Union County ranks 74th in the nation among “small counties” for the most expensive new homes being built, according to a report from Construction Coverage.
Only counties with at least 200,000 residents were considered in the study. Small counties were classified with a population between 200,000 and 349,999. Union County has roughly 250,000 residents, according to the U.S. Census. The data used was from the U.S. Census Bureau’s Building Permits Survey (2021). Only counties with complete data for 2021 were considered.
Inflation has increased the cost of building materials by 33% since the beginning of the pandemic, according to the report.
The average cost for a new home in Union County was $211,207, according to the report, with 2,773 total units authorized. The average per unit cost nationally is $218,791.
Four other small counties in North Carolina made the list, including: Buncombe (37th, $247,573), Gaston (41st, $244,020), New Hanover (48th, $236,757) and Durham (54th, $232,248).
Among large counties in the nation (750,000 residents or more), N.C.’s Wake County ranks 52nd ($209,014) and Mecklenburg ranks 75th ($167,386).
To determine the locations where the most expensive homes are being built, researchers at Construction Coverage calculated the average permit value per unit authorized (single unit and multiple unit structures).
Hawaii is the most expensive state for new construction with an average value per unit authorized of $403,596, according to the report.
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