Tag: rent

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Here are the maximum rent prices charged for income-restricted housing

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.

BOSTON maximum rents charged to income-restricted real estate

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DOWNLOAD this lottery application from a closed Jamaica Plain apartment lottery to see lottery forms.
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Here’s what affordable housing means.

Subtotal your monthly expenses for these housing costs:

– rent or mortgage
– utilities
– taxes
– 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.