Discussion Paper

Land at Risk: Heirs' Property in the Carolinas

Abstract: In 2021, the Richmond Fed highlighted the issue of heirs' property (and its prevalence in Maryland and Virginia) in a Regional Matters post. Heirs' property occurs when land is transferred from one generation to the next without a clear will or definition of land ownership. Since multiple heirs can lay claim to a parcel of land, heirs' property can impede or complicate the sale of the land or the ability of owners to prove ownership, among other challenges. Using the same methodology for North Carolina and South Carolina, this Regional Matters illustrates the prevalence of heirs' property across other Fifth District states. For example, North Carolina had a greater share of known heirs' property (1 percent of all parcels in the state) compared to South Carolina (0.2 percent of all parcels). But overall, both states had larger shares of known heirs' property than the 2021 analysis of Virginia or Maryland.

Keywords: housing; housing finance; economic inequality; Small Town and Rural Communities; 5th district;

Bibliographic Information

Provider: Federal Reserve Bank of Richmond

Part of Series: Regional Matters

Publication Date: 2024-12-19