At the very core of the "American Dream" is the concept of homeownership. But for many citizens this dream seems all but impossible because they don't earn enough income to afford safe, quality housing close to where they work.
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How critical is the need for affordable housing? |
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According to "The State of Housing in North Carolina," the shortage of affordable housing affects 20.7 percent of homeowners and 33.4 percent of renters who spend more than 30 percent of their income on housing payments.
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How does homeownership benefit a community? |
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Homeowners have a much greater stake in their community. Owners tend to remain in their homes longer, adding a degree of stability to their neighborhood. And, they take more pride in maintaining and improving their property which enhances the neighborhood even more. Studies show that homeownership leads to lower crime rates and increased educational achievement. |
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NC homes getting more affordable |
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The average sales price of an existing home in North Carolina in 2009 was $200,606. This is a 7 percent decrease from 2008’s average price and a 10 percent decrease from the average two years ago. |
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One-fifth cannot afford housing in NC |
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It’s estimated that 2 million North Carolinians either pay more than 30 percent of their income for housing or live in substandard conditions. |
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Wage growth looking dismal for semi-skilled workers |
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Wages in North Carolina are expected to decrease for semi-skilled workers as lower-paying service jobs replace manufacturing jobs lost in disappearing industries. According to the NC Commission on Workforce Development, about half of the state’s new jobs will be considered low-skill jobs, which will pay only about 60 percent of the state’s current average earnings. |
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Why is affordable housing important to you? |
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Affordable housing leads to a strong, growing community. It attracts new business, which increases jobs and expands the tax base. |
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