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How Affordable Is Raleigh for Women?

How Affordable Is Raleigh for Women?

by | Apr 22, 2022 | April 2022, Buzz, Web Exclusive

New study explores the gender gap in the housing market.

It’s 2022 and gender inequality is still an issue. And now, it’s affecting the already ubercompetitive housing market, as evidenced by real estate provider PropertyShark’s recent study exploring the gender gap in real estate—which has grown exponentially over the past five years. 

According to the study, single women can only afford a home in 17 out of 51 top U.S. markets while men can buy in 29. Lucky for female Raleighites, however, the City of Oaks is one of those 17 affordable markets.

To conduct the study, PropertyShark used data on median incomes for men and women from the U.S. Census Bureau’s 2020 statistics, and then applied it to a calculated average monthly mortgage payment. (Affordability was defined as the “upper limit on monthly mortgage payments at 30% of monthly income.”) 

When looking at our fair city, PropertyShark found that Charlotte is unaffordable for single women, requiring female buyers to put 35% of their local median income toward a mortgage, while male buyers only put 26% (so much for the Queen City nickname, huh?). 

The City of Oaks, on the other hand, only requires 22% of the local median income to be put toward a monthly mortgage for female buyers and 17% for male buyers, making it affordable for both single male and female future homeowners—a stat that makes Raleigh the No. 5 most affordable city for single female buyers! (Though we still acknowledge the 5% disparity, ahem.)

BTN

34: Number of cities single women cannot afford to buy in today. (This number is 10 more than just five years ago.)

22: Number of cities single men cannot afford to buy in today

49%: Amount of median national income single women have to spend to pay a monthly mortgage payment 

32%: Amount of median national income single men have to spend to pay a monthly mortgage payment (aka men are barely over that affordability threshold nationally while women are almost 20% over it.)

22: The number of cities where male and female buyers can’t buy, which has risen from 14 since 2017

Royal Treatment

Royal Treatment

by | Apr 18, 2022 | April 2022, Buzz, Web Exclusive

New supportive housing community landing in Raleigh to house those struggling with homelessness 

Raleigh’s revolving door of kindness has swung again! Nonprofit affordable housing developer and property manager CASA has officially broken ground on King’s Ridge, its forthcoming permanent supportive housing community for those in Wake County transitioning out of homelessness.

“We are thrilled to have finally reached this milestone,” says CASA CEO Everett McElveen. “The fact that we’ve made it this far proves that our community cares about affordable housing and wants more of it.”

Having launched in 2020, Phase 1 of CASA’s Campaign for King’s Ridge managed to raise $21.5 million in construction funds, successfully leading the program to Phase 2. CASA is now raising money to go toward trauma-informed design, furnishings, program support and a sustainability endowment to ensure the program’s longevity. 

CASA King's Ridge Groundbreaking
CASA King’s Ridge Groundbreaking

King’s Ridge apartments will provide 100 households to many of Raleigh’s most vulnerable residents (with a focus on housing the chronically homeless and disabled who are earning 30% or less of the Area Median Income), and include community space; offices; and access to invaluable services like childcare, integrated primary and mental health care, and case management—NTM it’s conveniently located minutes from Downtown with a bus stop across the street for easy access to public transportation.

All in all, the program expects to reduce the number of people experiencing homelessness in the county by 10% (!)—a huge deal given housing prices are on the rise in the Triangle and across the nation, which we know all too well at this point. “This brings us one step closer to ending homelessness for over 100 of our neighbors,” adds McElveen.

The concept of King’s Ridge budded from other successful permanent housing models like Charlotte’s Moore Place—a 120-unit apartment community providing homes and supportive services to Charlotte’s lowest income individuals and families. King’s Ridge will only add to CASA’s nearly 500 affordable apartments and homes the nonprofit manages throughout Wake, Durham and Orange counties while continuing its mission to provide access to sustainable, affordable housing for homeless populations.

Is Tiny the New Big?

Is Tiny the New Big?

by | Nov 30, 2021 | Buzz, December 2021/January 2022

How small is affordable in Raleigh? A new law regarding tiny homes could address Raleigh’s affordable housing shortage.

Big houses are big business right now with nary a home to spare—and the housing market is setting price records monthly. Enter the potential game changer: tiny living.

Now, joining the popular pocket-size living craze, the City of Oaks may be seeing more tiny houses, thanks to recommended zoning rule changes that would allow for the construction of tiny homes—meaning sub-600 square feet. (City Council will hear public input on Dec. 7.)

So are tiny homes the future of Raleigh real estate? Well, as these residences are typically half the cost of a standard house—if not more—it would certainly come as good news for those struggling to afford a home in Raleigh’s current market, providing locals with a cheaper (albeit smaller) option when it comes to housing. 

But Tiny Homes Raleigh owner Dexter Tillet isn’t convinced. “I don’t think it’s going to be the future,” he says, “but I think there’s going to be space for it. A lot of people really value it. I think it’s just gonna give Raleigh citizens more options, and that’s what we really want.” Tillet adds that, if you look at cities across the country with similar growth as Raleigh—like Portland, Oregon, where he lived for about a year—almost every house has a tiny house addition. It’s just one way in which city officials can handle the density and growth that Raleigh is facing.

Besides price, smaller spaces are also attractive in that many people aren’t looking for huge living spaces right now. During the pandemic, we saw people make a mass exodus for the burbs and bigger spaces—because quarantine and WFH—but since the world has reopened again (pause for applause), we’ve seen a rapid rewind, if not reversal, in that cultural shift. Now sick of their four walls, people want to mix and mingle… and just want a place to lay their heads—and spend their dollars on experiences. 

But when it comes to tiny homes, functionality and outdoor space aren’t a compromise—in fact, it’s the most attractive aspect, according to Tillet. These small residences offer a little front yard, a backyard, plumbing and their own HVAC unit. “I think tiny homes give a really good option—especially for multifamily—for a different type of living,” he says.

And tiny living isn’t confined to tiny houses. Take Midtown’s newest development, Raleigh Iron Works, which is offering 430- to 865-square-foot micro, studio and one-bedroom units in its multifamily rental building that put an emphasis on amenities and location rather than square footage—providing yet another option for cheaper, smaller living. The developers say their goal in the design of these efficient floor plans is to provide right-size living to fit the needs of today’s renters.

So what’s next? If City Council approves the tiny homes changes, it would allow these petite pads to be built as standalone buildings or in tiny-home communities with shared open space. “So just like a housing development you would have for a subdivision for a neighborhood, it’s the same thing, but just a smaller footprint and more density,” explains Tillet. “It’s just a lot more people utilizing that land. So I think that’s what we have to do as a growing city, and one of the benefits of living in a tiny home is knowing what you want, knowing what you don’t want and kind of just simplifying your life.” After all, a simple life is a happy life. 

  • $398,500
    Median sales price of Wake County real estate
  • $209 million+
    October real estate sales (of transactions worth $30+ million) in Wake County
  • 17th
    Highest millennial homeownership rate in U.S. 
  • $52,000 
    Average cost of a tiny home nationally in August
  • 600
    Max square footage of Raleigh tiny homes