How many renters live in Wallace, North Carolina?
The City of Wallace has 3,443 people living in 1,664 households.
There are 1,175 renters living in 675 renter households in this City. Renters make up 34.13 percent of the population living in Wallace.
What is the rental market like in Wallace, North Carolina?
There are an estimated 1,819 housing units in the Wallace area. Of these, 675 units are rental homes, making up 37 percent of the housing market. For every renter household in Wallace, North Carolina, there are 1 rental units.
What is the vacancy rate for rentals in Wallace?
The rental vacancy rate in Wallace is 0 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 Wallace for each bedroom size?
Occupied Rental Units by Size in Wallace
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 287 | 122 | 142 | 0 |
Occupied Rental Units by Size in Wallace
A large number of apartments in Wallace 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 Wallace are overburdened by housing costs?
Among renter households in this market, 35 percent have housing cost burden. Further, 10 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 Wallace
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $683 to $1,203. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $683 |
| One BR | $687 |
| Two BR | $903 |
| Three BR | $1,092 |
| Four BR | $1,203 |
2024 Fair Market Rents in Wallace, North Carolina
How many units are rented at Fair Market Rent (FMR) in Wallace?
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 |
| One BR | 265 | 92 percent |
| Two BR | 99 | 81 percent |
Rental Units Below FMR in Wallace, North Carolina
How many affordable rental units are in Wallace?
There are a variety of federal affordable housing programs serving households in Wallace, North Carolina including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 72 |
| USDA Section 515 Rural Rental Housing | 166 |
Tracked Units by Federal Program in Wallace, North Carolina
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Wallace, North Carolina
Wallace features 166 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 Wallace, North Carolina
There are 48 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Wallace.
Housing Choice Vouchers in Wallace, North Carolina
On average, Section 8 Housing Choice vouchers pay Wallace landlords $600 per month towards rent. The average voucher holder contributes $300 towards rent in Wallace.
The maximum amount a voucher would pay on behalf of a low-income tenant in Wallace, North Carolina for a two-bedroom apartment is between $813 and $993.
Sourced from federal housing data and AffordableHousingOnline.com research.
