For years now, residents and elected officials alike have expressed concern over the affordability of housing in Orange County and the Triangle. Durham’s “Pennies for Housing” and Chapel Hill’s recent “Affordable Housing Bond” attest to the central role housing affordability has played in civic discourse in our area. Moreover, research suggests that the cost of an area’s housing is among the most prominent variables that factor into people’s decisions on where settle.
Which is why it’s nice to see articles that help us make investment decisions. Take a recent one by Derrick Miller published on the SmartAsset site. Miller uses the Department of Housing and Urban Development (HUD)’s definition of “housing cost-burdened”—i.e., when people spend more than 30% of their income on housing—to estimate the percentage of folks in various U.S. cities who are burdened by their housing costs. His calculations reveal that Newark, NJ is the nation’s “most severely housing cost-burdened” city in the U.S. and that Cary, NC is the least housing cost-burdened city.
