EXISTING CONDITIONS: POPULATION
HOUSING AFFORDABILITY PLAN | Town of Wake Forest
Local Demographics
FIGURE 14: SHARE OF SENIOR (65+) HOUSEHOLDS IN WAKE FOREST BY HOUSING TENURE 2020
Seniors Over 11% of Wake Forest's population was over the age of 65 in 2020. This is comparable but slightly less than the share of seniors in both Wake County (12%) and the State (16%). Senior households comprise a significant share of both the renter and homeowner markets in Wake Forest (Figure 14). However, households that are either led by or inclusive of seniors are more likely to be cost burdened. Seniors often live on fixed incomes with limited opportunities to benefit from an increase in wages, which means that they are particularly impacted by rising housing costs. Cost Burden Housing cost burden in Wake Forest is more prevalent in renter households than homeowner households. However, in both categories, seniors experience a higher likelihood of being cost burdened (Figure 15). Homelessness Wake County's 2021 Point-in-Time-Count, run by the Wake County Continuum of Care, identified 912 individuals in 2021 experiencing homelessness, including those living in a sheltered or unsheltered location – few of which are believed to reside in Wake Forest. Though no specific count is available at a town-level, service providers in Wake Forest, such as Tri-Area Ministry Food Pantry, work to meet the needs of those experiencing homelessness from across the region. Senior households - especially renters - are much more likely to experience cost burden than their non-senior counterparts. THE TAKEAWAY
86%
14% with seniors
WITHOUT SENIORS
All Renter Households
78%
22% with seniors
WITHOUT SENIORS
All OWNER Households
Source: American Community Survey (ACS) 5-Year, 2020
FIGURE 15: HOUSEHOLD COST BURDEN IN WAKE FOREST BY SENIOR STATUS 2020
COST BURDENED
68%
32%
NOT COST BURDENED
All Renter Households
COST BURDENED
48%
52%
NOT COST BURDENED
All Renter Households WITH SENIORS
COST BURDENED
12%
88%
NOT COST BURDENED
All OWNER Households
COST BURDENED
78%
22%
NOT COST BURDENED
All OWNER Households WITH SENIORS
Source: American Community Survey (ACS) 5-Year, 2020
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