Fairhaven Place in North Carolina was approved in 2021. Now construction is to start soon on this 200 unit affordable housing structure in Gastonia. It’s a 50 million dollar project by Commonwealth Development Corporation and construction is planned to begin at the end of the month.

According to the Gaston Gazette, “It’s been a long process, but we’re very thankful we’re able to get it across to the finish line,” said Sean Brady, a Commonwealth project manager. You will find the new building on East Hudson boulevard. There will be ten apartment buildings with twenty units each. Move in is projected to begin by 2025.

Applications will be open around the 16th month according to property management. They will reach out to possible tenants. So who is eligible? According to the Gaston Gazette, people making 50-60% of the area’s median income will be considered. And what about that cost. One bedroom apartments will go for around $873 dollars a month and up for two and three bedroom units.

If you or someone you know is interested in living in this new apartment development, please check out all the details from the Gaston Gazette right here.

3 North Carolina Housing Markets Among The Most Inflated

A January 2023 report out of Florida Atlantic University (FAU) has found that three North Carolina housing markets rank among the most inflated in the country. The report is called the Beracha and Johnson Housing Market Ranking and it’s a part of the FAU Real Estate Initiative. These rankings include the top 100 housing markets aground the country ranked on their degree of overpricing/underpricing. They state that open-source housing price indices (HPIs) were used to create the list.

So what does it mean? “A positive score represents a premium, implying that the average property in a metro is selling above its historical implied price.” Whereas, “a negative score represents a discount, implying that the average property in a metro is selling below its historical implied price. ” Following each city on the ranking below you will see the degree of premium as a percentage. This represents the difference between current prices for a market and where prices should be based on statistical modeling. This was done by using data from Zillow.

I knew it wasn’t a good time to try and purchase a house in North Carolina. But I didn’t know it was this bad! Charlotte was the worst landing in the top 5. The Queen City was joined by two other North Carolina housing markets in the Top 20. These rankings are updated monthly, it will be interesting to see how North Carolina trends throughout 2023.