Low Income Apartments and Affordable Housing For Rent in Wake Forest, NC

Discover affordable housing in Wake Forest where there are 11+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Turnberry Apartments

755 S White St, Wake Forest, North Carolina 27587

Crenshaw Trace

987 Durham Rd, Wake Forest, North Carolina 27587

Ridgewood Apartments

1018 Wait Avenue, Wake Forest, North Carolina 27587

Glen Royal Mill

876 North Main Street, Wake Forest, North Carolina 27587

Huntington Spring

1887 S Franklin ST, Wake Forest, North Carolina 27587

Ridgewood Apartments

1008 Wait Ave, Wake Forest, North Carolina 27587

Creekside Apartments

341 S Franklin St, Wake Forest, North Carolina 27587

Forest Ridge I

320 S Franklin St, Wake Forest, North Carolina 27587

Royall Mill Apartments

876 N Main St, Wake Forest, North Carolina 27587

Heritage Crossings Senior Apartments

3116 Harpers Ferry Ct, Wake Forest, North Carolina 27587

Massey Apartments

701 N Wingate St, Wake Forest, North Carolina 27587

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Wake Forest, North Carolina
$31.17/hour
$23.92 (+330%) more than North Carolina minimum wage and $23.92 (+330%) more than the Federal minimum wage.
Learn More About Wake Forest, North Carolina Affordable Housing ↓

How many renters live in Wake Forest, North Carolina?

The City of Wake Forest has 48,047 people living in 16,811 households.

There are 10,691 renters living in 4,456 renter households in this City. Renters make up 22.25 percent of the population living in Wake Forest.

What is the rental market like in Wake Forest, North Carolina?

There are an estimated 17,754 housing units in the Wake Forest area. Of these, 4,799 units are rental homes, making up 27 percent of the housing market. For every renter household in Wake Forest, North Carolina, there are 1 rental units.

What is the vacancy rate for rentals in Wake Forest?

The rental vacancy rate in Wake Forest is 6 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.

How many rental units are in Wake Forest for each bedroom size?

Occupied Rental Units by Size in Wake Forest
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
130 766 2,296 769 339
Occupied Rental Units by Size in Wake Forest

A large number of apartments in Wake Forest have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.

How many renter households in Wake Forest are overburdened by housing costs?

Among renter households in this market, 36 percent have housing cost burden. Further, 16 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.

The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.

How Much Is Rent in Wake Forest

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,427 to $2,711. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $1,427
One BR $1,466
Two BR $1,646
Three BR $2,035
Four BR $2,711
2024 Fair Market Rents in Wake Forest, North Carolina

How many units are rented at Fair Market Rent (FMR) in Wake Forest?

Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.

These are the approximate number of units renting below the FMR in this market:

Unit Size Count of Units Below FMR Percentage of Total Units Below FMR
Studio 104 80 percent
One BR 575 75 percent
Two BR 1,396 61 percent
Rental Units Below FMR in Wake Forest, North Carolina

How many affordable rental units are in Wake Forest?

There are a variety of federal affordable housing programs serving households in Wake Forest, North Carolina including the following:

Federal Program Unit Count
Low Income Housing Tax Credit 214
Public Housing 142
Section 202 Supportive Housing for the Elderly 38
USDA Section 515 Rural Rental Housing 88
Tracked Units by Federal Program in Wake Forest, North Carolina

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Wake Forest, North Carolina

Wake Forest features 215 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.

Low Rent Apartments in Wake Forest, North Carolina

There are 416 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Wake Forest.

Housing Choice Vouchers in Wake Forest, North Carolina

On average, Section 8 Housing Choice vouchers pay Wake Forest landlords $600 per month towards rent. The average voucher holder contributes $400 towards rent in Wake Forest.

The maximum amount a voucher would pay on behalf of a low-income tenant in Wake Forest, North Carolina for a two-bedroom apartment is between $1,481 and $1,811.

Sourced from federal housing data and AffordableHousingOnline.com research.