Survey 1: Voluntown Housing Needs
A commonly accepted definition of affordable housing is housing that costs no more than 30% of a household’s income. Housing costs include mortgage or rent payments as well as utilities, property taxes, and condominium fees; therefore, affordable housing can be naturally occurring or can result from assistance. The State defines Affordable Housing as housing that costs 30% or less of household income for households making less than 80% of state or Area Median Income (AMI), whichever is lower. Per this definition, in Voluntown, a family of four making less than $78,500 per year or an individual making less than $54,950 per year could qualify for affordable housing.