Ask anyone in Raleigh—house hunting right now is a nightmare. But according to a new report by United Way of the National Capital Area, finding an affordable home here is still easier than finding one in Miami, Atlanta, or Virginia Beach.
In the nonprofit’s evaluation of the supply of affordable apartments, Raleigh had a deficit of 19,299. That means there are nearly 20,000 families making less than 50 percent of the area median income who can’t find an affordable apartment.
Still, Raleigh’s supply of affordable apartments is better than other cities nationwide. The city ranks third among those with the smallest shortages. Proportionally, Raleigh has 71 affordable apartments available for every 100 low-income families.
Miami, on the other hand, has only 24 affordable apartments per 100 families. Similarly, Atlanta has only 51 rentals available for 100 families, and Virginia Beach has only 54 available.
Have no doubt, the situation is still bad. Minimum wage workers in Raleigh have to work 112 hours per week to afford a two-bedroom apartment at the average market price. Workers making average wages also have to work more than a full work week (44 hours) to afford a place to live, according to the report.
To rent an average one-bedroom apartment, people living in Raleigh have to make at least $42,120 per year, while for a two-bedroom, they have to make at least $48,000 per year.
While there’s some good news from this report—the housing crisis here hasn’t gotten as bad as in some other places—the ultimate takeaway is the same. The shortage of affordable apartments is hitting low-income families the hardest.
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