TABLE: 4.A.3
Distribution of Household Income, 2020
Northeast Community Study Area and Surrounding Cities, NC
Study Area
Wake Forest
Raleigh-Cary MSA
HOUSING
Another positive trend is that the percentages of vacant units have been declining in both the study area (13.2% to 10.2%) and the Town (7.5% to 6.4%) between 2010 and 2020. The study area has seen an actual reduction of 16 vacant units during the previous decade, as compared to the increase of vacant units in the Town. The housing vacancy rate is also projected to continue to decline in both geographies between 2020 and 2025 (Figure 4.A.4, Table 4.A.5). However, the growth rates of owner- occupied units and total housing units in the study area still fall behind the Town. The study area’s owner-occupied units increased by 4.1% annually compared to 5.6% in the Town, and total housing units grew by 0.7% per year, much lower than the Town level of 5.1% between 2010 and 2020. In general, the study area has seen a much slower recovery from the last housing recession compared to the Town, with limited new housing development.
Count
% of Total
Count
% of Total
Count
% of Total
Household Income
79
11.9%
842
5.2%
32,237
6.0%
<$15,000
Housing Tenure Housing units in both the study area and the Town of Wake Forest are predominantly owner- occupied, while the ownership rate in the study area (58.6%) was lagging the Town (69.6%) in 2020. However, the study area percentage of owner-occupied units rose 14 percentage points from 2010 to 2020 (44.4% to 58.6%). In comparison, the Town has only seen a two-percentage point increase in the home ownership rate from 67.4% to 69.6% during the same period. The increasing homeownership rate, coupled with a decrease of 63 renter- occupied units between 2010 and 2020 in the study area, is a positive trend. This likely suggests that some rental units may have been converted to ownership units, adding to home buying options and channeling investment to the housing market and the community in the study area.
62
9.3%
826
5.1%
32,774
6.1%
$15,000 - $24,999
69
10.3%
923
5.7%
39,222
7.3%
$25,000 - $34,999
72
10.8%
1,636
10.1%
62,325
11.6%
$35,000 - $49,999
131
19.6%
2,787
17.2%
95,099
17.7%
$50,000 - $74,999
64
9.6%
2,220
13.7%
72,533
13.5%
$75,000 - $99,999
123
18.4%
3,418
21.1%
98,860
18.4%
$100,000 - $149,999
29
4.3%
1,879
11.6%
45,669
8.5%
$150,000 - $199,999
39
5.8%
1,685
10.4%
59,101
11.0%
$200,000+
Total Household
668
100.0% 16,201
100.0% 537,282
100.0%
210
31.5%
2,592
16.0% 104,233
19.4%
Under $35,000/yr.
190
28.5%
6,983
43.1% 203,630
37.9%
$100,000 +/yr.
Median Household Income
$57,601
N/A
$85,660
N/A
$76,960
N/A
Credit: ESRI and RKG Associates, Inc., 2021
This mismatch between the high education attainment levels and the comparatively lower household incomes in the study area could be partially explained by the higher unemployment rate and proportionally more people with services occupations in the study area compared to the Town and the MSA. The population unemployment rate for the 16+ cohort in 2020 is 12.7% in the study area, higher than the Town (10.3%) and the MSA (9.9%).
The study area also has a lower share of white-collar workers (70.7%), especially in the management/business/financial (15.4%) and professional (26.0%) fields. In comparison, the Town has 75.7% of white-collar workers, including 21.0% in management/business/financial and 30.7% in the professional field, and the MSA has 71.4% of white-collar workers including 19.4% in management/business/ financial and 29.2% professional workers. White- collar jobs are usually associated with higher educational attainment levels and salaries. All these metrics point to a possible shortage of advanced employment opportunities, especially higher-paying white-collar jobs in the study area compared to the Town and the MSA, as the study area has not been sharing the economic growth in its surrounding area.
FIGURE: 4.A.4
4
4
TABLE: 4.A.4
Median Household Income Change, 2020-2025
Northeast Community Study Area and Surrounding Cities, NC
2020
2025
Chg. '20-'25 % Chg.
$57,601
$60,589
$2,988
5.2%
Study Area
$85,660
$94,561
$8,901
10.4%
Wake Forest
$76,960
$82,167
$5,207
6.8%
Raleigh-Cary MSA
Credit: ESRI and RKG Associates, Inc., 2021
Credit: ESRI and RKG Associates, Inc., 2021
Chapter 4: Appendix
Northeast Community Plan
98
99
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