Town of Apex
Affordable Housing Plan

Apex’s household population has been growing rapidly over the past decade and is on track to continue doing so. In terms of relative incomes, growth is expected at all levels with the largest absolute increase within the >140% AMI group.

Apex’s ongoing rapid growth translates to a projected need for over 13,000 units during the next decade. Even factoring potential annexation, there is a diminishing amount of land available for this growth, requiring more units on fewer acres moving forward to keep up.

Households at the younger and older ends of the age spectrum tend to converge in terms of the types of housing they prefer. Less likely to have children, these households are more likely to choose smaller units, including apartments, condos, and attached single family (i.e. townhomes and duplexes).

These age groups combine to comprise nearly 75% of the net-new household growth expected over the next decade. However, most of Apex’s housing stock is geared more toward middle-aged and family-oriented households more interested in larger, detached single family houses. While this traditional housing type will always be an important part of the mix, more smaller options are needed to improve the balance between current supply and anticipated demand trends.

This chart compares the median listing price in Apex with the home value attainable to a household earning the median household income. A wider gap means higher barrier to entry for first-time homebuyers and increased risk that an existing resident might be priced out of the community if they choose or need to move to a different house.

Affordability is based on the county’s estimated median income. Actual affordability levels for specific properties vary based on variation in the above variables as well as possible additional costs for some units such as condominium fees.

Across all income levels, there are households having trouble affording their current housing costs. This challenge is particularly pronounced among lower-income households, most of whom are spending more than they can comfortably afford to live in Apex.

Households are cost burdened when paying more than 30% of their income on housing costs. They are considered severely cost burdened when these costs exceed 50% of their income. For renters, this includes lease rent and utilities. For homeowners, this includes mortgage costs, property taxes, insurance, utilities, and any condo fees.