On 1/24/04 1:00 PM, "Mark Snyder" <[EMAIL PROTECTED]> wrote:
> On 1/24/04 11:05 AM, "Bill Cullen" <[EMAIL PROTECTED]> wrote: > >> >> Margaret wrote: Vacancy increasing does not equal affordability. >> >> Is $599 affordable? Well, according to HUD, 30% of the area median income >> is $22,590. That means (using the 30% of income can go towards housing >> rule) this household can afford $564.75. A tad under what I am charging >> right now. > > This suggests to me that HUD may be part of the problem. If 30% of the area > median income (I'm assuming this is for a household) is $22,590, then that > would mean that the area median income for a household is about $75,000. > It's been a long time since I took statistics, but that number seems skewed > a bit high to me. I took that to mean that 30% of one's income can go to housing. I.e., the median renter (for lack of a better word) earns $22,590 a year, so it can spend 30% of that, or $6777, on housing each year -- or $564.75 per month $22,590 is $434.42 per week; roughly 43 hours a week at $10 per hour. That's a lot of work (and a decent job) for one person, but it's about 31 hours a week for two people earning $7 an hour. For what it's worth, the entire time I rented in the Twin Cities (until 10-2002), I never paid more than $400 a month -- let alone $599! -- in rent. I always had roommates, so my rent would consistently be between $200 and $300 a month. Mike Skoglund // Lower Manhattan NYNY // Bancroft MPLS REMINDERS: 1. Think a member has violated the rules? Email the list manager at [EMAIL PROTECTED] before continuing it on the list. 2. Don't feed the troll! Ignore obvious flame-bait. For state and national discussions see: http://e-democracy.org/discuss.html For external forums, see: http://e-democracy.org/mninteract ________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Un-subscribe, etc. at: http://e-democracy.org/mpls
