EXISTING CONDITIONS: HOUSING
HOUSING AFFORDABILITY PLAN | Town of Wake Forest
Housing Conditions
FIGURE 29: HOME VALUES FOR ALL OWNER- OCCUPIED UNITS 2020
Home Value Growth Today, the median home value among all owner-occupied homes in Wake Forest is $314,000, higher than the median values for Wake County and North Carolina overall (Figure 28). Almost half (47%) of owner-occupied homes in Wake Forest are valued between $300,000 and $499,000 (Figure 29). Rising homes values can lead to greater wealth for existing homeowners. However, rising home values also create a barrier to entry for low- and moderate-income households to become homeowners. Of all homes sold between 2020-2021 in Wake Forest, only 26% were below $300,000, the threshold for affordability for a median-income renter seeking to transition to homeownership (Figure 30).
47%
North Carolina Wake County Wake Forest
38%38%
37%
35%
22%
17%
17%
11%
7%
6%
5%
5%
5%
4%
3%
3%
2%
Less than $100,000
$100,000 to $149,999
$150,000 to $299,999
$300,000 to $499,999
$500,000 to $749,999
$750,000 or More
Source: American Community Survey (ACS) 5-Year, 2020
FIGURE 28: MEDIAN HOME VALUE FOR ALL OWNER-OCCUPIED HOUSING UNITS
FIGURE 30: SHARE OF HOMES SOLD IN WAKE FOREST BY PRICE POINT 2020
2015
2020
$155k
$182k $302k $314k
29%
Homes sold for more than $300,000 are shown in teal, unaffordable to the median-income renter at the time of this writing.
North Carolina
22%
$234k
20%
Wake County
11%
$267k
5%
5%
4%
3%
Wake Forest
1%
THE TAKEAWAY
Home values are higher in Wake Forest than in Wake County or North Carolina overall.
Source: Zillow
23
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