Affordable Isn’t a Dirty Word

     One word, four syllables: AFFORDABLE.  Meriam-Webster defines affordable as having a cost that is not too high; able to be afforded.  A hot topic in Wake County, and most of the country, is that of affordable housing.  It’s a buzz-word amongst town hall meetings and planning boards alike.  While affordable housing is all-encompassing, my focus here is on ownership.  Like it or not, for the sake of this piece, I’m putting aside the formal parameters and mathematic ratios that surround affordable housing from a government perspective.  This is based on my personal definition and experience.

     It did not take a real estate license for me to recognize that affordable housing is a necessity the county so desperately needs; my license does, however, offer a vantage point not available to others.   As for me, I quantify the word affordable to mean housing less than $250,000.  Please don’t get me wrong, $250,000 and the figures leading up to it, is no meager sum.  To give you some perspective, at the time of this blog, there are only 63 single-family homes available for sale in Wake County under $250,000; add in townhomes and condominiums and the number jumps to a whopping 148.  Let’s lower the price point to $200,000 and single-family homes top out at a measly 21.  That’s 21 homes in a county that houses over 1.1 million people as of July 2019 and saw an average of 56 new residents a day in 2018.  Needless to say, affordable housing in Wake County is a crisis.  This crisis is no longer limited to our state’s capital city of Raleigh.  Take a look at Wake Forest, a town where, not that long ago, city folks could get a piece of property at a deal.  Today, Wake Forest boasts 5 single family homes for sale under $250,000.  At this same price range in Cary, there is 1 single family home available in the Triangle MLS.  One, singular.  Fuquay-Varina offers more options at $250,000 and under with 8, active single family homes for sale in the Triangle MLS.

     Let’s also keep in mind that affordable does not always equate to habitable.  Resale homes less than $250,000 are often touted as “fixer upper” or “an investor’s dream”.  With low supply and high demand, new construction is one of the best responses to the issue of low, affordable inventory.  Developers and builders are taking note of the demand for affordable homes however, they are faced with their own set of challenges.  For builders, these include the rising cost of land and raw materials, supply shortages, and reliable subcontractors.  Fun fact, as a result of the pandemic, lumber costs have increased upwards of 80 percent, and I can assure you the builder is not going to eat that big of a cost.  More information and resources on the lumber shortage are linked below.

      Also, in the corner of affordable opposition, are the residents whose mission in life is to shout “Not in My Backyard” from the rooftops.  NIMBYs are quick to forget that they, too, sought out Raleigh and its neighboring cities as refuge from a high cost of living.  When it comes to proposed new construction, rather than jumping to the conclusion that the driving force of the developer or builder is greed, try taking into consideration the type of home and community they are proposing.  You might just find that they desire to build a community that isn’t full of homogenous, cookie-cutter homes priced in the mid-to-upper $300s on lots that are a tenth of an acre in size.  Instead, their goal could be to build a community that takes into consideration variegated exteriors, green space, floorplans that cater to a demographic in need of one-story living, and active space for both children and adults.  

     If you are reading this, and find yourself feeling some type of way, I implore you to reconsider your definition of affordable.  Affordable is NOT a dirty word, affordable does NOT drive down the value of your home, and affordable does NOT mean the destruction of resources.  If you are someone who equates affordable with anything negative, I ask that you take a long, hard look in the mirror and ask yourself WHY.  Affordability allows the first-timer, the single parent, the young couple just starting out, the retiree, and everyone in between, the opportunity to achieve the dream of home ownership.  As a young woman who was a long-time renting resident of Cameron Village, affordable allowed me that same opportunity- I just hate that I had to leave Wake County to make it a reality.

Suggested Reading and Resources:

• NAHB
• Poynter Article
• MarketWatch Article
• Wake County Numbers