Charlotte survey reveals first-time homebuyers expect to pay $480,564

A recent survey by Flat Fee Financial, involving 250 residents of Charlotte, reveals that first-time homebuyers in the area expect to pay an average of $480,564 for their initial home purchase. This figure is nearly double the average home prices recorded in 2017, indicating a significant increase in housing costs over the past seven years. The survey highlights the financial challenges faced by potential buyers in the growing Charlotte market, where homeownership is becoming increasingly expensive. The survey also identified job sectors that are more likely to see home purchases in the near future. Individuals working in construction, manufacturing, and finance are the most inclined to buy homes, while those in hotel and food services, government, and healthcare are less likely to make a purchase within the next year. This disparity suggests that economic stability and job security play crucial roles in the decision to enter the housing market. Gender differences in homebuying intentions were also noted, with men showing a 22% higher likelihood of planning a home purchase compared to women. This may reflect varying financial priorities or levels of confidence in the market between genders. Additionally, older residents, particularly those aged 54 and above, are less likely to buy homes soon, possibly due to their existing favorable mortgage situations from prior homeownership. Overall, the survey underscores the growing financial burden on prospective homebuyers in Charlotte, as nearly half a million dollars is now seen as the entry point into the housing market. This trend raises concerns about affordability and accessibility for future buyers in the area.