Majority of Raleigh Renters, Some Owners Burdened by Housing Costs

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Forty-two percent of Raleigh renters and 23 percent of mortgage holders pay more for housing than recommended by lenders and housing experts, according to a recent release of 2008-2010 American Community Survey data from the Census Bureau.

Despite Raleigh’s relatively positive economic outlook, housing expenditures exceeding 30 percent of household income have traditionally been viewed as burdensome and more city residents are falling into that category.

In an analysis of rents as a percentage of household income, the data show 42 percent of Raleigh renters pay 35 percent or more of their household income in rent. Another 13 percent pay 15 to 19.9 percent and 11.6 percent spend 25 to 29.9 percent of their income on rent.

Raleigh Rent

The percentage of housing costs for homeowners figure includes mortgage payments, any second mortgage, home equity loan or line of credit, utilities (electricity, gas, other fuels and water), real estate taxes, property insurance, and any mobile home costs or condominium fees.

In Raleigh, 38 percent of mortgage payers spent less than 20 percent of their income of these costs, but 23 percent of mortgage holders pay 35 percent or more,

Bedrooms, Household Size, Transportation and Heating
In other findings, the majority of Raleigh’s 176,378 total housing units have three bedrooms (36 percent). Two-bedroom units account for 30 percent of the total and 16 percent of housing has four bedrooms.

Owners occupy 54 percent of Raleigh’s housing, with an average household size estimated at 2.49 persons. Renters occupy 46 percent of the total with an average household size of 2.29 persons.

Almost 41 percent of occupied households have access to one vehicle and 38 percent have access to two vehicles; only 14 percent of occupants do not have access to any vehicular transport.

The majority of Raleigh residents, 51 percent, use electricity to heat their homes while 47 percent use gas heat.

One thought on “Majority of Raleigh Renters, Some Owners Burdened by Housing Costs

  1. Raleigh’s housing prices are just ridiculous…particularly when you consider the recession and how many people have stagnant salaries these days.
    The largest employer here—state government—hasn’t given their employees a cost-of-living raise in many years now. Yet housing costs in Raleigh still go up. And the closer you get to downtown the worse it gets.
    Landlords and developers here are greedy beyond comprehension.