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• 4 <br /> • <br /> Affordable Housing Needs at a Glance <br /> The data presented below demonstrate that affordable owner-occupied and rental <br /> housing for very-low income (< 30% of median income); low-income (30%-50% of <br /> median income); and moderate-income (51%-80%of median income) working families <br /> has become increasingly less accessible in recent years. In addition, the current pace <br /> of affordable housing construction, maintenance, and rehabilitation is dramatically <br /> lagging behind the growing need. This is especially true for affordable rental units. <br /> > There are approximately 44,854 households in Orange County, 58% owners and 42% <br /> renters. <br /> RENTAL HOUSING <br /> • Of a total 18,839 rental households, approximately 6,697 are paying more than 30% <br /> of their income for housing costs and 4,455 households are paying more than 50% of <br /> their income for monthly housing costs. <br /> Rental Households <br /> Pay more <br /> than 30% <br /> income for <br /> rent <br /> Other rental 36% <br /> households <br /> 64% <br /> Source: Karnes Research Company <br /> • The Housing Wage in Orange County is $14.52, higher than the North Carolina wage <br /> of $10.16. This is the amount a worker would have to earn per hour in order to be <br /> able to work 40 hours per week and afford a two-bedroom unit at the area's Fair <br /> Market Rent (FMR). The current FMR is 282% of the present minimum wage ($5.15 <br /> per hour) or 172% of the Orange County living wage ($8.45). <br /> Housing Wage <br /> Location Hourly Wage Needed to Percent As % of Minimum Wage <br /> Afford Change ($5.15/hr.) <br /> (@ 40 hrs./wk.) in 2BR <br /> One BR Two BR Three Housing One BR Two BR Three <br /> FMR FMR BR FMR Wage FMR FMR BR FMR <br /> (1999- <br /> 2000) <br /> North $8.60 $10.16 $13.58 1.80% 167% 197% 264% <br /> Carolina <br />