One of my hobbies is looking for beautiful, affordable, and historic homes on Zillow. As is true with all things, "beautiful" and "affordable" are in the respective eye and wallet of the beholder; but I try to keep a wide lens. For a while after we moved to North Carolina, I trawled Zillow's listings out of a hope that I might find THE affordable, historic home that was also located close enough to Greenville to not rock our routine here too much. Granted, we weren't and still aren't quite ready to move from our current place; but just in case, right?
The more time I spent looking, though, the more I understood just how much unacknowledged and unrealized home value exists in the hundreds of small towns in Eastern North Carolina. I should have known. Right out of college, I bought a home in the Mississippi Delta. A home that would have cost $400,000 on Cameron Ave. in Chapel Hill cost less than $100,000 in Clarksdale. I still own that house and would bring it with me anywhere if I could, but this time around is less about one person getting a surprising deal and more about broader economic forces at play in North Carolina and the greater South.
The more time I spent looking, though, the more I understood just how much unacknowledged and unrealized home value exists in the hundreds of small towns in Eastern North Carolina. I should have known. Right out of college, I bought a home in the Mississippi Delta. A home that would have cost $400,000 on Cameron Ave. in Chapel Hill cost less than $100,000 in Clarksdale. I still own that house and would bring it with me anywhere if I could, but this time around is less about one person getting a surprising deal and more about broader economic forces at play in North Carolina and the greater South.
Like their Mississippi kin, small towns near Greenville like Kinston, Rocky Mount, Tarboro, Williamston, Washington, Wilson, and Snow Hill are all--to varying degrees--struggling to survive. This is a well-worn, well-documented narrative, as is the narrative about what to do about it (see: get out if/while you can). A singular narrative is incredibly dangerous, so I reject any notion that the game is over here. I know many hopeful people in the eastern third of the state who would reject that dominant narrative, too.
So I am left to wonder: how can we leverage historic housing--a local asset--to drive the growth of more economically robust and socially equitable communities in Eastern North Carolina?
Historic housing--with its typically central location, visual appeal, currently depressed market value, and connected potential for significant increase in value--represents a major opportunity for communities to elevate quality of life. Is it the end-all, be-all? Anyone who knows me knows my answer will be of course not. What it is, rather, is an opportunity to use something OF the community FOR the community. And that's an idea worth exploring.
So I am left to wonder: how can we leverage historic housing--a local asset--to drive the growth of more economically robust and socially equitable communities in Eastern North Carolina?
Historic housing--with its typically central location, visual appeal, currently depressed market value, and connected potential for significant increase in value--represents a major opportunity for communities to elevate quality of life. Is it the end-all, be-all? Anyone who knows me knows my answer will be of course not. What it is, rather, is an opportunity to use something OF the community FOR the community. And that's an idea worth exploring.
| My 497 Saved Homes on Zillow |
Red are currently for sale, yellow are recently sold, and grey are off the market.
97% of them are valued or were purchased at less than $300,000; 65% at less than $150,000.
Red are currently for sale, yellow are recently sold, and grey are off the market.
97% of them are valued or were purchased at less than $300,000; 65% at less than $150,000.
To that end, I've arrived at the following set of questions that I'll be exploring from whatever angle seems to make the most sense in the coming weeks and months:
As you can see, this is probably going to take a while, especially with the gears of life creaking to life next week. I won't claim to be able to provide exhaustive answers, but I hope you'll come along for the ride.
In the meantime, look forward to Local Space House #10 tomorrow!
- What is the relative, long-term economic impact of a home purchase in a small town?
- What coherent efforts are already in progress to elevate these home purchasing opportunities OR facilitate equitable wealth-building via home purchasing opportunities like these?
- Who would be interested in a home like this? How does that change based on a town's size and location in ENC? Of those already living in the community, who would be interested in an opportunity like this?
- Is the sluggishness of the market an issue of actual market demand for such homes or lackluster exposure of a home-buying opportunities?
- Wealthier (and almost always white) families can inherit properties like these that over time become a logistical and/or financial burden. What percentage of historic homes never get listed by these families due to market headwinds and the associated pessimism?
- To what extent are homes withheld from the market due to "social" factors (see: mindsets about black homeowners moving into certain neighborhoods)?
As you can see, this is probably going to take a while, especially with the gears of life creaking to life next week. I won't claim to be able to provide exhaustive answers, but I hope you'll come along for the ride.
In the meantime, look forward to Local Space House #10 tomorrow!
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