The Housing Crisis in the Triangle
There is a shortage of attainable housing with three contributing factors:
Increased Demand
Population growth outpaces attainable housing stock, driving prices upward
Inventory Depletion
Decreasing number of attainable options due to rapid, luxury construction and redevelopment
Displacement
Lower-income households can not afford to live in their historic neighborhoods
Finding a home in the Triangle is nearly impossible for low-income renters and first-time homebuyers.
It takes…
3 Jobs
At minimum wage to achieve the Triangle’s living wage of
$19.73/hour
Only…
4%
Of available rental units in the Triangle are considered “affordable” by the local housing authorities
You may need a minimum credit score of …
600
To qualify for a loan as a first-time home buyer in the Triangle.
Community and nonprofit leaders face many challenges when seeking attainable housing placements for the homeless.
6,000
Income based properties are set to expire in the next decade
850
“Affordable” housing units will be lost in Wake and Durham counties every year as the housing market continues to grow
10,000
Total rental units in Wake County that are considered “affordable” and not subsidized
Some partners can provide emergency support directly following a crisis; however, most struggle to help their participants secure transitional attainable housing.
Day 0
CRISIS
A critical event leads to a participant’s experiencing homelessness
Day 1 - 30
REHABILITATION
Partner takes immediate steps to assist participant experiencing homelessness
Day 31 - 60
DEVELOPMENT
Participant and case manager develop a plan for sustainable financial and personal change
Day 61 - 180
STABILIZATION
Partner on-boards participant for TPW’s restorative housing program
Month 12 - Month 24
TRANSFORMATION
Participant maintains employment, establishes savings plan, etcetera
Month 24 Onward
INDEPENDENCE
Participant demonstrates consistent employment, establishes good credit, and maintains long-term permanent housing