EXISTING CONDITIONS: POPULATION
Town of Wake Forest | HOUSING AFFORDABILITY PLAN
Local Demographics
FIGURE 4: CHANGE IN HOUSEHOLD BY INCOME IN WAKE FOREST 2010-2020
Household Income Population growth in the region has been driven primarily by households making more than $100,000 per year (Figure 4). In 2010, households earning less than $50,000 made up the largest share, though not the majority, of Wake Forest households. While population growth has occurred among all income groups earning above $50,000, most new growth (88%) has been in households earning more than $100,000 per year. Increases in both wages and number of high-income households has pushed the median household income up to $100,162 in Wake Forest as of 2020. There is a disparity in income between new and existing households. Recent residents (households that moved within a year of 2019) in Wake Forest had a median income of $140,000, compared to $92,210 for existing households at that time (Figure 5), an income disparity of almost $50,000. This disparity creates challenges for existing residents who have to compete with high earners in the housing market.
88% of new household growth
+3,134
2010 2020
-168
+267
+176
-634
Less than $25,000
$25,000 to $49,999
$50,000 to $74,999
$75,000 to $99,999
$100,000 or More
Source: American Community Survey (ACS) 5-Year
FIGURE 5: INCOME DISTRIBUTION IN WAKE FOREST: NEW HOUSEHOLDS VS EXISTING HOUSEHOLDS 2018-2019
THE TAKEAWAY
Population growth in Wake Forest is driven by high income households, who on average make almost $50,000 more per year than existing residents. This can make it challenging for existing residents to find housing they can afford.
Source: American Community Survey (ACS) 5-Year, Public Use Microdata (PUM)
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