Renter Household cost burden >30%
Context: This indicator measures the percent of households where monthly rent (plus utility and/or housing fuel costs) or mortgage payments (or other housing debt costs) equal 30% or more of a household's monthly income. This metric provides a more complete picture of how affordable it is to live in a particular city, since housing costs are one of the primary components of the cost of living.
A rule of thumb in housing is that households should not pay more than 30% of their gross household income on housing costs, such as rent and utilities. Households that are paying over 30% of their income on housing are considered to be ‘housing cost burdened.’ Housing cost burdens are particularly problematic for lower income households, where paying for housing may come at the expense of food, health care or other necessities.
While the overall number of renter households that are housing cost burdened has decreased slightly from the prior 5 year period (2012-2016), the percentage of those households is essentially the same at around 41%.
The City of Durham Community Development Department is in the process of implementing the 5-Year Affordable Housing Bond Plan. Community Development will continue to work with affordable housing developers including the Durham Housing Authority to increase the affordable housing stock over the next 5 years in alignment with the Bond Plan.
Status Indicators: On Target | Close to Target | Needs Improvement | Target Pending