Over the past decade, the cost to buy a home in Durham has surged 135%, from $186,500 to $439,000. As home prices double, affordable rentals disappear, competition increases, and long‑time residents, particularly renters and low‑wage workers, are pushed into instability.
Additionally, Fair Market Rent for a 2‑bedroom unit is now $1,711/month, requiring an hourly wage of $32.90 to remain affordable. A minimum‑wage earner would need to work more than 180 hours per week to meet that threshold, an impossibility that leaves many one missed paycheck away from crisis.
Nearly half of Durham's population rent, one of the highest ratios in the state, and over half of those renters are cost-burdened, spending 30% or more of their income on housing.
At Housing for New Hope, we keep rents significantly lower than average at our affordable residential communities and reserve them for individuals and families earning less than 50% of the Area’s Median Income (AMI).
Private support helps us keep rents low in our affordable housing communities. Thank you for helping!
Additionally, Fair Market Rent for a 2‑bedroom unit is now $1,711/month, requiring an hourly wage of $32.90 to remain affordable. A minimum‑wage earner would need to work more than 180 hours per week to meet that threshold, an impossibility that leaves many one missed paycheck away from crisis.
Nearly half of Durham's population rent, one of the highest ratios in the state, and over half of those renters are cost-burdened, spending 30% or more of their income on housing.
At Housing for New Hope, we keep rents significantly lower than average at our affordable residential communities and reserve them for individuals and families earning less than 50% of the Area’s Median Income (AMI).
Private support helps us keep rents low in our affordable housing communities. Thank you for helping!
