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Housing Affordability Index
(at 60% Median Household Income)
The Housing Affordability Index (HAI) is adjusted by replacing median household income with 60% of the median household income. The result is an overall HAI that reflects, for the typical household with income at 60% of the median household income for the area, the percent of income required to occupy the median housing unit including both sold and rented housing. The sold component of the overall HAI measures, for the typical household with income at 60% of the median household income, the percent of income required for the Principal, Interest, Taxes, and Homeowner’s Insurance (PITI) payment for the median unit sold. The rental component of the overall HAI measures, for the typical household with income at 60% of the median household income, the percent of median household income required for gross rent, including utilities, for the median unit rented.
The HAI (at 60% Median Household Income) is depicted for the most recent quarter in the chart below. The orange box illustrates the sold component which reflects, for the typical household with income at 60% of the median household income, the percent of income required to own the typical unit. The yellow box represents the rental component which reflects, for the typical household with income at 60% of the median household income, the percent of income required to rent the typical unit. The blue box, representing the overall HAI (at 60% Median Household Income), is the weighted average of the sold and rental components (each component is weighted by its respective share of the housing market; sold by the percent of owners and rental by the percent of renters) and reflects, for the typical household making 60% of median income, the percent of income needed to afford a typical home.
- For households making 60% of median income, what percent of their income is needed of afford a typical home?
Virginia
At 60% of Median Household Income, $38,027
2012, qrt 4
There were about 921,944 households with incomes at or below 60% of median.
Affordability from a Metropolitan Perspective (Not applicable for State):
Replacing the jurisdiction 60% of median household income with the metropolitan 60% of median household income of NA results in a revised HAI of NA (with the sold component= NA and the rent component= NA
NA = Data not available.
Note: Owner costs are based on 21 420 units sold in this quarter. If number of sales is small, view index with caution.
Sources: MLS Sales Data (Virginia Association of REALTORS®), U.S. Census, American Community Survey, and Virginia Tech Center for Housing Research.
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This chart shows the trend of housing affordability based on 60% of median household income over time Quarterly data is shown for the Housing Affordability Index at 60% of Median Household Income (HAI_60%) which represents affordability of the typical housing unit (either sold or rent); the sold component of the HAI_60% which represents affordability of the typical sold unit; and the rent component of the HAI_60% which represents the affordability of the typical rental unit.
- How has that percentage changed over time?
Affordability of Housing at 60% of Median Household Income,
Virginia
Statewide Map of Housing Affordability Index at 60% of Median Household Income
This map, for the most recent quarter, shows the Housing Affordability Index at 60% of Median Household Income (HAI_60%) for Virginia Counties and Independent Cities allowing for a visual comparison of housing affordability of the typical housing unit for localities in Virginia. Darker shading indicates a higher index (meaning a larger percent of household income is needed for housing). For area specific housing affordability information, use the drop down menus above to access the data. Click map for larger version.
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