GREENSBORO, N.C. (WGHP) — Average rent and home prices in Greensboro are jumping up, according to recent studies.
The website Zumper shows the price of a one-bedroom is up 35% from last year, bringing the median price to $1,150.
Realtors don’t believe prices will come down because of the volume of people moving to the Triad. Those high prices are putting strains on families.
“All you can think about is, ‘how am I going to do this? How am I going to do that?’ And it takes a lot from you when you’re constantly worrying about ‘how am I going to make ends meet?'” Annie Almarez said.
Almarez’s number one priority is putting a roof over her five-year-old daughter’s head. She thought she could do that at the Madison Woods apartments in Greensboro.
“I wanted to stay close to my daughter’s school. I wanted to be close to my family, and I wanted to be in a decent area,” Almarez said.
She’s facing a $1,800 rent check each month, which is half of her monthly take-home paycheck working at a bank.
She can’t find anything cheaper than $1,500 in the right area and doesn’t qualify for government assistance. She’s part of a growing group Marvette Artis with the Greensboro Regional Realtor Association is seeing who are stuck in the middle.
“When you’re looking at renting versus purchasing, you have to think about, ‘do I want to pay someone else’s mortgage or would I be more comfortable paying my own even though my mortgage may be a little bit higher than my rent?'” Artis said.
If it makes sense to the individual financially, she and other realtors are encouraging people to think about buying a home with rent prices so high.
“We are starting to see builders come back. As the cost of construction goes down, there are more communities, more apartments, more single-family homes, more townhomes,” said Karen Kimrey with Triad’s Finest Real Estate.
The City of Greensboro announced almost 7,000 housing units on the way in the near future, but Almarez is still struggling with what to do next.
“When prices are constantly increasing, it turns out you’re not being paid well,” Almarez said. “Either way you go, it’s going to be hard trying to make it happen.”
Realtors also tell FOX8 the real estate market is cooling off, giving buyers more power.
They’re encouraging people struggling with rental payments who are considering buying a home to look at North Carolina’s down payment assistance program.