Wake County plans $24M for affordable housing amid rising costs and homelessness crisis

Wake County officials are taking significant steps to address the growing affordable housing crisis in the community, as highlighted in a recent government meeting. The discussions underscored the urgent need for more affordable housing options and services to support residents struggling with rising costs.

Over the past five years, rental costs in Wake County have surged by 37%, while incomes have only increased by 31%. This disparity has left many residents, particularly those earning less than 50% of the median income, facing severe financial burdens. Approximately 83% of these renters are spending more than 30% of their income on housing, a situation that is increasingly unsustainable.

The meeting revealed that homeowners are also feeling the pinch, with single-family home values rising by 51%. More than a quarter of homeowners earning less than 80% of the median income are now cost-burdened, highlighting the widespread impact of the housing crisis across various demographics, including low and middle-income workers, families, and individuals.

To combat these challenges, officials are proposing a comprehensive plan that includes both long-term and short-term solutions. The plan aims to develop more affordable housing while providing immediate financial assistance and support services to those in need. The county expects to allocate around $24 million over the next five years from federal funding sources, including the Community Development Block Grant and the Home Investment Partnership Grant.

Community partners, including organizations like DHIC and Habitat for Humanity, voiced their support for the proposed plans during the public hearing. They emphasized the importance of federal funding in creating safe and stable housing options, as well as the need for continued advocacy for increased investment in affordable housing initiatives.

As Wake County moves forward with its strategic plan, the focus remains on preserving existing affordable housing, reducing barriers to housing access, and supporting low to moderate-income residents. The collaborative efforts of local government and community organizations aim to ensure that all residents have access to safe and affordable housing, ultimately fostering a more equitable and vibrant community.