HOUSING AFFORDABILITY
Much of the recent residential growth in Wake Forest has created a mix of new single-family and multifamily neighborhoods, such as Heritage and Traditions. These developments exhibit high-quality architecture, well-connected sidewalks, and ample landscaping. Although these developments are highly desirable, the added cost of amenities and infrastructure contributes to the high cost of housing in Wake Forest and has lead to a shortage of homes priced for households earning at or below the median area income. There is a strong need to increase housing choices and attainability for all income groups, stages of life, and backgrounds, particularly near job centers and transit to reduce transportation cost burdens. This will help ensure Wake Forest continues to be welcoming to all and existing residents can remain in the place they call home.
TOWN OF WAKE FOREST
| COMMUNITY PLAN UPDATE
Affordable Housing Plan The Town is currently developing a new Affordable Housing Plan, anticipated to be adopted in 2022, which will provide tools and strategies for improving housing affordability within Wake Forest. The existing conditions analysis phase of the project identifies a 61% increase in home prices since 2015 due to rapid growth and increasing housing pressures. It also identifies that low- and very low-income renters (below $40,000 household income) are particularly cost burdened, with single-parents, seniors, and minorities disproportionately impacted. Key barriers include high demand for resident amenities that increases building cost, limited zoning for multifamily development by-right, and a lack of older rental housing options to meet the needs of moderate to lower income rental housing. To improve housing equity and affordability for all, the Town should prioritize implementing the Affordable Housing Plan once it is complete.
GREATER EQUITY THROUGH HOUSING DIVERSITY
Throughout the public engagement process, the need for greater housing choices for middle- and lower-income residents was expressed, as well as for target demographics like young professionals, new families, minorities, and seniors. Smaller unit sizes and rentals are critical for providing housing options for residents who may not be able to afford owning a single-family detached home at their current stage of life or who wish to downsize. Higher density, smaller unit housing types will play an important role in addressing this need, increasing housing equity, inclusivity, and livability in Wake Forest.
Note: A household is considered cost burdened when more than 30% of its gross income is spent on housing costs.
REVISED DRAFT 3/2/2022
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