EXISTING CONDITIONS: POPULATION
HOUSING AFFORDABILITY PLAN | Town of Wake Forest
Local Demographics
Housing Tenure Wake Forest is primarily a town of homeowners; 70% of Wake Forest households own their homes (Figure 10). A greater share of Wake Forest residents own their homes than the United States average overall (about 64%). In line with state and national trends, the percentage of homeowner households is declining in Wake Forest across almost all income groups. Housing Tenure by Race and Ethnicity The racial and ethnic disparity in household income impacts how different households are represented and participate in Wake Forest’s housing market. One notable impact is the difference in housing tenure status among racial and ethnic groups. Black households are less likely to own their homes than the other groups (Figure 11). In Wake Forest, there is almost an equal distribution of Black households that rent and own their homes, unlike other racial and ethnic groups with larger majority shares of homeownership. While the Census indicates Wake Forest has become more diverse in recent decades, Black homeownership has only marginally increased from 46% in 2000 to 51% in 2020. Comparatively, this rate is lower than all other racial and ethnic groups within the same 20 years.
FIGURE 10: HOUSING TENURE IN WAKE FOREST 2020
30% RENTERS
70% Homeowners
Source: American Community Survey (ACS) 5-Year, 2020
FIGURE 11: HOUSING TENURE IN WAKE FOREST BY RACE AND ETHNICITY 2020
76%
75%
64%
63%
55%
49% 51%
45%
37%
36%
24%
24%
THE TAKEAWAY
Asian Households
Black Households
Hispanic Households
White Households
Wake Forest Overall
U.S. Overall
There are currently about 3 homeowners for every 1 renter in Wake Forest. There is a greater share of homeowners in Wake Forest compared with the U.S. overall. A disproportionate share of Black and Hispanic households rent their homes when compared with white and Asian households.
Homeowners
Renters
Source: American Community Survey (ACS) 5-Year
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