Time series model inputs for affordability with current figures:
6.67% interest rate (FRED);
0.35% Property insurance rate;
1.00% Mortgage insurance rate;
2.68% property tax rate;
30 years loan term;
11.6% Down payment regional average;
30% Household income for ownership costs;
$589,082 Zillow Home Value Index (ZHVI) for the municipality;
$159,371 ACS 5-year median household income.
Characteristics per household income group
The following calculation translates household growth to a target for housing supply and related housing production. This calculation takes into account several adjustments intended to relieve underlying market pressures such as pent up demand.
Cost burdened households pay more than 30% of their income on housing costs. Severely cost burdened households pay more than 50% of their income. Housing costs for renters include lease rent and utilities and for homeowners includes mortgage costs, property taxes, insurance, utilities, and any condo fees.
