With rising housing costs, stagnant wages and a severe shortage of available homes, North Carolina faces an uphill battle in addressing affordability. However, local initiatives, nonprofit efforts and strategic planning offer a path forward.

      What You Need To Know

  • The National Low Income Housing Coalition’s latest report reveals a severe shortage of affordable rental homes, with only 130,930 available for 326,751 extremely low-income households
  • The N.C. League of Municipalities has declared housing affordability in the state a full-blown crisis

  • Greensboro, Raleigh, Swannanoa and other communities push for innovative housing solutions, state and federal support to ensure that all North Carolinians have access to affordable housing

The cost of housing in North Carolina has risen in recent years, creating a growing crisis across the state. According to the NC Chamber, the median home listed in 2024 reached $419,000, an increase from 2020, which had a median cost of $251,859. Even more concerning, the state’s housing availability rate has dropped below 1%, far below the healthy market benchmark of 2 to 3%.

The National Low Income Housing Coalition’s latest report reveals a severe shortage of affordable rental homes, with only 130,930 available for 326,751 extremely low-income households.

Research from the North Carolina Treasurer shows that by 2030, North Carolina will need 900,000 more homes due to population growth, but current construction rates indicate that supply will fall well short of demand. That could raise housing prices across the board.

The N.C. League of Municipalities has declared housing affordability in the state a full-blown crisis.

In response to the urgent housing need, Greensboro City Manager Nathaniel "Trey" Davis launched the "Road to 10,000" plan, aiming to build 10,000 new housing units. That's about a third of the total needed in Guilford County by 2030.

“The city is working to address the housing shortage, most recently dedicating $11 million for housing and supportive services for the unhoused,” Davis said. “Additionally, 3,313 residential building permits were issued in Greensboro last year.”

Implementation of the "Road to 10,000" plan involves creating a work group, which will launch within the next 30 days. The initiative also prioritizes improvements to transportation infrastructure and transit-oriented development to ensure accessibility for all residents.

In Raleigh, city leaders set a goal in 2016 to build 5,700 affordable homes by 2026. As of today, 3,848 affordable homes have been constructed. The city continues working toward its target, saying that affordable housing — defined by HUD as costing no more than 30% of a household’s gross income — is essential for a thriving community.

In the western part of our state, the nonprofit BeLoved Asheville, recently purchased nine acres of land in Swannanoa. Funded by community contributions, the group plans to build at least 15 homes for families earning between 15 to 50% of the Area Median Income. The project aims for completion by the end of 2025, offering hope to those in desperate need of stable housing.

As Greensboro, Raleigh and other communities push for innovative housing solutions, state and federal support will be crucial in closing the gap and ensuring that all North Carolinians have access to affordable housing.