RALEIGH, N.C. (WNCN) — The Triangle housing market is hot, but finding affordable housing isn’t getting any easier for low-income families.
Wake County’s deputy housing director Alicia Arnold says the cost of living in the Triangle continues to outpace how much lower-income families are actually making.
“We have seen the slowdown and lack of availability of homes both in the rental and ownership area, which ultimately leads to a supply and demand issue,” Arnold said.
Wake County has been in touch with builders to have more affordable homes built but the supply chain shortage is making it hard for developers to keep those prices down.
“When materials cost more, that affects the price of the development and of the home and that really affects the price that the developer is able to offer to the family,” Arnold said.
The housing department says it’s putting a greater focus on renovating homes, which is usually less expensive than building from the ground up. The county is using a new $10.5 million preservation fund to help landlords and property owners maintain homes and apartments without drastically raising the rent.
“If we are able to preserve an existing home or preserve an apartment complex and renovate that property, it costs us a little less potentially than what it would take to build,” Arnold said.