The Need for Affordable Housing in Wake County
In Wake County, the availability of affordable homes means healthcare workers, daycare providers, government employees, retail staff, teachers’ assistants, custodians and others can live, send their children to schools and shop in the communities where they work.
As our region continues to flourish, people in these roles and other situations are struggling on modest incomes. They make difficult decisions for their families. They can move into suitable housing that is too expensive, or they can live in housing that, while easier on the budget, is too small for the family, structurally unsound, or located in an unsafe neighborhood.
Since 1985, Habitat Wake has made steady progress as one of the many organizations tackling the need to for affordable housing opportunities.
Lack of Housing
Presenting the nonprofit's vision at an event, John Cramer, president of the board of directors for Habitat Wake said: “There are hard-working people in our community who don’t earn enough income to provide a decent place for their families to live. Right now, Habitat supporters can help families’ hopes become realities by working beside them to build homes that they can purchase with affordable mortgages.”
To put the lack of housing in perspective, consider:
- More than 43,000 households in Wake County get by on total annual income of less than $30,000.
- Fewer than 50% of these households “getting by” can find an affordable apartment on the private market. In Wake County, there are fewer than 21,000 private-market units that rent for under $625 per month (including units subsidized by tax credits). Average rent for a two-bedroom apartment has reached $817/month and $1,047 for a three-bedroom unit in Wake County.
- Fewer than 2% of these households can find an affordable home to buy. To manage the mortgage payments, these households need to find a house that costs $80,000 or less. The supply of affordable homes for households making less than 60% of median income is very limited because of rising land and development costs, as well as the strong demand for higher-priced homes.
Affordable Housing Equates to Good Infrastructure
Habitat Wake’s target population, people living on income between 25 and 60% of area median income, are not able to qualify for mortgages in our area’s increasingly expensive housing market.
Being vulnerable to rising rents and house prices, this population moves frequently, uprooting their children from schools, increasing their transportation commutes and disengaging from their communities.
A growing number of municipalities in Wake County, therefore, consider affordable housing an essential part of infrastructure. Due to its stabilizing effect on peoples’ financial and social well-being, affordable housing helps our economy remain strong and our collective lifestyles remain enjoyable.
Building Homes, Building Hope, Building Community
Habitats for Humanity supporters empower people in need with a sensible option: build and purchase a safe, decent, affordable home.
The transition from renting to owning leads to independence from welfare, increased opportunities for education, improved health and the desire to sustain vibrant neighborhoods. It’s a journey of hope that will transform lives now and for generations.
A member of our development team can provide more information on Habitat Wake’s efforts engaging our entire community in solving the housing need. Additionally, our latest news shares stories of how thousands of supporters build hope, build homes and build community.- Service Area: Applications for homeownership may be submitted from households located throughout all of Wake County and its 12 municipalities including Apex, Cary, Fuquay-Varina, Garner, Holly Springs, Knightdale, Morrisville, Raleigh, Rolesville, Wake Forest, Wendell and Zebulon.
