When Money magazine named Apex as the best place to live in the U.S. in 2015, there was good reason. First-rate schools, a charming downtown and a thriving job market drew thousands of families to the area. Back then, Apex real estate was hot. Today, it is sizzling.
As Apex’s population has swelled to more than 70,000, the demand for housing remains high. Yet for many young couples, seniors, and low- to moderate-income families, home ownership is an unattainable goal. With the current median home price in Apex around $400,000 and the median household income at $84,000, many people are unable to purchase a home. Rental prices are also high, ranging from $1,000 to $1,800 a month.
Having a diverse population and workforce is important for any community, but people who can’t afford to live in Apex often move to neighboring towns where housing is less expensive, increasing Apex’s risk of gentrification and attracting a less racially diverse and mixed-age population compared to Wake County overall. Over the next ten years, Apex is projected to add 1,900 jobs with salaries below $75,000, which will further contribute to the town’s affordable housing need. These critical occupations include teacher, police officer, fire fighter, nurse and retail worker. As home and rent prices soar in Apex, these workers may find themselves priced out of the community they serve.
Affordable housing is defined by many factors, such as rental affordability, home variety and quality, accessibility and related challenges – not subsidized housing alone. In Apex, a household of four making approximately $68,000 annually (80% of the area median income) is at the very highest income level targeted for affordable housing.
The U.S. Department of Housing and Urban Development states that families spending more than 30% of their income on housing and utilities are considered “cost burdened, and may have difficulty affording necessities such as food, clothing, transportation, and medical care.” It is estimated that more than 3,000 households in Apex are cost-burdened.
The Town of Apex recognizes these obstacles. In February, the Town Council unanimously adopted the comprehensive Affordable Housing Plan, which establishes a vision and goals pertaining to affordable housing, analyzes needs based on existing conditions and trends, and provides recommendations for implementation.
“This Council stands together on the importance of making a variety of housing types available to a range of incomes,” Mayor Jacques Gilbert said. “We want all individuals who contribute so much to our community through positive impact to be able to live in the town they serve. Our teachers, first responders, town planners, childcare providers and other community members should have the ability to work, play and live in Apex.”
A steering committee and valuable input from the public helped guide the Affordable Housing Plan, which has a 10-year vision to help Apex meet the housing needs of its residents. Its recommendations are prioritized as near-, mid-, and long-term.
The goals are to:
Welcome, attract and retain a diverse population.
Meet the housing needs of a diverse population,
including providing housing that is affordable to
people with moderate and low incomes and of
different age groups.
Connect affordable housing development with transit service, transportation infrastructure, and amenities.
Partner regionally to meet the housing needs of
vulnerable populations.
Raise community awareness of affordable housing
needs, solutions and broader impacts.
Three main categories comprise the plan’s 14 recommendations:
Building the Town’s Capacity. This includes hiring
a housing manager and creating a housing advisory board.
Advancing Advocacy and Public Education. Apex will produce an annual report and online dashboard on the impacts of the Town’s affordable housing activities and spending. It will also identify and eliminate potential barriers to attracting a diverse population and adopt a racial equity lens to evaluate all housing policies and investments, as well as develop partnerships with pro-affordable housing advocates to coordinate an education campaign.
Implementing Programs and Policies. Among these are creating a clear menu of suggested affordable housing zoning conditions for developers to choose from in exchange for incentives as part of the rezoning and Planned Unit Development approval processes; amending its future land use map to show higher density multifamily development in areas adjacent to key transit infrastructure; increasing access to homeownership for first-time homebuyers through financial assistance and counseling services; working to support homeowners in making repairs so they can remain in their homes and communities; and supporting residents at risk of homelessness and other vulnerable populations with emergency rental assistance and related services.
The Town recently created the Apex Affordable Housing Fund (a housing trust fund) and approved a one-cent property tax increase (a “penny tax”). Proceeds of this tax will support affordable housing programs and is anticipated to generate $1 million annually. The Apex Town Council, with input from the Housing Advisory Board, will determine the allocation of these funds. Other funding sources may be leveraged by the Town to support its affordable housing programs.
In Apex, existing affordable housing includes naturally occurring affordable housing, which receives no subsidy; subsidized housing, which receives local, state or federal assistance; public housing, which operate with funds provided by HUD; and permanent supportive housing that provides health care and supportive services to individuals with higher levels of need. Apex is experiencing a shortage of rental
housing that is affordable for low-income households.
Affordable housing, particularly public housing developments, often prompts concern among citizens and community groups about potential negative impacts on property values and neighborhood quality of life. However, studies conducted by various groups repeatedly show that subsidized housing does not lower property values or increase crime rates, especially when it is well-integrated into the neighborhood.
Many residents have indicated that they would like Apex to stay balanced and offer a good quality of life for all individuals, regardless of race, age or socio-economic background. When 1,200 participants shared their thoughts about affordable housing via an online survey released in July 2020, more than half of the survey respondents agreed that the Town should prioritize housing development near amenities such as transit and retail; change its land use regulations in some areas to allow for more accessory dwelling units (a secondary rental unit on a single-family housing lot) to be built; and provide more supportive services to those experiencing eviction, homelessness and other housing instability. The COVID-19 pandemic, for example, has led many families to experience job loss, food insecurity and, all too often, a housing crisis.
A key goal of the Downtown Master Plan adopted in 2019 by the Town of Apex is to expand mixed-income and senior-friendly housing near downtown. Peak Plan 2030 also recommends increasing diversity of housing types and tenure; allowing and encouraging more housing development, especially rental housing, in and around downtown; and encouraging weatherization and modernization, particularly for senior and disabled housing.
The pending construction of Broadstone Walk Apartments on S. Hughes Street near Walmart is bringing the Town’s affordable housing plans to fruition. On January 4, the Wake County Board of Commissioners voted unanimously to approve a $3 million loan for its construction, adding to the $1 million in loan funding already committed by the Town of Apex. Broadstone Walk will have 60 units consisting of one-, two-, and three-bedroom apartments and offer residents a community center, a playground and outdoor recreation area, and laundry facilities. It is expected to open in 2023.
Apex is a small town with a big heart that will always strive to attract and keep a diverse population so everyone can enjoy The Peak of Good Living.
Learn more about the Affordable Housing Plan at apexnc.org/1422/Affordable-Housing-Plan.
