Economic Development and Small Business
We Have a Demand for More Non-Restricted Housing
The Town of Elkin is aggressively seeking developers interested in building market rate housing units.
- For Lease or purchase, town homes, patio homes, subdivision homes for young professionals and families, Call Leslie Schlender 336-258-8907 if you'd like to discuss further
Page 4: …. There is a lack of available product serving moderate to high-income households (generally those earning above $30,000) [which is above the county's 60% median level]. This lack of available market-rate housing limits the town’s ability to retain and attract residents and employees. This, in turn, had likely been a contributing factor to the lack of demographic growth (total population and households) ….and has limited economic growth among certain employers.
Page 6: The Elkin market has very few available homes priced over $150,000, as much of the housing stock was built prior to 1990. Because of this lack of available higher priced product, Elkin is at risk of losing households as their incomes increase and having the challenge of attracting higher income households that may want to move to the town. Based on this report, Elkin can support the development of for-sale housing prices at $150,000 to $199,999 (with a low average number of days on market of just 61) and additional units positioned at $200,000 and higher (Note: Homes priced at $300,000 or higher have a low average number of days on market of 21), A combination of traditional single-family homes with two-to three-bedrooms and some condominium product, possibly townhouse/rowhouse or ranch/cottage design could be supported.
Page 16: Between 2020 and 2025 all of the growth in renter households by income within the PSA (Elkin) is expected to occur among households earning between $30,000 and $99,999 annually. This income segment also represented all of the renter household growth over the past decade. These characteristics and trends indicate a growing need for residential rental units that will appeal to the upper middle-income households.
Page 46: [commenting on the low vacancy rate of 1.8% when the norm is 2-3% for well-balanced for-sale/owner-occupied markets] – The is a low rate and an indication of a likely shortage of available for-sale housing. The vacancy/availability rate in the SSA (Region) is extremely low at .9%. This is evidence of a region-wide shortage of available for-sale housing and represents a development opportunity for for-sale residential development.
Page 72: The overall five-year housing gap in Elkin is 113 units of rental housing and 120 units of for-sale housing. While the needs cover a variety of affordability levels and for both renter and owner housing, it appears that the greatest housing gap is for for-sale housing that serves households with incomes of more than $70,000 and can afford homes of $200,000 or higher.
Download Elkin Housing Assessment