Area Median Income (AMI): A Guide for Housing Affordability
Understanding AMI
The Area Median Income (AMI), determined annually by the U.S. Department of Housing and Urban Development (HUD), is a crucial indicator of housing affordability in cities across the country.
2023 AMI for New York City Region
According to The Safeguard Group, the 2023 AMI for the New York City region is $106,000.
AMI and Housing Affordability
AMI serves as a benchmark for determining eligibility for various housing assistance programs, such as affordable housing and low-income housing tax credits. Households with incomes below the AMI are considered low-income and may qualify for these programs.
Income Disparities in New York City
New York City's AMI Cheat Sheet highlights significant income disparities within the city. In 2022, around 49.3% of New York City renter households fell into the Extremely Low Income (1 AMI) or Very Low Income (2 AMI) categories.
HUD's AMI Calculations
HUD's AMI calculations consider data from various sources, including the American Community Survey and the U.S. Census Bureau. The AMI is then adjusted by the local median family size and the appropriate multipliers for different household sizes.
Conclusion
Area Median Income is a vital tool for understanding housing affordability and ensuring equitable access to housing opportunities. By knowing the AMI and income disparities within a region, policymakers, housing advocates, and individuals can work together to create more affordable and sustainable housing solutions.
Komentar