High rents make housing unaffordable for many in Wilmington - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

High rents make housing unaffordable for many in Wilmington

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Renters in Wilmington need to earn $15.73 per hour in order to afford a basic apartment. Renters in Wilmington need to earn $15.73 per hour in order to afford a basic apartment.

WILMINGTON, NC (WECT) – According to a report by the National Low Income Housing Coalition and the North Carolina Housing Coalition, renters in Wilmington need to earn $15.73 per hour in order to afford a basic apartment.

The report, "Out of Reach 2014" provides the Housing Wage and other housing affordability data for every state, metropolitan area, combined metropolitan area, and county in the country.

The Housing Wage is the hourly wage a family must earn, working 40 hours a week, 52 weeks a year, to be able to afford the rent and utilities for a safe and modest home in the private housing market.

The typical renter in Wilmington earns $10.92 per hour, which is $4.81 less than the hourly wage needed to afford a modest unit.

An estimated 53% of renters in Wilmington do not earn enough to afford a two-bedroom unit at the Fair Market Rent.

Additional Facts about the Wilmington Area:

  • 40% of all households in New Hanover County are renters.
  • The Housing Wage in New Hanover County is $15.73.
  • The Housing Wage in Pender County is $12.67.
  • The Housing Wage in Brunswick County is $15.73.
  • In New Hanover County, the cost of a two-bedroom apartment at Fair Market Rent is $818.
  • Households at 30% of area median income in the Wilmington metro can only afford to pay $440 in rent.

Additional Facts about North Carolina:

  • The typical renter in North Carolina earns $12.42 per hour, which is $1.95 less than the hourly wage needed to afford a modest unit.
  • North Carolinians across the state receiving Supplemental Security Income (SSI) can only afford to pay $216 per month in rent.
  • The Housing Wage in the Raleigh-Cary metropolitan area is $16.46.
  • The Housing Wage in the Charlotte-Gastonia-Concord metropolitan area is $15.63.

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