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Are you saying an average home price of $371,431 is "affordable"?
I think the apt rental rate is likely skewed by college type rentals that are not typically occupied by those outside that age group.
You'd be surprised. While there's certainly some upscale rentals in chapel hill, there's a lot of reasonably priced rentals occupied by folks in their mid 20s-30s (ie...grad students, post docs, residents, teachers) and by low income families. While undergrads dominate the rental market, they might not make up a majority of the market.
What's the point? Rentals are reasonable because there are many apartments due to students. Housing is high because there is not much of it and the demand is very high.
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