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4 <br />Affordable Housing Needs at a Gldnc® <br />The data presented below demonstrate that affordable owner-occupied and rental <br />housing for very-low income (~ 30°~ of median income); low-income (309'°-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 atotal-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 <br />households <br />36% <br />f74% <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 b worker would have to earn per hour in order to be <br />able to work 40 hours per week and afford atwo-bedroom unit at the area's Fair <br />Market Rent (FMR). The current FMR is 282% of the present minimum wage ($5.15 per <br />hours or 172% of the Orange County Ilvlna wage (58.45). <br /> H ousln Wa e <br />Location Hourly Wage Needed to Percent As % of Minimum Wage <br /> °Afford Change ($5.15/hr.) <br /> @ 40 hrs./wk. in 2BR <br /> O.ne BR Two BR Three Housing One BR .Two BR Three <br /> FMR FMR BR FMR Wage FMR FMR 13R FMR <br /> (1999- <br /> 2000 ' <br />North 58.60 $10.16 $13.58 1.80% 167°,6 197% 264% <br />Carolina <br />Orange $12.37 $14.52 $19.48 14.57% 240% 282% 378°~ <br />Coun <br />Source: National Low Income Housing Coalition <br />