RALEIGH – A report issued Tuesday found most of North Carolina’s renters earn less than the hourly wage needed to afford a modest unit.
Titled, “Out of Reach 2015,” the findings were jointly released by the National Low Income Housing Coalition, a Washington, D.C.-based research and advocacy group, and North Carolina Housing Coalition.
To afford a modest, two-bedroom apartment at Fair Market Rent in Buncombe County, renters need to earn $16.48 per hour, the report states. The mean renter wage in the region is $12.16 a hour, more than $4 less than the hourly wage needed to afford a modest two-bedroom unit.
More people in North Carolina are choosing to rent because they see it as a more feasible option than homeownership, said Satana Deberry, executive director of the North Carolina Housing Coalition. But, that also drives up rents and makes it more difficult for low-wage workers to find housing, she said.
This is especially true in places like Asheville and the Outer Banks where tourism drives the economy, Deberry added. In those environments, rental units on the market are often out of reach for the minimum wage workers who help sustain that type of economic growth, she said.
“Asheville faces a lot of challenges, but it is one of the communities in the state that is trying to address those challenges,” said Deberry. “This report just makes it clear how urgent the need is in Buncombe County and throughout the state.”
Statewide, typical renters in North Carolina earn $12.96 an hour, which is $1.72 less than the hourly wage needed to afford a modest two-bedroom unit.
North Carolina’s housing wage was set at $14.68 per hour in 2015. The state is the 33rd most expensive state in the nation for renters.
Every year, Out of Reach documents the Housing Wage for all states, counties, and metropolitan areas. The report presents housing costs nationwide, highlighting the gap between what renters earn and what it costs to afford rent at fair market value.
For more information, visit www.nlihc.org.
Leave a Reply