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