If you own a median sized house in Humboldt County with 3 bedrooms and two baths, your house is worth $330,000. If you you were to buy that house today, you would probably need at least $5,000 in the bank to help with costs and a household income of $80,000. Your monthly payments would be right at $2,000. Or 60% of your income! General information available through Humboldt Association of Realtors
Now we have heard many people talk about affordable housing and the need in Humboldt County. Here is a simple definition as set by the US Department of Housing and Urban Development. Affordable Housing - CPD - HUD The generally accepted definition of affordability is for a household to pay no more than 30 percent of its annual income on housing. Families who pay more than 30 percent of their income for housing are considered cost burdened and may have difficulty affording necessities such as food, clothing, transportation and medical care.
OK then. Assuming the median household income in Humboldt County is just under $40,000 a year, that leaves that person with just under $1,000 a month after taxes to qualify for a HUD defined type house. So these affordable houses should be going for around $165,000.
Sure hope they build many of these. It would seem to reason that people would be lined up for miles in Humboldt County for this deal. The going rate for a 3 bedroom rental is currently $1040 per month in Humboldt County!