Microblog #03: What Does the Housing Affordability Index Show Us? (105 Words)

The Housing Affordability Index in Housing Virginia’s SOURCEBOOK determines what percent of income is needed to afford a typical home or apartment in Virginia.

For example, a very low-income household at 50% of the area median income (AMI) would spend 43% of their income on rent. The same household would spend 51% of their income on a mortgage on the average owned home. The overall Housing Affordability Index, an average of those numbers, is 48%.

The Index is currently available for 80% AMI, 60% AMI, 50% AMI, and 30% AMI.

For households making 50% of median income, what percent of their income is needed to afford a typical home?
50% of Median Household Income for Virginia: $33,757

(2016, 4th Quarter data) 

To find the Housing Affordability Index for your community, visit the calculators in SOURCEBOOK.


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