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Housing Affordability: <br /># Households vs. # Affordable Homes <br />9,000 <br />= 81000 ...s -a. <br />� I <br />s 7,000 <br />d <br />i6,000 — - <br />u S � $a a'• - � e <br />5,000 — <br />4,000 _ as1 lu ry 975' <br />3,000 t - ' <br />2,000 <br />1,000 <br />0v <br /><$25,000 $25,000-$50,000 $50,000-$75,000 $75,000-$100,000 <br />Income <br />Condos Townhouses Single Family MM#Rentals Households <br />Chart E. The red line on this chart indicates the number of Edina households earning an income <br />within the specified range. The bars show how many homes are affordable for a household* in that in- <br />come range, color -coded by type (rental, single family home, etc.). The number of available affordable <br />homes is cumulative up the Income bands, because if home is affordable to a household earning <br />$20,000, it is still affordable to a household earning $40,600. There is a deficit of homes available for <br />households earning less than $50,000, and limited homeownership** opportunities for those earning <br />less than $75,000. Even for those 2,124 households earning $100,000, there are fewer than 1000 sin- <br />gle-family homes affordable for purchase in Edina. The number of homes available by type are listed in <br />the table on the right. <br />*All households within an Income range have been calculated at the average Income for that range, because distri- <br />bution is unknown (e.g. for the income band $25,000--$50,000, $37,5000 was used to calculate affordability). <br />**Assumptions for homeownership Include; 30-year mortgage at 7.0% interest and enough cash on hand to cover <br />closing costs. <br />