EXISTING CONDITIONS: POPULATION
HOUSING AFFORDABILITY PLAN | Town of Wake Forest
Local Demographics
FIGURE 6: MEDIAN HOUSEHOLD INCOME IN WAKE FOREST BY RACE AND ETHNICITY 2020
Household Income by Race and Ethnicity Wake Forest is becoming more diverse, however there are still income disparities by race and ethnicity in Wake Forest that help drive disparate housing outcomes. The median Asian and white household earns more than Wake Forest’s overall median income ($137,708 and $102,209 respectively) (Figure 6). At the same time, the median Black and Hispanic household earns less than Wake Forest’s overall median income ($89,808 and $62,500, respectively). Renter Household Income New renter households making more than $75,000 per year have increased, benefiting from new rental housing development in Wake Forest (Figure 7). The median income of renter households has grown by 38% since 2015. In 2015, the median renter household income was $41,116 compared to $56,868 in 2020. This can likely be explained by both increases in renter incomes and the loss of lower-income renters who cannot afford to stay in Wake Forest.
$137,708
$102,209 $100,162
$89,808
$62,500
Asian Households
Black Households
Hispanic Households
White Households
Wake Forest Overall
Source: American Community Survey (ACS) 5-Year, 2020
FIGURE 7: RENTER HOUSEHOLDS IN WAKE FOREST BY INCOME 2015-2020
1,189
Renter 2015 Renter 2020
1039
948
846
719
662
581
538
THE TAKEAWAY
467
396
337
270
Although the median renter income is increasing, this is due in part to the loss of lower income renter households. And while some Wake Forest residents are seeing rising incomes, Black and Hispanic households still have disproportionately lower incomes, which impacts their ability to compete in the housing market.
Less than $20,000
$20,000 to $34,999
$35,000 to $49,999
$50,000 to $74,999
$75,000 to $99,999
$100,000 or More
Source: American Community Survey (ACS) 5-Year
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