Housing designed for households within the state
of Nevada that have a total monthly gross household income that is
greater than or equal to 60%, but less than 120% of the area median
household income (AMI).
Using Mesquite's Median Income of approximately $60,972, the 60%
to 120% AMI bracket is $36,583 to $73,166. And if households
within this bracket spend no more than 30% of their monthly income on
housing and utilities, they can afford to spend $914 to $1,829 per
Affordable housing is what somebody making less than 60% of AMI
can afford spending no more than 30% of their monthly income.
Housing for this income group usually has to be subsidized.
a. Extremely Low (30%) Area Median Income (family of 4) –
b. Very Low (50%) Area Median Income (family of 4) – $30,486
c. Low (80%) Area Median Income (family of 4) – $48,777 Mesquite
Market Rate Housing is a term used to define housing generated by the
real estate market without direct subsidy. The price the market sets for
housing, even without subsidies, is a direct outcome of policies and
practices of planning.