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3 <br />Former, it is estimated that approximmely 12,280 fall households or forays County 144,854) <br />nstdered very low income, with incomes between 0.50 percent of median family income <br />Sere (MFU <br />HOUS6O AND COMh1UMTY <br />DEVELOFMIyNE NEEDS <br />Conditions <br />the high cost of homeownership has forced many families to purchase housing in other counties <br />and commute imh Orange County for work. 'I he inflation of the rental market by University of <br />North Cafollna-Chapel Hill (Usoc ") students has caused hardships for families with incomes <br />below 50 percent of MCI. largo rental units m panwlarly sooner <br />Market Conditions <br />Anna g to she Orange County Economic Development Commission, sae average new home <br />sales in 1999 was 8247,661, and for an existing home the pace was $200,601, To purchase this <br />new hot a low income; family of four person odd haw to spend approximately 79 times <br />their capped wages For a existing home, the family would have to spend approximately 6 4 <br />times heir annual wages. by ham of these instances, the lhappy need to have <br />money than they earn and is contrary well above the HUD me happy for affordable housing. <br />(I- SDepartment of HUD standanS define affordable owner occupied housing as purchasable at <br />25 to 3.0 times total family annual time) <br />The rental housing market, Intlacd by the ability of Unis roily of North Carolina at Chapel Hill <br />students able to pay cracker red is beyond she means of families with incomes below 50% of <br />the area median. In 200q it estimates that rental units represent 43% of the c wry-wide <br />housing market and approxunutely 67% of than rental households ref erenw tar extreme cost <br />burden paying between 30% to 50% oftheir income for rental hearing <br />Each year, DUD publishes existing housing Fair Market Rents (FMFS) for metropolitan areas <br />amid non metropolitan counties in the country. these FMRS ae based on the fortieth percentile <br />of standard quality mental units occupied by recent m Poblie housing units, newly <br />constructed uN6 and substandard units are excluded from the calculations. PMRS are <br />, <br />established by colt slmo (numbs of bedmomr)nd indvde an allowance For utilities. <br />Terecronce in Orange County has shown the local rants often tun an average of 15 m 20 percent <br />higher than those MID published rates, which explains why such a high percentage (35%) pay <br />more than 50% of their income for rental housing costs. <br />For famines coming 80% or mote than the County madmn monthly family 'income of 54.022 <br />woman a multi -bedroom apartment is relatively easy given that they are able to locale units with <br />3 or more bedrooms. Larger apartments are in mladve sanctity because the rental market is <br />oriented toward providing Shared rental bounce. The most recent County data estimates that <br />24%ofWd County's coal properties contain t'att OI more bedrooms <br />For families canning 50% or less than the median monthly income the primary approach is not <br />finding a emal unit but rather affording one, In 2900, the upper level income limit for a low- <br />income family of four was 529,740. For these families renting a Farm bedroom dwelling wit in