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4 <br /> <br />Rental housing <br />Rents include tenant-paid utilities. We have not separated tenant-paid utilities from the rent value because we want <br />to consider all housing costs to determine affordability, rather than just rent alone. <br /> <br /># Bedrooms 30% AMI 50% AMI 60% AMI 80% AMI <br />Efficiency $543 $905 $1,086 $1,448 <br />1 Bedroom $582 $970 $1,164 $1,552 <br />2 Bedrooms $697 $1,163 $1,395 $1,860 <br />3 Bedrooms $806 $1,344 $1,612 $2,150 <br />4 Bedroom $900 $1,500 $1,800 $2,400 <br />2020 Rental Housing <br /> Ownership housing <br />For owner-occupied housing, the income limit includes principal, interest, property taxes and home insurance. <br /> <br />Assumptions include: <br />• Fixed-interest, 30-year home loan <br />• Interest rate of 3.625% <br />• A 29% housing debt-to-household income ratio <br />• A 3.5% down payment <br />• A property tax rate of 1.25% of the property sales price <br />• Mortgage insurance at 0.85% of unpaid principal <br />• $100/month for hazard insurance <br />Household Income Level Affordable Home Price <br />80% AMI ($78,500) $293,500 <br />60% AMI ($62,040) $228,500 <br />50% AMI ($51,700) $187,500 <br />30% AMI ($31,000) $106,000 <br />2020 Home Ownership <br /> <br />Applying an interest rate of 3.625% on a 30-year fixed-rate home loan for 2020 and other standard mortgage <br />assumptions listed above to the 80% of AMI amount for a family of four ($78,500), yields an affordable purchase <br />price of $293,500. With ongoing increases in HUD income limits and the recent decline in mortgage interest rates, <br />the affordable purchase price has increased from the 2019 limit of $254,500 and the 2018 limit of $234,500.