Wake Forest Housing Affordability Plan - September 2022

EXISTING CONDITIONS: HOUSING

Town of Wake Forest | HOUSING AFFORDABILITY PLAN

Housing Needs

FIGURE 31: RENTER HOUSEHOLDS IN WAKE FOREST BY INCOME AND DEGREE OF COST BURDEN 2020

Based on data analysis, community engagement, and stakeholder feedback, Wake Forest’s most pressing housing needs fall into three major categories: rental affordability, access to homeownership, and displacement pressure - all disproportionately impacting Black, lower-income, and older Wake Forest residents. Rental Affordability Among the 4,701 renter households in Wake Forest, over 30% are cost burdened and almost 12% are severely cost burdened. The vast majority of renters making less than $20,000 per year pay more than 50% of their income in rent (Figure 31). Single-parent and senior households both face disproportionate rental cost burdens. By comparison, among the 11,033 households that own their homes, 12% are cost burdened (Figure 32). Access to Homeownership The majority of Wake Forest residents are currently homeowners. However, housing cost burden for almost every category of resident increased in the past 5 years, with cost burdens for Black homeowners increasing by 24% (Figure 35). Senior homeowners are also particularly cost burdened, making it difficult for them to age in-place. Even if households can afford their rent or mortgage, they may struggle to pay other crucial housing costs, such as property taxes, home repairs, utilities and insurance.

1,189

Not Cost Burdened Cost Burdened Severely Cost Burdened

750

672

456

350

348

314

218

198

11 0

0 0

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, 2020

FIGURE 32: HOMEOWNER HOUSEHOLDS IN WAKE FOREST BY INCOME AND DEGREE OF COST BURDEN 2020

6,660

Not Cost Burdened Cost Burdened Severely Cost Burdened

1,335

1,118

403

264

237

158 150140

143

105

30 67