As presented in the demographic and housing analysis, more than 31% of the study area’s housing is occupied by renter households. That indicates that many of the homes in the Northeast Community study area, which were originally constructed as ownership housing, are now being rented. While this is a common occurrence in similar neighborhood with older housing
stock, it can have deleterious effects on neighborhood stability and housing conditions, if rental homes are not properly maintained by their investor owners. However, the current split between owner and rental housing is not particularly out of balance in the study area and is in line with national tenure levels. Roughly 24% of the Town’s housing stock is occupied by renter households.
FIGURE: 4.B.2
ADDITIONAL REAL ESTATE MARKET ANALYSIS 4.B This section consists of additional analysis of Real Estate Market Analysis that examines recent trends in the North Wake County real estate submarkets that are shaping the Town of Wake Forest and the Northeast Community This section should be used specifically in conjunction with section 1.E under Existing Conditions.
RESIDENTIAL DEVELOPMENT AND SALES TRENDS New Housing Development The Northeast Community study area comprises mostly residential properties, with very little commercial development. In total, RKG estimates that there are roughly 515
residential properties on 155 acres equaling $75.5 million in real estate assessed value. Roughly 88% of all residential properties in the study area are single family homes, with only 6.2% mobile homes and 5.4% duplexes. Surprisingly, this is more diverse than the Town’s residential base, which consists of nearly 98% single family homes.
FIGURE: 4.B.1
Ailey Young Park
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Northeast Community Plan Data Sources: Town of Wake Forest, Wake County, Wake County Department of Tax Administration, RKG Associates 0 300 Feet
Credit: Wake Co. Dept. of Tax Admin. and RKG Associates, Inc., 2020
Chapter 4: Appendix
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