The chart shows maximum allowable rents and purchase prices for affordable property. If your current housing cost is 30 to 35% of your monthly income you have affordable housing already.
The AMI or area median income is $68,000 per person per year. When income is less than 100% AMI see the reduction in prices to pay. Section 8 and other subsidies reduces the income requirement further.
On mobile screens click and slide the chart to make it larger.
You need an application to enter a housing lottery. Sign-up for our lottery update by email service.
DOWNLOAD this lottery application from a closed Jamaica Plain apartment lottery to see lottery forms.
Subtotal your monthly expenses for these housing costs:
– rent or mortgage
– insurance and etc.
If it is equal to or less than 30% of your income, you are paying an “Affordable” rate for housing.
If you make $1,000 a month in income, $325/mo rent is too much.
Typically, the phrase “affordable housing” means any housing where the total housing costs are affordable (cost no more than 30% of income) for a family that earns no more than 80% of the Area Median Income (AMI).
In Greater Boston, 80% of AMI for a family of 2 is $51,400. For a family 4 it is $64,200.