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Recap of previous information <br />• A home is affordable if it costs the occupant not more than 1/3 of their income, <br />including any associated fees, property taxes and insurance. <br />• For an individual family, housing affordability is directly tied to income, <br />regardless of income level or source or family size. Housing should be <br />"affordable" to the occupant. <br />• Sometimes housing is subsidized to be affordable (whether through a housing <br />choice voucher or a downpayment assistance program). <br />• Sometimes housing is "naturally" affordable (a household finds a home for <br />which they can pay not more than 1/3 of their income). <br />• There are not enough homes for existing population and future expected <br />population growth (births and migrations). <br />• Incomes have not kept pace with inflation or the cost of housing. <br />• Mismatch between median HH income and median home prices/costs. <br />-A DEN HILLS <br />