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City of Arden Hills – 2040 Comprehensive Plan <br /> <br /> <br />Approved: January 14, 2019 <br />7-9 <br />housing. Because of the disparity of housing costs and wages throughout the Twin <br />Cities, affordable housing continues to be a major initiative of the Metropolitan Council. <br />According to the Metropolitan Council, housing is considered affordable if it is priced at <br />or below 30 percent of the gross income of a household earning 50 percent of the Twin <br />Cities median family income. In 2017, the area median income for the seven-county <br />Minneapolis-St. Paul area adjusted by the Department of Housing and Urban <br />Development for a family of four was $90,400. Therefore, in 2017, housing was <br />considered affordable if annual housing costs for a family of four do not exceed 30 <br />percent of $45,200, which translates to $13,560 per year or $1,130 per month for <br />housing. While the purchasing power of $1,130 per month depends on interest rates <br />and other household factors, it could be sufficient to purchase a home that is priced in <br />the range of $150,500. <br />To implement the Livable Communities Act in 2007, the Metropolitan Council uses as <br />the upper limit of affordability for ownership purchase price and monthly rents, t he <br />following dollar amounts: <br />TABLE 7.4 - 2015 OWNED OCCUPIED AFFORDABLE HOUSING PRICES <br />Household Income Level:Affordable Home Price <br />80% of area median income $238,500 <br />50% of area median income $151,500 <br />30% of area median income $84,500 <br />Source: Metropolitan Council <br />Table 7.5 - Rental Housing Affordable Prices <br />Number of Bedrooms Affordable Rent at 30% of <br />AMI <br />Affordable Rent at 50% of <br />AMI <br />Affordable Rent at 80% of <br />AMI <br />Studio $450 $751 $1,201 <br />1-BR $483 $805 $1,288 <br />2-BR $579 $966 $1,545 <br />3-BR $669 $1,115 $1,784 <br />4-BR $747 $1,245 $1,992 <br />