Did you know…
Pulled this from the Town of Apex Affordable Housing Plan. “Affordability” can have different meanings depending on the context. Under a standard set by the U.S. Department of Housing and Urban Development (HUD), housing is affordable when a household’s housing costs (including rent or mortgage and utilities) are less than 30% of the household’s income. A household that spends 30% or more of its income on housing costs is considered “cost burdened”.
Let’s do some math, cause I love math and how numbers tell a story:
Housing costs are considered rent or mortgage payments and utilities For example, a
two-person household earning $75,000 can afford housing costs up to $1,875 per month. If housing costs exceed that limit, the household is cost burdened. In the example below, this individual would be considered cost burdened by their housing costs since the mortgage/utility payments are greater than $1,875/month.
|Town of Cary Water/Sewer/Recyling||$70||$840|
|Total Housing Costs||$1,915||$22,980|
Does this resonate with you? Do you want to chat and share your housing story over coffee? Shoot me an email at email@example.com.