DRAFT Morrisville Affordable Housing Plan, September 23, 2019 version

DRAFT SEPTEMBER 23, 2019

PART 2 | The Morrisville Market

MORRISVILLE 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

249

Gap analysis for rental units in Morrisville reveals the following:

-196 Deficit

Less than $20,000

53

There is a deficit of rental units affordable to households earning less than $20,000 per year and households earning $50,000 or more. There is an excess of units available to households in the middle, earning $20,000-$49,999. 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. 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.

499

$20,000-$34,999

+282 Surplus

781

470

+2,176 Surplus

$35,000-$49,999

2,646

936

-243 Deficit

693

$50,000-$74,999

2,361

342 -2,019 Deficit

$75,000+

Source: czb analysis of 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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