Jessica Webb
editor@thesmokymountaintimes.com
Talk among community members often turns to the issue of housing these days, namely the lack of it. This is impacting employers and anyone who finds themselves looking for a place to live in Swain County. It turns out this isn’t just a local issue. Nationally, building fell after the Great Recession and has led to an overall shortage. Government is now exploring possible solutions.
Housing shortage
Up for Growth, a national network dedicated to solving the nations’ housing shortage, released a report on July 14 showing the national underproduction of homes in the United States reached 3.8 million in 2019— a jump from 1.6 million in 2012.
The report ranked North Carolina 21st in severity for the housing deficit.
“The U.S. is in an extreme state of housing underproduction,” said Mike Kingsella, Chief Executive Officer of Up for Growth in a press release. “Housing affordability is foundational for building and sustaining healthy local economies and provides individuals and families with the stability necessary to invest in themselves and their communities. The Housing Underproduction report offers policymakers solutions to help create more homes while also improving equity, community resilience, and addressing drivers of climate change. It is vital that we act now to address America’s most urgent economic, environmental and social equity crisis.”
Our area (including Haywood, Madison, Swain, Jackson & Graham counties) was found to be trending toward under production. In 2012, the study found the market was missing 1,658 homes among 45,527. In 2019, that number grew to 1,811 underproduced among 54,380 units. Rents and home values also rose in that time. The median rent rose from $670 in 2012 to $725 in 2019 and values rose from $155,000 to $191,000.
Pandemic spike in prices
As startling as the data is, it doesn’t even reflect the past two years as more people have flocked to Western North Carolina during the pandemic, which has led to an explosion in home prices and less availability of affordable homes.
A recent Zillow search for Bryson City resulted in just five home listings under $220,000
and just eight more under $325,000, many of which would require significant updates.
For a new, 3-bedroom home about 1,800 square feet, you’re talking a listing price of $429,000. It’s not just a lack of housing at lower prices in Swain County, there are only 35 listings total over $325,000. The average is over half a million.
Increased housing prices aren’t just impacting those who want to buy. The rental market has also risen sharply in the past year— with 95% of units up nationally, according to the monthly rental price trend report for June 2022 by rent.com. In some areas, the prices have risen more than 25%. Reasons behind the price hikes?
Rent.com points to low vacancy rates, a competitive housing market and low inventory of affordable housing.
A local search for long-term rentals is even more dismal affair. A recent search on Craigslist for zip code 28713 resulted in 11 listings, but they were all outside of the Bryson City/Whittier area and more than half were for sublease rentals for shared student housing.
Similarly, a search for rentals on Facebook marketplace was almost all student housing room rentals in Cullowhee with just one Bryson City listing for a 2-bedroom 1 bath apartment at $900 a month. On Zillow, a rental search yielded zero results for the Bryson City area.
Short-term rentals dominate
Locally, it’s not just a shortage of construction. Most of the building in the past decade has gone toward vacation homes and many rentals have turned to short-term listings.
When it comes to short-term listings, there is a plethora in Swain County.
A general search on Airbnb for a weekend vacation rental for two adults and two children in July or August fielded 641 stays with prices starting at $116 a night.
“Rooftop deck in downtown Bryson City” 1 bedroom, 1 bath for $199 a night. For two nights after cleaning fee and service tax the total is $551.
Similarly, a search on Vrbo for a weekend in August for a family of four yields 175 results. One 3-bedroom, 1-bath home downtown rents for $200 a night and is $593 after fees and taxes for two nights.