What HUD offices serve Wake County, North Carolina?
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.
Go to the North Carolina Public Housing and Low-Income Apartments Waiting Lists page for openings near Wake County.
How many renters live in Wake County, North Carolina?
The County of Wake County has 1,175,021 people living in 445,464 households.
There are 341,934 renters living in 156,686 renter households in this County. Renters make up 29.1 percent of the population living in Wake County.
What is the rental market like in Wake County, North Carolina?
There are an estimated 493,222 housing units in the Wake County area. Of these, 191,836 units are rental homes, making up 39 percent of the housing market. For every renter household in Wake County, North Carolina, there are 1 rental units.
What is the vacancy rate for rentals in Wake County?
The rental vacancy rate in Wake County is 16 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Wake County for each bedroom size?
Occupied Rental Units by Size in Wake County
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 6,573 | 39,261 | 64,240 | 33,980 | 10,925 |
Occupied Rental Units by Size in Wake County
A large number of apartments in Wake County 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 County are overburdened by housing costs?
Among renter households in this market, 47 percent have housing cost burden. Further, 22 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 County
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 County, North Carolina
How many units are rented at Fair Market Rent (FMR) in Wake County?
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 | 4,350 | 66 percent |
| One BR | 26,581 | 68 percent |
| Two BR | 35,087 | 55 percent |
Rental Units Below FMR in Wake County, North Carolina
How many affordable rental units are in Wake County?
There are a variety of federal affordable housing programs serving households in Wake County, North Carolina including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 12,785 |
| Public Housing | 1,582 |
| Section 8 Project-Based Rental Assistance | 948 |
| Mod Rehab Project-Based Rental Assistance | 46 |
| Section 202 Supportive Housing for the Elderly | 153 |
| Section 811 Supportive Housing for Persons with Disabilities | 59 |
| USDA Section 515 Rural Rental Housing | 605 |
Tracked Units by Federal Program in Wake County, North Carolina
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Wake County, North Carolina
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.
Low Rent Apartments in Wake County, North Carolina
There are 7,966 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Wake County.
Housing Choice Vouchers in Wake County, North Carolina
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 $1,481 and $1,811.
Sourced from federal housing data and AffordableHousingOnline.com research.
