Laserfiche WebLink
Exhibit 54: Financially Attainable Housing by Median Family Income (MFI) for a Family of Four, <br />Boulder Metro Area, 202314 <br />Source: US Department of Housing and Urban Development, Boulder Metro Area, 2023 <br />$43,230 $72,050 $115,280 <br /><30%AMI 50%AMI 80%AMI <br />$144,100 $172,920 <br />100%AMI 120%AMI <br />$1,100 <br />$984 <br />$1,574 <br />$1,855 <br />$2,226 <br />MONTHLY RENT <br />MONTHLY RENT <br />MONTHLY RENT <br />MONTHLY RENT <br />MONTHLY RENT <br />OR <br />OR <br />OR <br />OR <br />OR <br />$130k-$151k <br />$216k-$252k <br />$346k-$403k <br />$432k-$504k <br />$519k-$605k <br />HOME SALES <br />HOME SALES <br />HOME SALES <br />HOME SALES <br />HOME SALES <br />PRICE <br />And • • <br />PRICE <br />PRICE <br />PRICE <br />PRICE <br />you <br />Medical Assistant <br />Middle School Teacher <br />Mechanical Engineer <br />Aerospace Engineer <br />Software Developer <br />$44,870 <br />$72,120 <br />$113,610 <br />$138,770 <br />$169,750 <br />111 <br />0 <br />A <br />alai <br />Cashier <br />Firefighter <br />Nurse Practitioner <br />Pharmacist <br />Dentist <br />$33,900 <br />$65,110 <br />$122,320 <br />$140,860 <br />$161,060 <br />A household would need to earn 145% of the MFI, or around $209,000 to afford the average <br />home sales price in Louisville. Only 26% of Louisville households earn more than $200,000 <br />annually, suggesting at least 74% of Louisville households would not be able to afford the <br />current average home sales price. In addition, Louisville renter incomes are significantly lower <br />than Louisville homeowner incomes (see Exhibit 28). Based on 2021 ACS data, renter median <br />incomes would fall at around 56% of the 2023 MFI (qualifying as just above "very low income" <br />under HUD standards), while the homeowner median income would fall at roughly 111% of the <br />2023 MFI, indicating that homeownership is likely significantly more out of reach for <br />households that do not already own a home. <br />Cost Burdened Households <br />Housing costs are typically the largest portion of a household budget, and typically include <br />mortgage or rent payment, utilities, interest, and insurance. The Department of Housing and <br />Urban Development's guidelines indicate that households paying more than 30 percent of their <br />income on housing experience "cost burden" and households paying more than 50 percent of <br />their income on housing experience "severe cost burden." Using cost burden as an indicator is <br />14 Home sales prices may vary with mortgage interest rate fluctuations, any homeowner association costs, or utility <br />fee variations. <br />ECONorthwest 44 <br />51 <br />