“Affordable housing” has been increasingly demanded of cities and towns across the country as the cost of renting or buying a home has skyrocketed–but what does “affordable” really mean?
Often, affordable housing refers to homes that are publicly or privately subsidized to meet the needs of lower-income families in markets with high housing demands. It is also possible that housing is unsubsidized but remains affordable by nature of its location, size, age, or condition. However, when supply is not meeting demand, as is happening in rapidly growing regions like the Triangle, this “naturally occurring affordable housing” becomes more scarce as prices rise across the board.
One measure that’s often used to determine who is in need of affordable housing is area median income (AMI). Given a list of every household income in an area ordered from lowest to highest, AMI would be the middle value. Affordable housing programs are generally targeted to households that earn below 80% AMI or lower.
Affordable housing leads to greater housing stability, which provides residents with:
- Increased family stability
- Improved education opportunities and career advancement
- Reduced risks of homelessness
- Community-wide vitality and economic growth
This is why Wake County has recognized a need for more housing and particularly more affordable housing in our rapidly growing region. Here we highlight some of the new affordable housing projects that are planned or under construction in Raleigh and around Wake County.
Many new affordable housing developments are located along the coming New Bern Bus Rapid Transit line so that residents can take advantage of fast, efficient public transportation to downtown Raleigh, WakeMed Hospital, or anywhere in between. This transit access can be especially beneficial for seniors and lower-income residents who don’t have access to a vehicle!
Milner Commons
Location: 1950 New Bern Ave
| City | Raleigh |
| Number of units | 156 |
| Population Focus | Senior (ages 55+) |
| Affordability | Residents at or below 60% AMI |
| Expected completion | Winter 2024 |
New Bern Crossings
Location: 3600 New Bern Ave
| City: Raleigh | Raleigh |
| Number of units | 192 (1, 2, and 3-bedroom homes) |
| Population Focus | Individuals and families at risk of or experiencing homelessness |
| Affordability | Residents at 30- 60% AMI |
Former DMV site
Location: 1100 New Bern Avenue
- City of Raleigh purchased the abandoned site from the state for $20 million in June 2023
- Initial ideas for the site include affordable and mixed-income housing units, commercial space, and potential services like a day care center
Washington Terrace
Location: Between St. Augustine’s campus and Raleigh Blvd
Washington Terrace was originally built in 1950 and is known as Raleigh’s first rental community for middle-class African American families and professionals. It was purchased from foreclosure in 2014 by the long-standing housing non-profit DHIC to “preserve and diversify housing options for people with limited incomes.” DHIC has since held a host of meetings and information sessions, engaging more than 350 residents and community leaders in the development of the Washington Terrace Master Plan. The result is a four-phase redevelopment plan in response to the needs and desires of the community.
| City | Raleigh |
| Phase 1: The Village at Washington Terrace | |
| Number of units Population focus Affordability Project status | 162 (1, 2, and 3-bedroom homes); garden and townhome style apartments Individuals and families At or below 60% AMI Completed 2018 |
| Phase 2: Booker Park North | |
| Number of units Population focus Affordability Project status | 72 (58 one-bedroom, 14 two-bedroom) apartment homes Seniors (ages 62+) At or below 60% AMI Completed 2019 |
| Phase 3: Booker Park South | |
| Number of units Population focus Affordability Project status | 68 (54 one-bedroom, 14 two-bedroom) apartment homes Seniors (ages 55+) At or below 60% AMI Construction began 2021 |
| Phase 4: Washington Terrace Townhomes | |
| Number of units Population focus Affordability Project status | 58 townhomes Individuals and families 17 homes reserved for first-time homebuyers at or below 80% AMI Construction began 2023 |
921 SE Maynard Road, Cary, NC
This project is located along the future Western BRT route between Cary and downtown Raleigh. The development will also include construction of a public greenway between Ryan Road and SE Maynard Road to increase access to Cary greenways and parks.
| City | Cary |
| Number of units | 126 |
| Population Focus | Mixed-income families |
| Affordability | 64 units at 30%, 60%, and 80% AMI |
| Expected completion | Spring 2025 |
In addition to the projects highlighted above, Wake County recommended $11.8 million in investments in the creation of 515 new affordable homes across six projects:
- Hampton Springs Apartments in Raleigh (56 affordable senior units)
- Lake Haven Apartments in Raleigh (56 affordable senior units)
- Birch and Branch Apartments in Raleigh (180 affordable family units)
- Rose Park Manor Apartments in Cary (81 affordable senior units)
- Knight’s Court in Knightdale (78 affordable senior units)
- Oak Grove Crossing Apartments in Rolesville (64 affordable family units)
Many of our municipalities in Wake County have or are developing Affordable Housing Plans or Strategic Plans that include affordable housing initiatives. Find your town’s plan below!
Wake County Affordable Housing Plan
Apex Affordable Housing Plan
Cary Community Plan
Garner Forward Comprehensive Plan
Knightdale Inclusive Growth & Housing Affordability Plan (in development)
Morrisville Affordable Housing Plan
Rolesville Affordable Housing Plan (in development)
Wendell Comprehensive Plan
Also check out the City of Raleigh’s Affordable Housing 101 Booklet for more information about how “affordable” is measured in our community and what kinds of services are available to renters, homeowners, those experiencing or vulnerable to homelessness, and more.