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So what is Workforce Housing.
So what is Workforce Housing.
Workforce housing is generally defined as housing that is accessible to those within 60% to 120% of Area Median Income (AMI). While this range is reasonable, the median income for many communities has not kept pace with the cost of living over time. According to the Bureau of Labor Statistics, in Racine WI the median income is $42,120.00 per year. The annual AMI calculates to $25,272 to $50,544 per year or, $12.15 to $24.30 per hr. for a full time 40 hr per week employee.
Workforce housing is generally defined as housing that is accessible to those within 60% to 120% of Area Median Income (AMI). While this range is reasonable, the median income for many communities has not kept pace with the cost of living over time. According to the Bureau of Labor Statistics, in Racine WI the median income is $42,120.00 per year. The annual AMI calculates to $25,272 to $50,544 per year or, $12.15 to $24.30 per hr. for a full time 40 hr per week employee.
Occupational Employment and Wage Statistics Racine WI
Occupational Employment and Wage Statistics Racine WI
May 2022 Metropolitan and Nonmetropolitan Area Occupational Employment and Wage Estimates www.bls.gov/oes/current/oes_39540.htm
So how much house can you afford and still avoid housing cost burdens.
So how much house can you afford and still avoid housing cost burdens.
It is generally accepted that housing cost including house payment, utilities, and fees should not exceed 30% of income. Using Racine employment data, monthly payments for those in the AMI window should be between $631.80 and $1263.60 per month. Based on simple math it is apparent we must be creative and innovative in developing not only affordable housing but also workforce housing. While a small foot print home will not fit every lifestyle, Tiny Homes can play an important role as another tool in the tool box to address the current housing crisis
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