Svante Myrick: It’s just really expensive to build the stuff. So, why? Why is there a lack of affordable housing? ![]() There is a lack of affordable housing, and many people in the low-income and moderate-income bracket are paying way more than they should for housing, or they are forced to completely move outside the city. PC: And, in calculations done by the Ithaca Voice, only 26 percent of housing in the city is set aside specifically for those people below the 80 percent mark, including section 8 vouchers that bring higher rents down to an affordable rate. If housing is priced to be in the “affordable range” for “moderate income” residents, even at the lowest end of that bracket, that rent is still too expensive for a lot of people.ĪMI changes depending on family size, but the figures still puts “moderate income” at an almost unachievable rate for a lot of people in Ithaca. Meaning $1,255 a month in rent is the “affordable” rate for the lowest “moderate” earner. That would be the monthly income for the lowest earning person in the “moderate income” bracket. That means to be considered “moderate income” or above the 80 percent figure in Ithaca, you must earn more than $50,200 a year.Ī: $50,200 divided by 12 is around $4,183. In Ithaca, for a family of 1, or a single person, that number is 50,200. P: According to the US Department of Housing and Development, or HUD, low income is anyone below 80 percent AMI. AMI, is the midpoint in an area’s income distribution, it is the determining factor for income brackets and helps put things into perspective a little bit more. As we know 72 percent of Ithacans fall into the “rent burdened” category meaning they’re paying way more than that.īut there is another statistic we can look at too, Area Median Income, or AMI. ![]() AT: As Paul Mazzarella said, housing is considered “affordable” when a person spends less than 30 percent of their income on it.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |