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Agenda - 04-15-2008-3d
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Agenda - 04-15-2008-3d
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8/29/2008 3:25:09 PM
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8/28/2008 9:59:14 AM
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BOCC
Date
4/15/2008
Document Type
Agenda
Agenda Item
3d
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Minutes - 20080415
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\Board of County Commissioners\Minutes - Approved\2000's\2008
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. Oran a Coun North Carolina - AIFCH - 2007 <br />9 tY~ <br />complete listing of the 2006 Metropolitan Area Occupation Employment and Wage Estimates is <br />included in the Appendix to this report. <br />Using the 10 largest employment groups as reported by the Bureau of Labor Statistics for the <br />Metropolitan Statistical Area in 2006, we can gain reliable insight into how much housing <br />expense workers in various occupations can afford. <br />The most populated occupations, Office and Administrative Support Occupations and Sales and <br />Related Occupations, are among the lowest in terms of mean hourly wage and mean annual <br />wage, $15.11/$31,430 and $15.84/$32,940.' <br />Based on the LISC 30% standard, employees in these occupations would require at least two <br />incomes to purchase an affordable home (Graph 4.1). Only five occupations can afford to own a <br />home on a single income: Management, Computer/Math, Science, Business/Financial and <br />Architects/Engineers. Accountants, bookkeepers, truck drivers, computer operators, executive <br />secretaries and registered nurses would not qualify for an average-priced home. <br />Nine occupations earned between one-half and two-thirds. Thirteen earned less than half of the <br />annual income needed. <br />NOTE: The average-sale-priced home is the mathematical average of all homes sold in Orange <br />County during calendar year 2005. The "Annual Income Needed" to qualify for a mortgage was <br />calculated using the average interest rate prevailing in 2006, assuming a 10% down-payment, <br />minimal debt, reasonably good credit, the use of private mortgage insurance. It also includes <br />estimated PITT (principal, interest, taxes and insurance). <br />The situation is similar for renters. According to HUD, the Orange County FMR for a one- <br />bedroom was $700 per month, for atwo-bedroom $785 per month and for athree-bedroom <br />$1,026 per month. The Mean Hourly Wage Needed to Afford was $13.46, $15.10 and $19.73 for <br />one-, two- and three-bedroom apartments, respectively. <br />Only 15 occupations earned the "Mean Hourly Wage Needed to Afford" aone-bedroom <br />apartment. For atwo-bedroom apartment, the number was twelve. For aone-bedroom <br />apartment, the number was eight. Seven occupations did not earn enough to afford even aone- <br />bedroom apartment. Ultimately, affordable housing is not only a question of bottom line <br />economics, but of equity. The housing cost and wage review in this section attempts to put a <br />face on the affordable housing problem confronting many working families. <br />5.0 LOCAL. FAIR HOUSING PROGRAMS AND ACTIVITIES <br />The Office of Human Rights and Relations is responsible for enforcing the County's Civil Rights <br />Ordinance, as well as federal Fair Housing laws. It also provides educational programs, <br />AAnnual wages are calculated by multiplying the hourly mean wage by a "year round, full time" <br />11 <br />
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