Local News

Affordable Housing Available in Downtown Raleigh

Posted February 26, 2007

— Many people want to live in downtown Raleigh but simply cannot afford it. The average price of a downtown condominium is $330,000. Now, for the first time in seven years, new affordable housing is available.

Cocoa Holloway loves city life, but until now, she could not afford to live in downtown Raleigh.

“I just want to be close to my job. There's a lot to do down here,” Holloway said.

The 27-year-old does not have a personal car. With a $28,000 salary, high-priced condo's were out.

Even apartments downtown are pricey. Many 1-bedroom apartments in the downtown area top $800. Then came Carlton Place, just a few blocks from City Market. The city bus driver is paying $550 a month to live with a view.

“It's just giving me more money to do other things other than just paying the bills,” he said.

Because of the high price of land, officials said it is tough to develop affordable housing downtown. A $1.5 million loan from the city and county helped the non-profit housing company, DHIC, develop a $10 million project. Apartments are available to families earning 60 percent of the median income. In Raleigh, that's $43,000 for a family of four.

Sixty of the 80 units are considered affordable housing. Twenty units will be rented at market rate. The concept is to have people from all income levels live as neighbors.

“It's so important for downtown to give opportunities for multiple classes to help build a life in downtown,” said Kris Larson, deputy director of the Downtown Raleigh Alliance.

It allows people who work in the service industry downtown to live downtown.

“If only people who can live here have to buy a $350,000 condo, what kind of community is that, it's not very diverse or vibrant,” said Natalie Connell, of DHIC.

According to the Downtown Raleigh Alliance, about 450 more affordable units will become available in the next three years.
2 Comments

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  • Toni Feb 27, 4:58 p.m.

    The cost of living continues to rise..but the paychecks remain the same.

  • Tired of thoughtlessness Feb 27, 11:09 a.m.

    It seems you cant get ahead. Who can live off $43000 with 2 people, let alone 4?

    I make mid 50's and that to me is enough for 2 of us to live comfortable.