Wilmington's new affordable housing complex is opening. Here's what it costs to live there
The opening of a workforce housing complex in New Hanover County gives a window into what is considered affordable in the Wilmington area.
Starway Village, a 278-unit workforce housing complex finishing up construction at 2346 Carolina Beach Road, will provide housing for residents who make 60% or less of the area median income, or AMI, in New Hanover. When the project was in the planning stage in 2023, Mayor Bill Saffo said it was the largest affordable housing development to receive funding from both the city and the county.
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The total cost of Starway Village was estimated to be $75 million. The project received over $2 million from New Hanover, $4.2 million from the city of Wilmington and $9 million from the North Carolina Office of Recovery and Resiliency in Community Development Block Grant Disaster Recovery funds.
Two years later, applications for the first phase of Starway Village are now open. Much of the project is still under construction, but it is expected to be completed in July. The complex's amenities include a pool, dog park, community rooms, business center and an exercise room.
Starway Village's one-bedroom units are priced at $1,047 per month. Two-bedroom apartments are $1,252 and three-bedroom units are $1,442. For a two-person household in New Hanover, 60% AMI amounts to $47,640, according to a housing needs assessment conducted by Root Policy Research. The affordable monthly housing cost at this income level is $1,191. Households that spend more than 30% of their gross income on housing are considered cost burdened. Roughly 35% of New Hanover residents fall into that category.
While the assessment did not provide data for larger households, the average household in New Hanover has slightly more than two earners. There are roughly 106,000 households in the county.
For middle income renters who earn between $35,000 and $49,999 in New Hanover, the percentage of households that are cost burdened jumped from 41% in 2018 to 74% in 2023. Typical asking rent rose 57% in that time, while median renter income increased by 45%. The median gross rent in New Hanover was $1,466 in 2023, higher than the maximum affordable rent at median renter income was $1,320.
While building affordable housing at 60% AMI is necessary, it's not enough to meet the demand in New Hanover. To keep up with projected growth, the county would need to create an additional 4,700 units priced below 50% AMI in the next decade. Across income levels, New Hanover needs 21,200 more units in that timeframe to accommodate for the area's increasing population.
In addition to the rent cap at Starway Village, the complex accepts subsidies from the Housing Choice Voucher Program, commonly known as Section 8. The program provides vouchers to low-income tenants, ensuring that they only pay between 30% and 40% of their adjusted monthly income.
Daniel Sheehan covers the city of Wilmington and New Hanover County for the StarNews. Reach him at dsheehan@gannett.com.
This article originally appeared on Wilmington StarNews: Starway Village affordable housing opening in Wilmington, NC
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