Moore County Economic Development Partnership’s Moore 100 event hosted Patrick Bowen from Bowen National Research March 4 at Sandhills Community College to speak on the county and state’s housing needs and share statistics. Realtor associations paid for the statistical research study.
Moore County Economic Development Partnership Executive Director Natalie Hawkins said housing generates jobs, attracts business investments, drives education, and retains businesses with a stable workforce.
The report by Bowen National Research shows that Moore County faces a significant housing inventory gap of 7,724 units (1,916 rental units and 5,808 for-sale units) between 2024 and 2029.
“If North Carolina could close both the rental and for sale housing gaps, it could generate $489 billion in economic activity and create over 2.2 million jobs,” Hawkins said.
“If we had higher paying jobs, how might that change the high housing dynamics here in Moore County?” an audience member with an identification badge reading “John” asked about solving the unaffordable housing problem, especially for hospitality and retail workers.
“So yes, if wages could climb … there’s only so much an employer can pay. If the wages could climb, it would certainly offset and make it more increasing chances people can afford their rent or to buy. Yeah, … home prices are escalating so fast. I don’t know how wages are going to keep up with that,” Bowen answered.
Bowen National Research shows a housing shortage linked to low wages throughout the state and Moore County. View the entire study and video here.
The slide below from Bowen National Research shows the relationship of wages with housing costs. Moore County is the “G” column. Red and pink colors show unaffordable housing for the adjoining career type. For example, a single cashier earning $23,770 cannot afford Moore County housing.
Unaffordable housing means job commutes, which people eventually learn are also unaffordable, and they quit their jobs to work closer to affordable housing. Moore County has the highest number of commuters at almost 20,000 every day, and 72% of survey respondents said they would move to work areas if there were affordable housing.
Quick Moore County statistics from the research presentation:
*Moore County’s low 41.8% unmarried rate contributes to the unaffordable housing rate.
* About 600 residents live in housing with incomplete plumbing and or kitchens.
*Moore County is expected to increase by 1,824 households by 2028, because it has the fourth highest projected growth rate at 7.1%.
*Rentals have a 4.6% vacancy rate, with only four accepting government-subsidized housing vouchers, and the county has over 22 households on waitlists.
*For-sale housing is limited with an availability rate of 0.9%, which is below the 3% range for a balanced market.
*Over 1,000 residents live in overcrowded housing.
*Moore County has the second highest list price of $495,000 for homes in the study.
“U.S. Hwy. 421 is the spine with all the counties along that [business corridor] … We’re just trying to help market for economic development purposes,” Bowen said about the highway leading to Wilkesboro down to Pinehurst and the importance of building relationships with regional site selectors and community leaders to build development.
“Where is the growth expected over the next five years? It’s renter households that make over $50,000 a year … I will tell you your renter household growth starts with [income] at about $75,000 or more per year. What kind of housing will they need? It would be higher-priced rental product,” Bowen said.
“Bless the households that make less than $15,000. That does not mean you don’t need affordable rentals,” Bowen said about the expected rental growth rate based on people earning less than $50,000 and more than $50,000 being evenly split by 2028.
“ … but again it’s in this study I looked at Moore County and where is most of that growth in that age 55 and older is age 75. That is the bulk of that growth. So what will their housing needs be?” Bowen asked and said that when older adult residents leave, the county will have more available housing.
Moore County School leaders, Mid Carolina Regional Realtors, the Moore County Chamber of Commerce, and Moore County Commissioner Jim Von Canon joined the audience of about 150.
The next Moore 100 members and invitation only meeting is April 1 at the Pinehurst Inn.
~Written by Sandhills Sentinel journalist Stephanie M. Sellers. Stephanie is also an English instructor at Central Carolina Community College. Her fictional work includes When the Yellow Slugs Sing and Sky’s River Stone, and a suspense, GUTTERSNIPE: Shakespearean English Stage Play with Translation, and a March 21, 2025, release published by Golden Storyline Books, a science fiction, Amagi.
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