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That is for a family, not a single individual - the per-capita income in Raleigh is just under $38K to $42K per year, depending on the source. Sure, a two-parent family will earn more, but there is no way a family of four is fitting in the apartment.
What? The charts I posted are for all family sizes starting at single. Nobody reads anything
So again, I would consider these apartments to be accessible for low income earners, which is what everyone says we need more of.
And I'm not sure where you're getting 40k. If your number of 30% of gross income is correct, then someone making 36k would qualify.
You may consider them to be, but they are not accessible to someone making $15 an hour at at least 40 hours a week which you argued upthread. Defining "low income" isn't really necessary or likely to lead to a consensus.
You may consider them to be, but they are not accessible to someone making $15 an hour at at least 40 hours a week which you argued upthread. Defining "low income" isn't really necessary or likely to lead to a consensus.
Also, 30% is not a third. I stand by my numbers.
You're right, I already admitted my math was off. But you're splitting hairs. If we're going to split hairs, the article said 1000 or below.
I guess I'll pose this question, what does everyone consider to be "affordable" housing for a single low-income person? Rent, square footage, location, etc.
These are going to be used as student housing most likely--I mean it's right next to NCSU. Most private student housing around NCSU is multi-room suites with a shared living space. Price per room is between $900 to $1600.
For example a bedroom at the Stanhope student apartments goes for $1,150. That's bedroom not whole apartment. So this is basically student housing for anti-social students.
You're right, I already admitted my math was off. But you're splitting hairs. If we're going to split hairs, the article said 1000 or below.
You asked me where I got 40k from and said it’d actually be 36k, so I explained you were mistaken. Also, you can call being accurate here splitting hairs if you like, but the reality is income minimums are usually not flexible, so 4 to 10k actually matters. You wanna believe these apartments will be affordable and accessible to retail and restaurant workers making $15 an hour though, have at it. The developer doesn’t even appear to want to go that route though.
Last edited by ITB_OG; 01-16-2023 at 12:54 PM..
Reason: typo
Assuming someone is making $15/hr, they should be able to swing it assuming they don’t need a car (which is really the point of living downtown right?).
Many many moons ago (in the 1980's) I became a very young single Mom. I got a great job at an aerospace company making $15/hour. My one bedroom apartment was $875/month and I also had daycare expenses. It was very difficult but I managed. I'm not sure what the rent to income ratios that landlords today require but I'm assuming it would have been a lot tougher for me today than it was way back then though.
As for the micro units, I do feel that they fulfill a need especially in downtown areas (especially by universities). There are a lot of people that do not like to have roommates nowadays (I see it on so many sites). If they are a social creature there are still so many places they can go close by to fulfill that need. If they are a recluse a small space the size of a standard bedroom might be ample enough for them. I've seen a lot of those tiny house shows and if done correctly they can be very nice.
So for people that are students, travel a lot on business, don't want roommates and/or are seniors on a tight budget I can see it being a viable option.
I'd start by saying that this isn't a sizeable chunk of families sending their kids to college. NCSU, as an example, has 35,000 students. If we're talking about 500 units total where parents are doing this its under 1.5% of students/families.
Quote:
Originally Posted by Ruth4Truth
who can afford to buy an apartment for their college-student kids. We're constantly told that solidly middle-class parents can't afford to pay college tuition for their kids,
Don't believe everything you read. And not everyone is solidly middle class. Some are upper middle class, or upper class, even if they don't have a corresponding lifestyle.
My personal experience (and that's 4 or so separate situations) is that they are either business owners, actively involved in Real Estate, wealthy/high income, multiple kids at the same school with some overlap, and/or some combination of the above.
My Aunt and Uncle-in-law bought a townhouse in Chapel Hill for their daughter. He owns rental property already, and owns his own business in the trades. They now can deduct mileage from Wilmington to CH, 3.6% depreciation, and other expenses involved in owning the place. Will they keep it as a rental after she's done? Hard to say.
My brother lived in a place that his roommate (or roommate's parents) owned. Dad was a GC. Probably owned real estate already.
Another one was simply wealthy from a high income family.
Quote:
Originally Posted by Ruth4Truth
not to mention--living expenses, due to skyrocketing tuitions,
Tuition at many in state schools has skyrocketed; but largely because it hadn't kept up with inflation. Tuition at NCSU or UNC-CH is $9200 or thereabouts. At the regionals (UNCW, ECU, UNCG) it's closer to $7300.
Quote:
Originally Posted by Ruth4Truth
but the next thing you know, parents are buying condos or even SFH's for their kids supposedly as an "investment", expecting their kids to become little landlords and rent out spare rooms to their friends. This astonishes me.
Think law of large numbers. 35000 students, 26K that live off campus, in roughly 13K rental units, a relatively small number of which will go the parent/LL route for various reasons.
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I stand by my numbers.
