The Growing Need
As the affordable housing crisis worsens, many of our neighbors can no longer sustain the growing cost of living. 1 in 4 families in our community are cost-burdened, spending over 30% of their income on housing at the expense of groceries and medical care. Lack of affordability means that families are forced to rent indefinitely or move outside the Raleigh metro area. This includes vital community workers—nurses, police officers, firefighters—who often cannot afford to live in the communities they serve. Habitat's program provides these families with an alternative path to homeownership.
By the Numbers
Fair Market Rent (FMR) – the amount of money considered to be a reasonable monthly rent for a typical, modest apartment in a certain area, as determined by annually by the US Department of Housing and Urban Development. Fair Market Rent for a modest apartment in Wake County in 2025 is $1,763 per month. To afford this rent, a household would need to earn about $70,520 per year, or $33.90 per hour.
Area Median Income (AMI) is the typical middle income in an area by household size, as determined by the US Department of Housing and Urban Development. The AMI for a family of 4 in Wake County is $132,700.
Comparing these figures to the salaries of local professionals shows a significant gap.
A Path to Homeownership
Contrary to a common myth, Habitat does not give homes away. Habitat for Humanity partners with households earning less than 80% of the Area Median Income (AMI)* to provide a path to homeownership through affordable low-interest mortgages—typically no more than 3%. This model provides a pathway to homeownership to families who might not qualify for a traditional mortgage. Homebuyers must have a steady income and demonstrate the ability to repay a mortgage with on-time payments. To ensure families have access to affordable homeownership, Habitat Wake tailors our financing to suit the needs of families, providing them with a mortgage that works for their budgets.
Benefits of the Habitat Homeownership Program
- Live in safe, energy-efficient homes that reduce maintenance and utility costs
- Pay a 30-year affordable mortgage with a reasonable down payment and low monthly payments
- Participate in homeownership education to prepare for long-term success
- Complete a minimum of 200 “Sweat Equity” hours as a Habitat Wake volunteer
- Achieve the dream of homeownership!
What makes a qualified homebuyer?
Qualifying for a mortgage is complicated, and each case is unique. Many factors go into determining a qualified buyer, including income, household size, and debt-to-income ratio. However the core requirements for eligibility are as follows:
Core Eligibility Requirements
- Consistent income within the maximum annual limits
- Lived or worked in Wake or Johnston County for the past 24 months
- U.S. Citizen or Permanent Resident with a valid social security number
- Reasonably good credit and rental history
The best way to know if you qualify is to fill out the pre-qualification form. If the initial eligibility criteria are met, you will be invited to attend an information session.
Home starts here!
If you or someone you know is looking for an affordable place to call home, everyone is welcome to apply. Complete the pre-application form located at habitatwake.org/apply or call us at 919.744.2459.
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