Attractive on Paper, Unaffordable in Reality: Forsyth County’s Housing Challenge

I was recently reviewing home sale prices across Forsyth County as part of my research on the new lot standards that increase minimum lot sizes and buffers. Along with those changes, the County is also looking to expand its “residential design standards” to require nicer, more expensive architectural features.

In a recent zoning case, for example, the County mandated front porches, three car garages, and other upgraded design elements. These requirements certainly sound appealing and will no doubt make Forsyth County a beautiful place.

However, it does cause me to worry for the many Forsyth County residents who are not yet homeowners.

Right now, our average home price appears to fall in the $610,000-$670,000 range, depending on the data source.

Most economists agree that purchasing a home within that price range typically requires a household income in the ballpark of $160,000 accounting for todays interest rates.

However, the Forsyth County Chamber of Commerce reports our median household income at $101,743.

If the median household cannot afford the median home, is that not a serious issue?

While the new standards will certainly make Forsyth County beautiful, I worry they may unintentionally push homeownership further out of reach for many of our residents.