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08-21-17-WS
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08-21-17-WS
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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 /> <br />7.4.2 Housing Affordability <br /> <br />Affordable housing is an issue in every Twin Cities area community. With <br />housing costs outpacing many wages, it is becoming increasingly important to <br />focus on affordable housing. Because of the disparity of housing costs and <br />wages throughout the Twin Cities, affordable housing continues to be a major <br />initiative of the Metropolitan Council. <br /> <br />According to the Metropolitan Council, housing is considered affordable if it is <br />priced at or below 30 percent of the gross income of a household earning 560 <br />percent of the Twin Cities median family income. In 20107, the area median <br />income for the seven-county Minneapolis-St. Paul area adjusted by the <br />Department of Housing and Urban Development for a family of four was <br />$78,50090,400. Therefore, in 20107, housing was considered affordable if <br />annual housing costs for a family of four do not exceed 30 percent of <br />$47,100$45,200, which translates to $13,5604,130 per year or $1,13077.50 per <br />month for housing. While the purchasing power of $1,177.50 130 per month <br />depends on interest rates and other household factors, it could be sufficient to <br />purchase a home that is priced in the range of $1530,000. <br /> <br />Housing—along with food, clothing, transportation and medical care—is a <br />necessity. For many households, it is their largest monthly expense. When <br />households spend more than 30% of their monthly income on housing costs, <br />they are considered “cost-burdened.” The inability of households to find housing <br />they can afford has far-reaching effects. For example, a recent national report <br />found cost-burdened households (especially low-income households <br />experiencing cost burden) are forced to make cutbacks on food and health care <br />spending, undermining their overall well-being. <br />
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