Income Levels and Maximum Housing Payments in Sacramento Area - 2002

Income Levels and Maximum Housing Payments in Sacramento Area - 2002
Household Size Median Income Low Income2 Maximum Payments1 Very Low Income3 Maximum Payments1
1
$40,100
$32,080
$802
$20,050
$501
2
$45,800
$36,640
$916
$22,900
$573
3
$51,600
$41,280
$1,032
$25,800
$645
4
$57,300
$45,840
$1,146
$28,650
$716
5
$61,900
$49,520
$1,238
$30,950
$774
6
$66,500
$53,200
$1,330
$33,250
$831
7
$71,100
$56,880
$1,422
$35,550
$889
8
$75,600
$60,480
$1,512
$37,800
$945

1 Maximum monthly housing expense is 30 percent of the income limit divided by 12.

2 "Low Income" is gross annual income below 80% of the area median income, adjusted for family size.

3 "Very low income" is gross annual income below 50% of the area median income, adjusted for family size.

Homeownership Affordability Estimates


Homeownership Affordability Estimates
Sales Price Monthly Payment1
7.00% 7.50% 8.00%
$90,000
$670
$699
$728
$100,000
$745
$776
$810
$110,000
$819
$855
$890
$120,000
$893
$932
$971
$130,000
$967
$1,010
$1,052

1 Monthly payments include principal, interest, taxes and insurance and are based on a 95% mortgage amount.

Maximum Allowable Rents in Developments with Low-Income Housing Tax Credits


Maximum Allowable Rents in Developments with Low-Income Housing Tax Credits
Size Basis of Rent Calculation Low Income Household Very Low Income Household
Studio
1 person
$601
$501
1 Bedroom
1.5 persons
$644
$536
2 Bedrooms
3 persons
$774
$645
3 Bedrooms
4.5 persons
$894
$745
4 Bedrooms
6 persons
$997
$831
5 Bedrooms
7.5 persons
$1,100
$916

*  Rents are reduced by an allowance for tenant-furnished utilities, which range from $30 to $105, depending on bedroom size.  Rents on assisted units must be below comparable market rents.  "Low Income" tax credit rent are figured at 60% area median income, rather than the usual 80% AMI.

Mixed Income Housing Guide