Gap Between Wages and Rent Concerns NC Housing Coalition

From The Dispatch (Lexington):

According to a press release by the North Carolina Housing Coalition, 27 percent of Davidson County residences rent. Due to Davidson County’s mean renter hourly wage of $9.32, the average single adult can only afford $485 in rent taking into account their housing allowance is 30 percent of their monthly income. With Davidson County’s average two-bedroom modest housing unit at an average price of $620, it would take at least two contributing incomes or one individual working for 56 hours per week. These numbers for Davidson County are lower than the North Carolina average at $12.11 hourly wage, which is $1.52 per hour less than needed to afford a two-bedroom, fair market rent apartment.

This is the first year the data was compiled by American Communities Survey, instead of the 2000 Census data, and therefore the numbers cannot be compared to years past. Going forward, the fair market rent number will more accurately reflect the economy, said Anne Ehlers, communications coordinator for the N.C. Housing Coalition. In response to the data, Ehlers admits that the rental prices have been stable, but also points out that jobs have been eliminated or hours cut due to the economy therefore affecting an individual’s ability to afford a two-bedroom apartment.

Obviously the Triad’s unemployment and underemployment situation continues to be a concern, from the consumer and management standpoint.