RESEARCH Addendum B-2
(continued)
Housing Needs Assessment Experience
Location Client Completion
Year
Richlands, VA Town of Richlands, Virginia 2020
Elkin, NC Elkin Economic Development Department 2020
Grand Rapids, MI Grand Rapids Area Chamber of Commerce 2020
Morgantown, WV City of Morgantown 2020
Erwin, TN Unicoi County Economic Development Board 2020
Ferrum, VA County of Franklin (Virginia) 2020
Charleston, WV Charleston Area Alliance 2020
Wilkes County, NC Wilkes Economic Development Corporation 2020
Oxford, OH City of Oxford - Community Development Department 2020
New Hanover County, NC New Hanover County Finance Department 2020
Ann Arbor, MI Smith Group, Inc. 2020
Austin, IN Austin Redevelopment Commission 2020
Evansville, IN City of Evansville, IN - Department of Metropolitan Development 2021
Giddings, TX Giddings Economic Development Corporation 2021
Georgetown County, SC Georgetown County 2021
Western North Carolina (18 Counties) Dogwood Health Trust 2021
Carteret County, NC Carteret County Economic Development Foundation 2021
Ottawa County, MI HOUSING NEXT 2021
Dayton, OH Miami Valley Nonprofit Housing Collaborative 2021
High Country, NC (4 Counties) NC REALTORS 2022
Evansville, IN City of Evansville, IN - Department of Metropolitan Development 2022
Barren County, KY The Barren County Economic Authority 2022
Kirksville, MO City of Kirksville 2022
Rutherfordton, NC Town of Rutherfordton 2022
Spindale, NC Town of Spindale 2022
Wood County, WV Wood County Development Authority & Parkersburg-Wood County Area
Development Corporation 2022
Yancey County, NC Yancey County 2022
Cherokee County, NC Economic and Workforce Development, Tri-County Community College 2022
Rowan County, KY Morehead-Rowan County Economic Development Council 2022
The following individuals provided research and analysis assistance:
Christopher Bunch, Market Analyst, has more than a decade of experience in conducting
both site-specific market feasibility studies and broader housing needs assessments. He
has conducted on-site market research of a variety of housing product, conducted
stakeholder interviews and completed specialized research on housing market attributes
including the impact of military personnel, heirs and estates and other unique factors that
impact housing needs.
Desireé Johnson is the Director of Operations for Bowen National Research. Ms. Johnson
is responsible for all client relations, the procurement of work contracts, and the overall
supervision and day-to-day operations of the company. Ms. Johnson also coordinates and
oversees research staff and activities. She has been involved in the real estate market
research industry since 2006. Ms. Johnson has an Associate of Applied Science in Office
Administration from Columbus State Community College.
BOWEN NATIONAL RESEARCH Addendum B-3
Pat McDavid, Research Specialist, has conducted housing research for housing needs
assessments completed throughout the country. Additionally, he is experienced in
analyzing demographic and economic data in rural, suburban and metropolitan
communities. Mr. McDavid has been a part of the development of market strategies,
operational and fiscal performance analysis, and commercial, industrial and government
(local, state, and federal) client consultation within the construction and manufacturing
industries. He holds a bachelor’s degree in Secondary Earth Science from Western
Governors University.
Gregory Piduch, Market Analyst, has conducted site-specific analyses in both
metropolitan and rural areas throughout the country. He is familiar with multiple types of
rental housing programs, the day-to-day interaction with property managers and leasing
agents and the collection of pertinent property details. Mr. Piduch holds a Bachelor of
Arts in Communication and Rhetoric from the University of Albany, State University of
New York and a Master of Professional Studies in Sports Industry Management from
Georgetown University.
Jody LaCava, Research Specialist, has nearly a decade of real estate research experience.
She has extensive experience in surveying a variety of housing alternatives, including
rental, for-sale, and senior housing. She has experience in conducting on-site research of
real estate, evaluating existing housing properties, conducting interviews, and evaluating
community services. She has been involved in industry leading case studies, door-to-door
resident surveys and special needs housing research.
In-House Researchers – Bowen National Research employs a staff of in-house
researchers who are experienced in the surveying and evaluation of all rental and for-sale
housing types, as well as in conducting interviews and surveys with city officials,
economic development offices and chambers of commerce, housing authorities and
residents.
No subconsultants were used as part of this assessment.