How One House in North Carolina Shows the Growing Cost Home Ownership
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Paid for by the Electronic Payments Coalition. Here's your money briefing for Wednesday, January 29th. I'm Arianna Aspudu for The Wall Street Journal. To understand the home affordability problems across the country, try looking at 1139 Great Ridge Parkway in Chapel Hill, North Carolina.
I love this house. I had been looking in this neighborhood since they first started building it.
That's Rachel Walker, and she currently owns the three-bedroom, forest-green, Victorian-style home in Chapel Hill.
There's lots of bushes. There are woods behind us. So it's like a really pretty scene. When you walk in the front door, you walk into really what we call our dining area, and the floors here are beautiful. They're this natural wood, and there's some wainscoting, and the windows are really tall windows. Often in the summers, we're on the deck a lot. Our cats come in and out, so they just have free reign.
The value of Rachel's home has increased more than $200,000 in the last five years without any major improvements. And now they're planning to sell it.
It has been a huge surprise that our house's value is what it is today. We were sort of floored when we got our estimated value when we were putting on the market. We did not expect that.
She says it's appreciated so much that purchasing it today would probably be out of the question.
It would be a stretch. My husband would not be able to retire as expected.
Wall Street Journal personal finance reporter Veronica Dagger says this house tells a bigger story about the ballooning cost of homeownership. She joins me to talk about it after the break.
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How did 1139 Great Ridge Parkway become a lens on U.S. housing affordability?
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With rising prices, mortgages, taxes, and insurance, home affordability is becoming a bigger challenge for Americans. To know why, let's step back into that forest green home in Chapel Hill, North Carolina. Wall Street Journal personal finance reporter Veronica Dagger joins me. Veronica, you profiled this home, three-bedroom, Victorian style, as a true example of the ballooning cost of owning a home. Why this house in particular?
We wanted to find a house that was essentially a starter house in kind of that median price range that Americans would be looking to buy if they were starting out.
Who is the current owner and what surprising value change did she notice?
And we wanted to find a home that is on the market now because we wanted to get a sense of the current housing market. But we also wanted to find a home that has been sold multiple times in the past year. several years just to get a sense of how much past owners have seen home appreciate, get a sense of their past mortgage rates, and get a history of the housing market told through one house.
And the home was built in 2010, purchased in 2011. How much did the first owners pay for it?
The first owners paid $250,000 cash. They had sold their prior home and were able to buy this in cash. And they had a property tax bill of just under $2,000 at the time. And they enjoyed the home. They made it their own, but they were a retired couple. And so after a while, that third floor and also all the other steps and stairs and the
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