Agenda - 04-15-2008-3d - Laserfiche WebLink

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