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32 <br /> housing affordability.Without decisive action, many residents may face housing instability, <br /> undermining the county's long-term economic and social well-being. <br /> Is there sufficient housing for households at all income levels? <br /> The data clearly indicate that Orange County does not have an adequate supply of housing units for <br /> households earning below 30%of the Area Median Income (AMI) (extremely low-income) and those <br /> earning below 50%of AMI (very low-income).These income groups face the most significant <br /> barriers in securing stable, affordable housing, as the private market does not produce enough <br /> units at rents they can afford without substantial subsidies. <br /> How is affordability of housing likely to change considering changes to home values and/or <br /> rents? <br /> In recent years, housing prices in Orange County have risen at a much faster rate than incomes, <br /> further compounding the county's ongoing affordability crisis.This growing disparity has made it <br /> increasingly difficult for low-and middle-income workers to find housing within the communities <br /> where they work.With housing stock remaining low and new development not keeping pace with <br /> demand,this trend is expected to persist over the next five years, leading to a further reduction in <br /> the number of housing units affordable to local workers. <br /> The limited availability of housing—particularly affordable housing—combined with rising costs is <br /> already forcing more individuals and families to seek housing in surrounding rural counties,where <br /> housing remains more affordable. <br /> How do HOME rents/Fair Market Rent compare to Area Median Rent?How might this impact <br /> your strategy to produce or preserve affordable housing? <br /> As of Fiscal Year 2024, Fair Market Rents (FMRs) in the Durham-Chapel Hill HUD Metro FMR Area, <br /> which includes Orange County, have increased significantly,with rents set at$1,385 for <br /> efficiencies,$1,418 for one-bedroom units,$1,631 for two-bedroom units, $2,051 for three- <br /> bedroom units, and $2,510 for four-bedroom units.These figures represent a substantial increase <br /> from previous years,with the FMR for a two-bedroom unit rising by 24.03%from 2023. <br /> Comparatively,the median gross rent in Orange County during 2019-2023 was$1,387, reflecting a <br /> widening gap between affordable rent levels and market-rate costs. Furthermore, HOME Rent <br /> Limits remain considerably lower than current FMRs,with Low HOME Rents ranging from$927 for <br /> an efficiency to$1,536 for a four-bedroom unit, and High HOME Rents between $1,185 and $1,940, <br /> making it increasingly difficult for low-income households to secure stable housing.This trend <br /> highlights growing affordability challenges in Orange County, as rising rents continue to outpace <br /> both median incomes and existing affordability programs, placing a greater burden on low-and <br /> moderate-income residents. <br /> Discussion <br /> 29 <br />