HomeMy WebLinkAboutSD-18-34 - Supplemental - 0255 Kennedy Drive (13)Maximum rent and purchase price affordability thresholds by income and household size, 2018
Area median 4-
Income
INCOM
THRESHOLD BY HOUSEHOLD SIZE*
person household
p
level (%of median
ONE
TWO
THREE
FOUR
FIVE
income
income)
PERSON
PERSON
PERSON
PERSON
PERSON
VERM T
30%
16,750
19,150
21,500
23,900
25,800
(also applies to
50%
27,900
31,900
35,850
39,850
43,050
all 11 non -metro
60%
33,500
38,300
43,000
47,800
51,600
counties***)
80%
44,650
51,000
57,400
63,750
68,850
$79,700
100%
55,800
63,800
71,700
79,700
86,100
120%
67,000
76,600
86,000
95,600
103,200
CHITTENDEN
30%
19,530
22,320
25,110
27,900
30,132
FRANKLIN
50%
32,550
37,200
41,850
46,500
50,220
GRAND ISLE
60%
39,060
44,640
50,220
55,800
60,264
80%
52,080
59,520
66,960
74,400
80,352
$93,000
100%
65,100
74,400
83,700
93,000
100,440
120%
78,120
89,280
100,440
111,600
120,528
MAX GROSS RENT AFFORDABLE
M�X PURCHASE PRICE
(INCLUDING
UTILITIES)****
AFFORDABLE-
1
2
3
1
2
3
STUDIO
BDRM
BDRM
BDRM
BDRM
BDRM
BDRM
418
449)N
537
621
57,000
69,000
80,000
697
747
896
1,036
97,000
116,000
135,500
837
897
1,075
1,242
116,500
140,500
163,000
1,116
1,195
1,435
1,657
156,500
188,000
218,000
1,395
1,495
1,792
2,072
196,500
236,500
273,500
1,675
1,795
2,150
2,485
237,000
283,500
328,000
488
523
627
725
67,000
80,500
94,000
813
871
1,046
1,209
113,000
136,500
158,000
976
1,046
1,255
1,450
136,500
164,500
190,500
1,302
1,395
1,674
1,934
183,000
220,000
255,000
1,627
1,743
2,092
2,418
229,500
276,000
319,000
1,953
2,092
2,511
2,901
276,000
331,500
383,000
*Incomes shown are based on HUD's estimated medians for 4-person households and adjustment factors for other household sizes. Maximum gross rent and purchase
prices affordable are based on HUD guidance stipulating that homes have at least 1 bedroom for every 1.5 people in the household. This means that the affordable rent and
purchase price of a 1 bedroom home are based on the average of the median incomes of 1 person household and a 2 person household as a proxy for the median income
of a "1.5 person household". The affordable rent and purchase price for a 2 bedroom home are based on the median income of a 3-person household (i.e. 2 bedrooms x
1.5 people/bedroom = 3-person household). For a 3 bedroom home, the rent and price are based on the average of the median incomes of a 4 and 5 person household.
**Purchase price affordable assumes 5% down payment, average VT insurance, taxes and interest rates and a 30% affordability threshold (i.e. that the buyer spends up to
30% of income for principal and interest payment, taxes and insurance).
***In counties with median income estimates lower than for the statewide median, Vermont Chapter 117 recommends the use of the statewide median. In 2018, Addison,
Bennington, Caledonia, Essex, Lamoille, Orange, Orleans, Rutland, Washington, Windham and Windsor counties had median income estimates lower than the $79,700
median statewide.
****For utility cost estimates, consult the manager or developer or utility allowances linked on this page: http://www.vhfa.orq/rentaIhousing/developers/proqram-materials.
Disclaimer: This table is provided for information purposes only. The estimates do not constitute in any way any pre -qualification, evaluation of loan amount, qualification or
approval of any loan by any lender, including lenders under the VHFA mortgage programs. This is not a disclosure nor an offer of credit and no guarantees are implied. Your
actual loan amount and payments may vary. The managers of this web site assume no responsibility for any errors, omissions or calculations made with this table.
For actual loan and payment amounts, please contact a lender in your local area. Visit VHFA's website at http://www.vhfa.org/homebuyers/lenders for a list of lenders
offering VHFA affordable home mortgage products. Source: Based on HUD median income estimates for 2018(https://www.huduser.gov/portalldatasetslil.htmi)