Affordable Housing Crisis in North Carolina

 A new study shows more of the housing market picture, and what it shows is concerning for anyone wanting to live in the Triangle.

Triangle MLS recently revealed that a family in the Triangle living on a median household income earns just 70 percent of what they need to comfortably buy a house. Executive Director Matt Fowler said there's not enough supply in the Triangle to bring prices down, and he doesn't expect things to become much more affordable over the next year.

Mortgage rates could drop to 5 percent by the summer and that could help the market a bit, but the rates will only get the market so far. So if you can't buy a home, what about renting? Well, that's not any easier in the Triangle.

Data from Zumper show the median price for a 2 bedroom in Raleigh is more than $1,500, which signifies a 7 percent jump from last year. A two bedroom in Durham sits at nearly $1,600, which marks a 10 percent jump from 2022.

Local governments are trying to address the affordable housing crisis. The City of Raleigh, for instance, has amended its zoning code to allow for more density building to help the Missing Middle and has a goal of creating 5,700 affordable housing units by 2026.  But more needs to be done. 

Low-cost Rental Housing in Charlotte is fast disappearing as well. According to the city’s Housing and Neighborhood Services Department, 32,000 affordable units are needed to meet the need. First Presbyterian Church leadership is looking at creative ways it can make the best use of the resources they have to help.

First Presbyterian Church of Charlotte hosted a faith-in-housing summit Sunday afternoon. It brought together several affordable housing experts from the area. Panelists say although the process is complex providing land for affordable housing developments is something churches in charlotte have already started doing.