Wake Forest Northeast Community Plan - December 2021

Housing Value Most homes in both the study area and the Town of Wake Forest are valued below $500,000, accounting for 97.0% in the study area and 92.7% in the Town. However, the study area has proportionally more homes with lower values than the Town, with almost 75% of the housing in the study area valued under $300,000, versus only 53% in the Town. In particular, the study area has 22.2% (97 units) of housing valued under $150,000, and the Town has only 9.9 % (1,197 units). Further, the median home value in the study area is $212,048, which is only 73% of the Town level ($290,886) (Table 4.A.8). This corresponds closely the older housing stock and slow housing development in the study area and suggests that the Northeast Community has more naturally occurring affordable housing than the Town, though lower home values are sometimes associated with poorer housing conditions that can pose maintenance challenges for existing homeowners and potential home buyers.

Gross Rent Like home values, the study area has

It is anecdotally observed that there have been few new housing developments in the study area since 2000. The study area has seen some new subdivisions, but those are just very recently developed. This lack of growth momentum is also reflected in the study area’s slower population and household gains compared to the Town. This likely suggests that the Town of Wake Forest has been able to weather the last recession better and has seen effective recovery, while the study area has not been sharing the same growth momentum.

TABLE: 4.A.9

Monthly Gross Rent of Renter-Occupied Units Northeast Community Study Area and Town of Wake Forest, NC Study Area Wake Forest Count Percent Count Percent With Cash Rent 301 93.2% 3,876 96.7% $0-$499 47 14.6% 177 4.4% $500-$749 55 17.0% 375 9.4% $750-$999 101 31.3% 999 24.9% $1,000-$1,499 69 21.4% 1,643 41.0% $1,500-$2,499 28 8.7% 661 16.5% $2,500 Or More 0 0.0% 21 0.5% No Cash Rent 22 6.8% 132 3.3% Total 323 100.0% 4,008 100.0%

proportionally more renter-occupied units with lower rents than the Town. According to the American Community Survey 2014- 2018 Estimates, rental units with monthly gross rents under $1,000 account for 62.8% in the study area versus 38.7% in the Town. Also, the plurality (101 units, 31.3%) of rental units in the study area require monthly gross rents between $750 and $999, whereas the Town has more rental units (1,643 units, 41.0%) falling into the $1,000-$1,499 range than any other price points. At the same time, high-end rental units requiring gross rents above $2,500 per month do not exist in the study area, while there are 21 such units (0.5%) in the Town (Table 4.A.9). This indicates that similar to the ownership housing market, the rental market in the study area is more naturally affordable than the Town.

TABLE: 4.A.8

Housing Value of Owner-Occupied Units, 2020

Northeast Community Study Area and Town of Wake Forest, NC

Credit: RKG Associates, Inc., 2021

Study Area

Wake Forest






97 22.2% 1,197



228 52.3% 5,194 43.1%


98 22.5% 4,767 39.6%



2.5% 816




$1,000,000 Or More






436 100.0% 12,043 100.0%

Median Value


N/A $290,886


Credit: ESRI and RKG Associates, Inc., 2021

Chapter 4: Appendix

Northeast Community Plan



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