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City of Arden Hills – 20430 Comprehensive Plan <br /> <br /> <br />Approved: September 28, 201809 Amended: December 12, 2016 <br />7-15 <br />four was $78,50090,400. Therefore, in 20107, housing was considered affordable if annual <br />housing costs for a family of four do not exceed 30 percent of $47,100$45,200, which <br />translates to $13,5604,130 per year or $1,13077.50 per month for housing. While the <br />purchasing power of $1,177.50 130 per month depends on interest rates and other <br />household factors, it could be sufficient to purchase a home that is priced in the range of <br />$150,000. <br /> <br />To implement the Livable Communities Act in 2007, the Metropolitan Council uses as the <br />upper limit of affordability for ownership purchase price and monthly rents, the following <br />dollar amounts: <br />TABLE ??7.5 - 201607 OWNED OCCUPIED AFFORDABLE HOUSING PRICES <br />Household Income Level:Affordable Home Price <br />80% of area median income $235,000 <br />50% of area median income $148,000 <br />30% of area median income $82,500 <br /> <br />TABLE ??7.6 - RENTAL HOUSING AFFORDABLE PRICES <br />Bedroom size: *Monthly gross rent including tenant-paid utilities, <br />affordable at 50% of area median income <br />Efficiency $687 <br />1 bedroom $736 <br />2 bedrooms $883 <br />3 bedrooms $1,020 <br />4 bedrooms $1,138 <br />2007 RENTAL HOUSING <br />Source: Metropolitan Council <br /> <br />Number of Bedrooms Affordable Rent at 30% <br />of AMI <br />Affordable Rent at 50% <br />of AMI <br />Affordable Rent at 80% <br />of AMI <br />Studio $450 $751 $1,201 <br />Formatted: Not Highlight <br />Formatted: Not Highlight <br />Formatted: Not Highlight <br />Formatted: Highlight <br />Formatted: Caption, Keep with next, Tab <br />stops: Not at 0.24" <br />Formatted: Caption, Keep with next, Tab <br />stops: Not at 0.24"