DRAFT Morrisville Affordable Housing Plan, September 23, 2019 version

DRAFT SEPTEMBER 23, 2019

PART 1 | The Regional Market

AFFORDABILITY FOR RENTERS

Gap between Renter Units and Renter Households by Income, 2017

Lower-income households unable to find low-cost units must pay more than they can afford

Renters

Income Range

Affordable Units

57,778 24,451 -33,327 Deficit

Gap analysis for rental units in the Raleigh- Durham region reveals the following:

Less than $20,000

There is a deficit of rental units affordable to households earning less than $20,000 per year and households earning $75,000 or more. There is an excess of units available to households in the middle, earning $20,000-$74,999. Households earning less than $20,000 can only afford $500 per month in rent, but the private sector struggles to provide such low-cost units because rents at that level cannot cover the costs of owning the units. It is no surprise then, that there are not enough units in that price range. For higher-income households earning $75,000 or more, there are not enough rental units available that will absorb 30% of their gross income. The excess of units in the middle reflects the pricing in the regional market, where the vast majority of units rent for $500-$1,250 per month, with a median rent of $980. This means lower-income households unable to find low- cost units must pay more than they can afford while upper- income households get a relative bargain by paying less than they could afford.

50,218 77,189

$20,000-$34,999

+26,971 Surplus

43,461 90,473

+47,012 Surplus

$35,000-$49,999

45,662 48,980

$50,000-$74,999

+3,318 Surplus

45,662 8,438 -43,974 Deficit

$75,000+

Source: czb analysis of 2000 Census and 2013-2017 American Community Survey data

Upper-income households get a relative bargain by paying less than they could afford.

Affordable Housing Plan for Morrisville, NC | 2019

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