A new statewide report released on February 5, 2025 shows that North Carolina faces a significant housing inventory gap across all income levels and geographic areas in the state. The gap is expected to increase with projected job and population growth, and if addressed, could generate $489 billion in economic activity and nearly 2.2 million jobs.
The research, commissioned by the NC Chamber Foundation, North Carolina Home Builders Association, and NC REALTORS®, quantifies the extent to which current and projected housing supply meets demand and examines the economic impact of lack of access to housing. The findings detail rental and for-sale housing supply inventory in each of the 100 counties within the state of North Carolina for a five-year projection period from 2024 to 2029.
“Addressing North Carolina’s significant housing supply gap is more than just meeting immediate demand; it’s a critical investment in our state’s future,” said NC Chamber Foundation President Meredith Archie. “With projected population and job growth, accessible and available housing is essential to supporting our communities, strengthening infrastructure, and creating an environment where both workers and businesses can thrive. This report highlights the barriers and gaps in housing across the state and provides actionable data to inform both local and statewide policy discussions and solutions.”
Key Findings:
- The number of households in the state is projected to increase by 5% (218,160 households) between 2024 and 2029.
- Overall Deficit: North Carolina faces a five-year housing inventory gap of 764,478 units (322,360 rental units and 442,118 for-sale units).
- The state has an overall for-sale availability rate of 0.8%. This is well below the 2%-3% range of a healthy market.
- Only nine counties, representing less than 10% of the state’s counties, have a median list price under $200,000, making it likely that many lower income households, including first-time homebuyers, have difficulty finding affordable homes to purchase.
- The statewide vacancy rate for multifamily rental units is 5%. This is within the healthy market range of 4%-6%, but affordable rental programs show near-zero vacancies and over 41,000 households are on waitlists for affordable rental housing.
- Closing both the rental and for-sale housing gaps in North Carolina could generate $489 billion in economic activity and create nearly 2.2 million jobs in the state.
“The data and key findings of the housing study underscore not only the pressing need but also the urgency of implementing tangible solutions to bridge the housing inventory gap at all income levels across the state,” said NC REALTORS® 2025 President John McPherson. “Effectively addressing North Carolina’s housing needs will require a collaborative, solutions-driven approach—one that brings together the business community, state and local elected officials, and key stakeholders. By identifying geographically tailored solutions, we ensure access to quality housing, support economic growth, and strengthen communities statewide.”
The report details county-specific housing supply and demand data and indicates variation among regions across the state. While urban counties dominate the overall numbers, rural counties face disproportionately high gaps relative to their household bases.
80 counties in the state have projected increases in the number of households, with the largest percent increases projected to occur in Brunswick (15.3%), Johnston (12.2%), and Currituck (11.3%) counties. Wake and Mecklenburg counties are projected to have the largest number increases in new households, totaling 41,241 and 35,676, respectively. 20 counties have a projected decrease in the number of households, with individual declines that range from less than 0.1% (Vance County) to 3.0% (Northampton County).
“This report demonstrates the urgency of policy changes needed for housing and the financial benefits for the community and all levels of government,” said North Carolina Home Builders Association Executive Vice President Tim Minton.
Nationally recognized research group Bowen National Research conducted the Housing Supply Gap analysis, and Dr. Michael Walden, Reynolds Distinguished Professor at North Carolina State University and president of Walden Economic Consulting, conducted the economic impact analysis.
