The following info as quoted and adapted from the Marin Countywide Housing Element Workbook inserting instead HUD income limits for Honolulu, which incidentally are LOWER than Marin County.
"In broad terms, affordability is simply the relationship between housing costs and income. The generally accepted measure for housing "affordability" is spending less than 33% of one's gross household income on housing costs (including utilities, principal and interest).
In the context of Housing Elements, "Affordable Housing" generally focuses on housing for extremely low, very low, low and moderate income households, but may also address housing for above moderate income households.
- Extremely low income households earn less than 30% of the median household income --
- or less than$29,800 in 2010 for a 4-person household.
- Very low income households earn less than 50% of the median household income --
- or less than $49,650 in 2010 for a 4-person household.
- Low (Lower) income households earn less than 80% of the median household income --
- or less than $79,450 in 2010 for a 4-person household.
- Moderate income households earn 80-120% of the median household income --
- or less than $98,040 in 2010 for a 4-person household.
- Above moderate income households earn more than 120% of the median household income --
- or more than $98,040 in 2010 for a 4-person household."
These income limits are intended to be used as guidelines to establish sales and rental preferences.
See also:
