GREENVILLE, N.C. (WNCT) – Homebuyers and renters continue to struggle when finding affordable housing with high prices and rising interest rates. But according to Wayman A. Williams with the Greenville Housing Authority, there’s another issue that’s expected to continue throughout the year.

“With the economics of it, the over price burden for housing, housing rents, in a lot of instances [houses] are still too high for people to be able to afford it,” said Wayman A. Williams, CEO and Executive Director of Greenville Housing Authority.

According to experts, housing prices in October of 2022 were 38.1% higher than they were at the start of the pandemic. However, in November of 2022, prices dropped 2.4% from the peak during June 2022. Now experts predict housing prices will continue to decline throughout 2023, dropping another 10 to 15% by the second or third quarter of this year.

But besides affordability, Williams said there’s another big challenge.

“There’s a need for more housing to be built. So, I see that continuing to be a need going into 2023,” said Williams.

Williams said while they help over 6,000 Greenville and surrounding residents by providing resources for people who may qualify for emergency housing, the foster youth initiative and veterans, the real challenge is find available housing.

“One may qualify for housing, may be able to get a voucher or some kind of housing subsidy. But if you can’t find a unit, you’ve still got a problem,” said Williams.

Williams added the way Greenville Housing Authority is trying to combat the lack of housing.

“We are continuing to address this need, and to build additional units and create opportunities with other agencies. Also, trying to sustain housing sustainability is another issue. There may be housing out here that just needs to be maintained, upgraded, renovated. We’re involved in that too,” said Williams.

He said it’s their mission to continue to build strong partnerships, which is how they’ll be able to increase the supply of affordable housing to combat the challenges home buyers or renters have during 2023.

For more information on how to look into help when it comes to renting or buying a home, visit Housing Authority of the City of Greenville.