There are 7,966 low-income apartments in Wake County that offer reduced rents to eligible households. Low-income rents in Wake County, North Carolina can range from $404 to $1,285 depending on the number of bedrooms.
Rental assistance programs support 3,281 low-income homes in Wake County where households pay rent based on how much they earn. For 2023, elgible households participating in federally assisted housing pay an average of $345 towards rent each month.
Affordable rent data for some communities last confirmed on October 26th, 2023. Subdsidized rents typically change once a year based on federal guidance.
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
|Housing Authority of the County of Wake||Section 8 Housing Choice Voucher (HCV); Public Housing; Homeownership Voucher; Public Housing Homeownership; Family Self-Sufficiency|
|Raleigh Housing Authority||Section 8 Housing Choice Voucher (HCV); Public Housing|
Wake County features 3,281 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
There are 7,966 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Wake County.
On average, Section 8 Housing Choice vouchers pay Wake County landlords $700 per month towards rent. The average voucher holder contributes $300 towards rent in Wake County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Wake County, North Carolina for a two-bedroom apartment is between $1,271 and $1,553.
Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.
|Studio||One BR||Two BR||Three BR||Four BR|
|Wake County, North Carolina Fair Market Rent||$1,213||$1,250||$1,412||$1,733||$2,293|
|Wake County, North Carolina Payment Standard Range||$1,092 to $1,334||$1,125 to $1,375||$1,271 to $1,553||$1,560 to $1,906||$2,064 to $2,522|
Sourced from federal housing data and AffordableHousingOnline.com research.
|Total Affordable Apartment Properties||191|
|Total Low Income Apartments||11,319|
|Total Housing Units with Rental Assistance||3,281|
|Percentage of Housing Units Occupied By Renters||35.81%|
|Average Renter Household Size||2.39|
|Average Household Size||2.61|
|Median Household Income||$67,309 ±$866|
|Median Rent||$948 ±$6|
|Percentage Of Renters Overburdened||44.47% ± 1.39pp|
Wake County is a county in North Carolina with a population of 976,019. There are 364,669 households in the county with an average household size of 2.61 persons. 35.81% of households in Wake County are renters.
The median gross income for households in Wake County is $67,309 a year, or $5,609 a month. The median rent for the county is $948 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Wake County, a household making less than $3,160 a month would be considered overburdened when renting an apartment at or above the median rent. 44.47% of households who rent are overburdened in Wake County.
Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.
In Wake County, HUD calculates the Area Median Income for a family of four as $117,000
Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.
Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.
|1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% AMI Income Limits
Renters earning up to 30% of the Wake County AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Wake County AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Wake County AMI may qualify for rental assistance programs that target Low Income households.