. Low Income Apartments For Rent in Wake Forest, North Carolina - Affordable Housing Online

Turnberry Apartments

755 S White St
Wake Forest, North Carolina
Subsidized
Senior
S. 202
Call For Rent
1 BR

Crenshaw Trace

987 Durham Rd
Wake Forest, North Carolina
Rent Assisted
LIHTC
1 BR

Ridgewood Apartments

1018 Wait Avenue
Wake Forest, North Carolina
Rent Assisted
LIHTC

Glen Royal Mill

876 North Main Street
Wake Forest, North Carolina
Rent Assisted
LIHTC

Huntington Spring

1887 S Franklin ST
Wake Forest, North Carolina
Rent Assisted
LIHTC
Call For Rent
1-2 BR

Ridgewood Apartments

1008 Wait Ave
Wake Forest, North Carolina
Rent Assisted
LIHTC

Creekside Apartments

341 S Franklin St
Wake Forest, North Carolina
Rent Assisted
LIHTC

Forest Ridge I

320 S Franklin St
Wake Forest, North Carolina
Subsidized
Rent Assisted
Senior
Supportive
S. 515 Rural
RDRA

Royall Mill Apartments

876 N Main St
Wake Forest, North Carolina
Rent Assisted
LIHTC

Heritage Crossings Senior Apartments

3116 Harpers Ferry Ct
Wake Forest, North Carolina
Rent Assisted
LIHTC

Massey Apartments

701 N Wingate St
Wake Forest, North Carolina
Subsidized
Public Housing
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There are 332 low-income apartments in Wake Forest that offer reduced rents to eligible households.

Rental assistance programs support 241 low-income homes in Wake Forest where households pay rent based on how much they earn. For 2023, elgible households participating in federally assisted housing pay an average of $366 towards rent each month.

Affordable rent data for some communities last confirmed on March 27th, 2023. Subdsidized rents typically change once a year based on federal guidance.

Wake Forest, North Carolina Affordable Housing Data

Income Based Apartments in Wake Forest, North Carolina

Wake Forest features 241 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 332 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 $1,271 and $1,553.

2023 Wake Forest, North Carolina Fair Market Rents and Housing Choice Voucher Payment Standards

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 Forest, North Carolina Fair Market Rent $1,213 $1,250 $1,412 $1,733 $2,293
Wake Forest, 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.

Wake Forest, NC Affordable Housing Snapshot

Total Affordable Apartment Properties 11
Total Low Income Apartments 573
Total Housing Units with Rental Assistance 241
Percentage of Housing Units Occupied By Renters 27.44%
Average Renter Household Size 2.42
Average Household Size 2.86
Median Household Income $80,978 ±$7,103
Median Rent $962 ±$47
Percentage Of Renters Overburdened 42.18% ± 6.64pp
Total Population 34,786

Population and Household Demographics

Wake Forest is a city in Franklin County, North Carolina with a population of 34,786. There are 11,995 households in the city with an average household size of 2.86 persons. 27.44% of households in Wake Forest are renters.

Income and Rent Overburden in Wake Forest

The median gross income for households in Wake Forest is $80,978 a year, or $6,748 a month. The median rent for the city is $962 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Wake Forest, a household making less than $3,207 a month would be considered overburdened when renting an apartment at or above the median rent. 42.18% of households who rent are overburdened in Wake Forest.

Area Median Income In Wake Forest

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.

HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Wake Forest, the AMI is calculated from all households within Franklin County.

In Wake Forest, 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 in Wake Forest

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.

Income Qualifications for HUD Rental Assistance in Wake Forest

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 Forest AMI may qualify for rental assistance programs that target Extremely Low Income households.
$23,800 $27,200 $30,600 $34,000 $36,750 $40,280 $45,420 $50,560
50% AMI Income Limits
Renters earning up to 50% of the Wake Forest AMI may qualify for rental assistance programs that target Very Low Income households.
$39,700 $45,350 $51,000 $56,650 $61,200 $65,750 $70,250 $74,800
80% AMI Income Limits
Renters earning up to 80% of the Wake Forest AMI may qualify for rental assistance programs that target Low Income households.
$63,500 $72,550 $81,600 $90,650 $97,950 $105,200 $112,450 $119,700