EXISTING CONDITIONS: HOUSING
HOUSING AFFORDABILITY PLAN | Town of Wake Forest
Housing Needs
FIGURE 33: HOMEOWNERSHIP RATE IN WAKE FOREST BY INCOME LEVEL 2015-2020
Across most income levels, homeownership rates are decreasing (Figure 33). The only exception to this trend being households earning less than $20,000, likely due to an influx of retirees who earn fixed incomes. While decreasing homeownership rates can be partially attributed to personal preferences, surging costs are pushing some households out of the housing market. Today, the gap between the median renter income in Wake Forest and the income required to own the median-priced home is about $25,000 and widening (Figure 34). Homeownership is increasingly out of reach for first-time homebuyers, which can negatively impact the ability of those households to build wealth over time. Displacement Pressure Soaring cost and insufficient housing supply can lead to displacement of existing residents. Housing displacement refers to forced or involuntary movement from a household’s place of residence. Forced Displacement: When a move is spurred by a physical or legal force that compels a household to vacate their home. Residents may be forced out by lease non- renewals, evictions, foreclosure, or natural disasters. Pressured Displacement: When a household leaves their home because remaining is untenable. Residents may move because of housing cost burdens, poor housing quality, or unsafe neighborhood conditions.
2015 2020
94%
85%
79%
76%
65%
61%
60%
47%
41%
38% 40%
25%
$20,000 to $34,999
$35,000 to $49,999
$50,000 to $74,999
$75,000 to $99,999
$100,000 or More
Less than $20,000
Source: American Community Survey (ACS) 5-Year
FIGURE 34: INCOME AT WHICH MEDIAN HOME IS AFFORDABLE IN WAKE FOREST 2015-2020
$115,908
$120,000
$101,719
$100,000
$80,000
$80,000
$65,000
$56,868
$60,000
$41,116
$40,000
2015
2016 2017
2018
2019 2020
Median Renter Income
Median Owner Income
Income Required for Median Home
Source: Zillow, American Community Survey (ACS) 5-Year
25
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