|
HOUSING AFFORDABILITY
<br />TABLE HA-4
<br />HOUSING AFFORDABILITY - BASED ON HOUSEHOLD INCOME
<br />CITY OF RAMSEY
<br />For -Sale (Assumes 10% down payment and good credit)
<br />Price of House
<br />Pct. Down Payment
<br />Total Down Payment Amt.
<br />Estimated Closing Costs (rolled into mortgage)
<br />Cost of Loan
<br />Single -Family
<br />Entry -Level
<br />$200,000
<br />10.0%
<br />$20,000
<br />$6,000
<br />Move -Up
<br />$300,000
<br />10.0%
<br />$30,000
<br />$9,000
<br />Executive
<br />$450,000
<br />10.0%
<br />$45,000
<br />$13,500
<br />$186,000
<br />$279,000 $418,500
<br />Townhome/Twinhom
<br />Entry -Level
<br />$175,000
<br />10.0%
<br />$17,500
<br />$5,250
<br />Move -Up
<br />$250,00(
<br />10.0%
<br />$25,00(
<br />$7,50(
<br />$162,750 $232,50(
<br />Interest Rate 3.875% 3.875% 3.875% 3.875% 3.875%
<br />Number of Pmts. 360 360 360 360 36(
<br />Monthly Payment (P & I) -$875-$1,312 -$1,968 -$765-$1,09]
<br />(plus) Prop. Tax -$167 -$250 -$375 -$146 -$20F
<br />(plus) HO Insurance/Assoc. Fee forTH -$67 -$100 -$150 -$100 -$10(
<br />(plus) PMI/MIP (less than 20%) -$81 -$121 -$181 -$71 -$10:
<br />Subtotal monthly costs-$1,189-$1,783-$2,674-$1,082-$1,50:
<br />Housing Costs as % of Income 30% 30% 30% 30% 30%
<br />Minimum Income Required $47,543 $71,314 $106,972 $43,267 $60,09!
<br />Pct. of ALL Ramsey HHDS who can afford'
<br />No. of Ramsey HHDS who can afford'
<br />Pct. of Ramsey owner HHDs who can afford'
<br />No. of Ramsey owner HHDs who can afford2
<br />No. of Ramsey owner HHDS who cannot afford2
<br />82.7% 65.9% 40.4% 85.8% 74.4t
<br />7,867 6,270 3,844 8,157 7,07E
<br />85.6%
<br />6,491
<br />1,089
<br />72.2%
<br />5,472
<br />2,108
<br />45.0%
<br />3,412
<br />4,168
<br />88.1%
<br />6,681
<br />899
<br />79.0 %
<br />5,98(
<br />1,59
<br />Rental (Market Rate)
<br />Monthly Rent
<br />Annual Rent
<br />Housing Costs as % of Income
<br />Existing Rental
<br />1BR
<br />$1,215
<br />$14,580
<br />30%
<br />Minimum Income Required $48,600
<br />2BR
<br />$1,557
<br />$18,684
<br />30%
<br />3BR
<br />$1,875
<br />$22,500
<br />30%
<br />$62,280 $75,000
<br />New Rental
<br />1BR
<br />$1,250
<br />$15,000
<br />30%
<br />2BR
<br />$1,80(
<br />$21,60(
<br />30%
<br />$50,000 $72,00(
<br />Pct. of ALL Ramsey HHDS who can afford'
<br />No. of Ramsey HHDS who can afford'
<br />82.6% 72.6% 63.3% 81.8% 65.5%
<br />7,861 6,902 6,024 7,780 6,23!
<br />Pct. of Ramsey renter HHDs who can afford2 74.0% 50.6% 28.6% 72.7% 33.9%
<br />No. of Ramsey renter HHDs who can afford2 817 560 316 803 37i
<br />No. of Ramsey renter HHDS who cannot afford2 288 546 789 302 731
<br />1 Based on 2019 household income for ALL households
<br />2 Based on 2017 ACS household income by tenure (i.e. owner and renter incomes. Owner incomes = $98,835 vs. renter incomes = $64,050)
<br />Source: Maxfield Research & Consulting, LLC
<br />MAXFIELD RESEARCH AND CONSULTING
<br />
|