Opinion: Protecting Homeownership as Wake County Grows

Wake County is at a critical juncture. As its skyline rises and new residents flood in, long-term community members face an increasingly unaffordable housing market. 

As of the 2020 census, Wake County’s population was roughly 1.1 million making it North Carolina’s most populous county. By 2050, experts expect the population to reach 1.9 million residents. Despite this outstanding growth, Wake County has a second story to tell, and it is one of a broken ladder. 

The Research Triangle may be a powerful talent magnet, but those same opportunities do not reach all residents equally. Racial and economic inequities persist. To achieve truly inclusive growth, we need equitable development strategies that recognize our shared prosperity.

In North Carolina, the Black median household income is approximately $34,000, while the white median household income is almost $20,000 higher. Unfortunately, the gap is even larger in many of the urban areas where economic growth has been the strongest in recent years. In Wake County, for example, the median household income for white families exceeds that of Black families by over $33,000. 

This disparity stems from historical and systemic factors, including discriminatory housing policies and unequal access to economic opportunities. Since we have relied on homeownership as the primary wealth-building tool for families, addressing these deep-rooted issues necessitates comprehensive policies aimed at closing the racial wealth gap.

With an average home listed at $519,000, owning a home is out of reach for many. At the nonprofit Raleigh Area Land Trust (RALT), our mission is to deliver and steward permanently affordable housing to support inclusive, equitable communities in Wake County. By keeping housing permanently affordable, a community land trust helps reduce the displacement that can accompany gentrification resulting from private investors. RALT homeowners agree to limit the amount of equity they will keep at resale so that the same opportunity and affordable price that was available to them can be made available to another low income household.

Dumisha Binns: A Raleigh Success Story

Personal stories highlight RALT’s impact and the urgency of the affordable housing issue. Take, for instance, Dumisha Binns, who has lived in Wake County her entire life. With rising rent, Dumisha struggled to make ends meet and feared she would be forced out of the community she loves. After going through RALT’s application process, she was able to  purchase a RALT home built specifically for those living at 50-80% of the area median income (AMI).

“The current housing market has made the homes unaffordable in southeast Raleigh. Through RALT, I was able to purchase a home in my community where I work and was born and raised,” said Binns. It’s such a surreal feeling after renting for 30 years. I have accomplished a dream come true and I’m so proud of myself!”

Binns’ story is not unique but underscores the human impact of economic disparities. As we make massive public infrastructure investments across the Triangle to accommodate future growth, we must ensure that the residents whose tax dollars fuel this investment can remain in their communities.

Learning from Other Regions

Other regions have implemented successful equitable development strategies that Wake County can learn. For instance, Portland, Oregon, has established an inclusionary zoning policy that requires new residential buildings to include a percentage of affordable units. This approach has helped ensure that growth and development benefit all residents, not just the affluent.

In Burlington, Vermont, the Champlain Housing Trust exemplifies how community land trusts can provide permanent affordable housing solutions. Their model ensures homes remain affordable for future generations while allowing current homeowners to build equity. Similarly, the Dudley Street Neighborhood Initiative in Boston, Massachusetts, has successfully utilized a community land trust to prevent displacement and promote community control over development.

In North Carolina, the Community Home Trust in Orange County and Durham Community Land Trustees build strong communities by developing, managing, and advocating for permanently affordable housing. Their shared equity models balance the community’s need for permanent affordability with the homeowner’s desire to build wealth.

At RALT, we work with developers to ensure Wake County remains an inclusive city that welcomes newcomers while protecting legacy residents. We offer homeowners 1.5% per year in shared equity on their purchase price. Coupled with the forgiveness of any down payment assistance over time, the retirement of principal on the mortgage loan, and substantial savings on property taxes, this creates an opportunity for community land trust homeowners to build wealth. 

Our vision is for a livable, equitable, and economically viable city where historically marginalized populations and communities of color can access and benefit from opportunities and prosper. Looking ahead, Wake County is standing at a crossroads. We urge policymakers, community leaders, and residents to support equitable development strategies like those implemented in Portland, Burlington, and Boston. Together, we can build a future where every resident, new and old, has the opportunity to thrive.