A recent study by UNC shows that home prices are increasing faster than incomes in many coastal areas, specifically Brunswick County. And that is true, yet part of the problem is also the cost of living in these same communities due to the property tax burden which is rarely mentioned.
The report cites working class jobs as having problems with housing. But the report and the story fail to communicate the issue of taxation. If a family has lived there for 20 years they either have a low house payment or NO house payment, but valuations on their homes have increased five-fold or more and thus the tax burden is higher than their house payment.
The state budget since 1998 has increased by over 100%, coupled with property tax issues, it’s no wonder service sector home ownership is being forced inland. Where’s the story on taxation growing faster than incomes?
Representative Dewey Hill (D-Columbus) misses several key points when he says, “If Brunswick County is to remain a place
that is home to a wide range of working families, concerted action to
increase the supply of work force housing is needed and needed now
before the county is largely built out,” the report said.”
It’s not rocket science. They don’t make that kind of money and
they can’t afford to live 100 miles away with the price of gas,” Hill
said.
Representative Hill, incidentally, has voted to increase tax dollar spending by over 7% this year and, over his terms in office, has increased it in that range annually. Meanwhile, incomes have grown, in his district, by about 2% annually.
<HT-Joe C.)
