Will the “Housing Denver” plan be a solution to affordable housing for the Metro area?
After the Housing Market in Denver, Colorado declined back in 2012, the average house listing price has reached at $455,000 comparing back to 2012 when the average house listing was $207,000. This has become a major issue to new residents moving to the Denver area where the demand for a family home while the inventory is so low, which makes Denver one of the most unaffordable cities in the country. Rent on apartments has also sky rocketed due to the housing market which does not benefit the tenants to save money for their future home in order to put a down payment on a house by just lowering the mortgage. With the inventory of house listings so low, it’s …show more content…
Even college students are dropping out of college, out-of-state students of course, because they can’t even afford to live in apartments and pay their tuition while attending school. There needs to be a better solution how the government can solve this issue by providing more affordable housing in the area and increasing the “income limits” to benefit more residents to save more money for a home of their own in this beautiful city or outside of the metropolitan …show more content…
Majority of the housing complexes accept applicants that have a median income of 50% to 60%. It mainly depends for how many tenants are going to be living in the household. We’ll say an applicant is applying for a townhome for two people with their area median income (AMI) has to be within the 50% and 60% range in the affordable housing program. According to the Office of Economic Development, the Housing and Neighborhood Development created a chart of the percentage of the income the applicants can’t overpass with the number of bedrooms in the unit. Their salary combined has to fall in between $32,000 and $38,000 with their rent ranging from $863 to $1,036. Let’s do the math, with two tenants living together combining their salary, of let’s say $35,000, each person cannot make over $17,500. Now, one person can make more than the other but according to the regulations, their salary still can’t go over $35,000. Each roommate would average a monthly income of $1,340 each. With both of the roommates having to pay the rent of $1,036, they would pitch in $518. I understand you can get the math problem, but bills need to broken down. Bills combined would add up to a total of probably $300 each and leaves both of the roommates with $500. Even with the affordable housing, the low income residents are not getting the benefit of saving enough money. Not
After the Housing Market in Denver, Colorado declined back in 2012, the average house listing price has reached at $455,000 comparing back to 2012 when the average house listing was $207,000. This has become a major issue to new residents moving to the Denver area where the demand for a family home while the inventory is so low, which makes Denver one of the most unaffordable cities in the country. Rent on apartments has also sky rocketed due to the housing market which does not benefit the tenants to save money for their future home in order to put a down payment on a house by just lowering the mortgage. With the inventory of house listings so low, it’s …show more content…
Even college students are dropping out of college, out-of-state students of course, because they can’t even afford to live in apartments and pay their tuition while attending school. There needs to be a better solution how the government can solve this issue by providing more affordable housing in the area and increasing the “income limits” to benefit more residents to save more money for a home of their own in this beautiful city or outside of the metropolitan …show more content…
Majority of the housing complexes accept applicants that have a median income of 50% to 60%. It mainly depends for how many tenants are going to be living in the household. We’ll say an applicant is applying for a townhome for two people with their area median income (AMI) has to be within the 50% and 60% range in the affordable housing program. According to the Office of Economic Development, the Housing and Neighborhood Development created a chart of the percentage of the income the applicants can’t overpass with the number of bedrooms in the unit. Their salary combined has to fall in between $32,000 and $38,000 with their rent ranging from $863 to $1,036. Let’s do the math, with two tenants living together combining their salary, of let’s say $35,000, each person cannot make over $17,500. Now, one person can make more than the other but according to the regulations, their salary still can’t go over $35,000. Each roommate would average a monthly income of $1,340 each. With both of the roommates having to pay the rent of $1,036, they would pitch in $518. I understand you can get the math problem, but bills need to broken down. Bills combined would add up to a total of probably $300 each and leaves both of the roommates with $500. Even with the affordable housing, the low income residents are not getting the benefit of saving enough money. Not