Report reveals affordable rental shortage in NHC - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

Report reveals affordable rental shortage in NHC

Posted: Updated:
The Housing Wage for the Wilmington Metro area is $15.52 – however, the Housing Wage overall for the state of North Carolina $13.62. The Housing Wage for the Wilmington Metro area is $15.52 – however, the Housing Wage overall for the state of North Carolina $13.62.

WASHINGTON (WECT) – According to a release from the North Carolina Housing Coalition, a new national report released Tuesday, entitled Out of Reach 2012: America's Forgotten Housing Crisis, shows that more than half of renters in and near Wilmington do not earn enough money to afford a two-bedroom unit at the Fair Market Rent.

The Housing Wage is the wage that full-time working family members need to earn to be able to "afford the rent and utilities for a safe and modest home in the private housing market."

The Housing Wage for the Wilmington Metro area is $15.52 – however, the Housing Wage overall for the state of North Carolina $13.62.

To afford a "modest," two-bedroom apartment, at least two family members must be working full-time at minimum wage, or one full-time member must be working at least 84 hours each week.

On average, a Wilmington renter makes approximately $10.84 per hour. Therefore, that amount falls $4.68 short from the hourly wage necessary to afford a standard apartment in the area.

According to the report, "households that make 30 percent of the area median income in Wilmington can only afford to pay $456 in rent."

Currently, over 40 percent of households in New Hanover County are renters.

"Data from Out of Reach supports what we know about North Carolina: low income families are still struggling to find decent and affordable housing in communities across the state," said Chris Estes, executive director for the NC Housing Coalition, in a statement. "While we work to rebuild our economy after the recession, we cannot forget the low income families across America whose basic housing needs continue to be unmet."

The report was compiled and released by both the National Low Income Housing Coalition in Washington, DC and the NC Housing Coalition.

Copyright 2012 WECT. All rights reserved.

Powered by WorldNow