Thursday, November 17, 2016

National American Housing Survey 2015 is Out; Homeowner Median Incomes Were Double Renter Median Incomes.

A Census website that allows custom tables is up; the table with median incomes by tenure should be HERE. (Click on "Get Table" in left pane for income data to appear).

Renter Median Incomes Were 50% of Homeowner Median Incomes; 

Renter household median income was $32,796. 
That was 50% of homeowner household income of $65,010 and 65% of overall median household income of $50,400. 

Note: Portland metro AHS 2015 data is scheduled to be released in January 2017. 

My Calculation of Affordable Rents/Housing Expense

An affordable monthly rent (@30% of income) at the AHS reported 2015 renter median household income would be $820. That affordable monthly housing expense jumps by 54% to $1,260 if the overall median income household income is used and by 98% to $1,625 if the median income homeowner household is used. 

The table below shows the AHS data and my calculations. 

The net effect of using the overall median household income (or median family household income) instead of the renter median household income is 
  • To increase the calculated "affordable" housing rent.  
  • To increase the share of all renters who qualify for programs that use these calculated higher "affordable" rent levels.
Originally created and posted on the Oregon Housing Blog

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