The National Low Income Housing Coalition has released a study that ranks North Carolina 21st in housing affordability. From the Triangle Business Journal:
The average worker in North Carolina needs to earn more than twice the minimum wage to afford a two bedroom apartment, according to a new study from The National Low Income Housing Coalition.
The study ranks states based on their housing affordability. North Carolina ranks 21st, behind South Carolina (18) and Tennessee (14) but ahead of Virginia (39) and Georgia (27). The reports says that individuals in North Carolina would need to earn $13.33 per hour to afford rent and utilities. Minimum wage is currently $6.55 per hour, though it will increase to $7.25 on July 24.
More than 44 percent of renters in North Carolina can’t afford a two-bedroom apartment at fair market rent, according to the study. The federal Department of Housing and Urban Development reports a two-bedroom apartment in North Carolina rents for an average of $693.
Here’s the sad but true fact. The cost of housing is determined by the supply of land and ease of building. Local officials who support restrictive land-use policies are contributing to the problem. “Smart-growth” policies that are so politically correct these days encourage restrictions, buffers, set-asides, mandatory green space, etc. If policymakers really want to make housing more affordable, these policies should be abandoned.
