Area Median Income: Difference between revisions
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The Area Median Income (AMI) represents the median family income for a family of a particular size in a Metropolitan Statistical Area (MSA). | The Area Median Income (AMI) represents the median family income for a family of a particular size in a Metropolitan Statistical Area (MSA). The U.S. Department of Housing and Urban Development (HUD) utilizes this dollar amount in order to determine housing affordability and loan qualifications within a specific area. | ||
Localities often define [[Affordable Housing | affordable housing]] as housing which is affordable for a family earning less than a set percentage of the AMI. | Localities often define [[Affordable Housing |affordable housing]] as housing which is affordable for a family earning less than a set percentage of the AMI. | ||
In | In 2018 the Charlottesville Area Median Family Income (AMI) was $89,600 <ref>{{Cite web|url=http://www.charlottesville.org/departments-and-services/departments-h-z/neighborhood-development-services/housing-grants/current-income-limits|title=CURRENT INCOME LIMITS FOR HOUSING PROGRAMS|last=|first=|publishdate=|publisher=|archive-url=|archive-date=|dead-url=|accessdate=Apr 1, 2019}}</ref>. | ||
Area median income groups include: | Area median income groups include: | ||
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{{reflist}} | {{reflist}} | ||
[[Category: Affordable living choices]] | [[Category: Affordable living choices]] | ||
Revision as of 12:58, 1 April 2019
The Area Median Income (AMI) represents the median family income for a family of a particular size in a Metropolitan Statistical Area (MSA). The U.S. Department of Housing and Urban Development (HUD) utilizes this dollar amount in order to determine housing affordability and loan qualifications within a specific area.
Localities often define affordable housing as housing which is affordable for a family earning less than a set percentage of the AMI.
In 2018 the Charlottesville Area Median Family Income (AMI) was $89,600 [1].
Area median income groups include:
- Extremely low income - under 30% AMI
- Very low-income - 30%-60% AMI
- Low income - 60%-80% AMI
Other income measures include Adjusted Gross Income (AGI) and Median Family Income.
References
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This article does not cite any references or sources. Please help improve this article by adding citations to reliable sources (ideally, using inline citations). Unsourced material may be challenged and removed. |
- ↑ Web. CURRENT INCOME LIMITS FOR HOUSING PROGRAMS, retrieved Apr 1, 2019.