Turnberry Apartments
Huntington Spring
There are 416 low-income apartments in Wake Forest that offer reduced rents to eligible households.
Rental assistance programs support 215 low-income homes in Wake Forest where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $366 towards rent each month.
Affordable rent data for some communities last confirmed on July 2nd, 2024. Subdsidized rents typically change once a year based on federal guidance.
Wake Forest, North Carolina Affordable Housing Data
Income Based Apartments in Wake Forest, North Carolina
Wake Forest features 215 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Wake Forest, North Carolina
There are 416 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Wake Forest.
Housing Choice Vouchers in Wake Forest, North Carolina
On average, Section 8 Housing Choice vouchers pay Wake Forest landlords $600 per month towards rent. The average voucher holder contributes $400 towards rent in Wake Forest.
The maximum amount a voucher would pay on behalf of a low-income tenant in Wake Forest, North Carolina for a two-bedroom apartment is between $1,481 and $1,811.
2024 Wake Forest, North Carolina Fair Market Rents and Housing Choice Voucher Payment Standards
Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.
| Studio | One BR | Two BR | Three BR | Four BR | |
|---|---|---|---|---|---|
| Wake Forest, North Carolina Fair Market Rent | $1,427 | $1,466 | $1,646 | $2,035 | $2,711 |
| Wake Forest, North Carolina Payment Standard Range | $1,284 to $1,570 | $1,319 to $1,613 | $1,481 to $1,811 | $1,832 to $2,239 | $2,440 to $2,982 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Wake Forest, NC Affordable Housing Snapshot
| Total Affordable Apartment Properties | 19 |
|---|---|
| Total Low Income Apartments | 639 |
| Total Housing Units with Rental Assistance | 215 |
| Percentage of Housing Units Occupied By Renters | 27.44% |
| Average Renter Household Size | 2.42 |
| Average Household Size | 2.86 |
| Median Household Income | $80,978 ±$7,103 |
| Median Rent | $962 ±$47 |
| Percentage Of Renters Overburdened | 42.18% ± 6.64pp |
| Total Population | 34,786 |
Population and Household Demographics
Wake Forest is a city in Franklin County, North Carolina with a population of 34,786. There are 11,995 households in the city with an average household size of 2.86 persons. 27.44% of households in Wake Forest are renters.
Income and Rent Overburden in Wake Forest
The median gross income for households in Wake Forest is $80,978 a year, or $6,748 a month. The median rent for the city is $962 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Wake Forest, a household making less than $3,207 a month would be considered overburdened when renting an apartment at or above the median rent. 42.18% of households who rent are overburdened in Wake Forest.
Area Median Income In Wake Forest
Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.
HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Wake Forest, the AMI is calculated from all households within Franklin County.
In Wake Forest, HUD calculates the Area Median Income for a family of four as $117,000
Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.
Rental Assistance in Wake Forest
Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.
Income Qualifications for HUD Rental Assistance in Wake Forest
| 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person | |
|---|---|---|---|---|---|---|---|---|
| 30% AMI Income Limits Renters earning up to 30% of the Wake Forest AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$23,800 | $27,200 | $30,600 | $34,000 | $36,750 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Wake Forest AMI may qualify for rental assistance programs that target Very Low Income households. |
$39,700 | $45,350 | $51,000 | $56,650 | $61,200 | $65,750 | $70,250 | $74,800 |
| 80% AMI Income Limits Renters earning up to 80% of the Wake Forest AMI may qualify for rental assistance programs that target Low Income households. |
$63,500 | $72,550 | $81,600 | $90,650 | $97,950 | $105,200 | $112,450 | $119,700 |
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