EXISTING CONDITIONS: HOUSING
Town of Wake Forest | HOUSING AFFORDABILITY PLAN
Housing Needs
FIGURE 35: CHANGE IN OWNER COST BURDEN BY RACE AND ETHNICITY IN WAKE FOREST 2015-2019
Wake Forest is currently seeing isolated instances of displacement but is at risk of greater displacement. Forced displacement has occurred in isolated incidents, such as in the sale and pending re-development of Wellington Park, Wake Forest's only mobile home park. As undeveloped land is increasingly unavailable in Wake Forest, developers will look to purchase land that can be re-developed, which often contains older housing stock that is not covered by a historic district. Pressured displacement is at risk of occurring for older homeowners and long-term residents who are experiencing growth in property taxes and are often living on fixed incomes. Based on the findings of the assessment and the community survey, there are two household groups who may be at risk of displacement if market pressure continues to build without affordable housing options: low-income renters facing severe housing cost burden (Figure 31), particularly senior renters; and senior homeowners, particularly Black senior homeowners. Black homeowners in general are facing a faster rate of cost burden increase (24%), which can lead to pressured displacement (Figure 35).
As owner cost burden increases, it is more likely that households will be forced to leave for more affordable housing options.
24%
17%
9%
3%
White
Black
Asian
Hispanic
Source: American Community Survey (ACS) 5-Year, Public Use Microdata (PUM)
FIGURE 36: WAKE FOREST PUBLIC SURVEY RESPONSES 2021
Public survey results help illustrate the racial disparity in the housing market: Share of survey respondents who struggle to find housing in the neighborhood they want to live in: 35% 63% WHITE RESPONDENTS BLACK RESPONDENTS VS.
THE TAKEAWAY
Rental affordability, access to homeownership, and displacement pressure are the three major challenges facing the Wake Forest housing market. All three challenges disproportionally impact Black, lower income and older Wake Forest residents.
Source: Wake Forest Housing Affordability Plan Public Survey
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