Agenda - 11-21-2013 - 1 - Laserfiche WebLink

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Attachment V 16 • Of 19,582 residents in Carrboro, 14.4% are students and 23.7% are foreign -born. • There are 9,408 housing units in Carrboro, of which 36% are owner - occupied and 64% are renter - occupied. As a comparison, Chapel Hill's housing units are 48% owner - occupied and 52% renter - occupied. • Area median income for a family of four in Carrboro is $63,308, higher than in North Carolina overall ($59,872) but lower than in Chapel Hill ($75,178) and Orange County ($68,700). Eighty percent of Carrboro's area median income is $50,646, which is the figure that the US Department of Housing and Urban Development would consider as low income in its definition of affordable housing for a qualified family of four. • The fair market rent for a two - bedroom apartment in Carrboro and Chapel Hill is $864 per month, which contrasts with the statewide fair market rent of $709. • The mean renter wage in Carrboro is $9.67 per hour, much lower than the statewide mean renter wage of $12.11. At this wage, a head of household must work 62 hours per week to afford a two - bedroom apartment at the fair market rent. • Not surprisingly, 53% of renters in Carrboro are cost - burdened, meaning they spend more than 30% of their wages on housing costs. Similarly, 55% of homeowners are cost- burdened by their housing. • Thirty percent of Carrboro workers commute to employment outside Orange County. More than 4,000 workers commute to Orange County in order to work. Trends in Housing and Affordability Locally and Nationally In addition to considering data, participants aired and discussed the following local and national trends that are making affordable housing an increasingly urgent concern: Local Trends • Rental housing is going condo • Slow movement on real opportunities, • Flat wages yet housing costs rising such as the Green tract • Lack of affordable land and buildable lots • Low quality of affordable units • Growing immigrant population • Lack of retail /commerce for people with • 'Small' housing does not equal lower incomes 'affordable' housing • Lower income people require access to • Density is needed for successful transit —areas being developed don't development of affordable housing necessarily have this. • Desirability of the area (transit, green, • Gentrification schools) leads to higher cost housing. • Increased reliance on finance and • Lack of infrastructure due to OWASA developers role services boundary • Permitting process is a cost restriction • Reduced minority ownership • Big rental management companies are • Property taxes are high driving up rental costs. Page 1 2