Nate & Rob
Windermere Real Estate/Whatcom, Inc.
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What is considered "Affordable Housing"?
Affordable housing is a term used to describe dwelling units whose total housing costs are deemed "affordable" to those that have a median income. Although the term is often applied to rental housing that is within the financial means of those in the lower income ranges of a geographical area, the concept is applicable to both renters and purchasers in all income ranges. In the U.S. and Canada, a commonly accepted guideline for housing affordability is a housing cost that does not exceed 30% of a household's gross income. Housing costs considered in this guideline generally include taxes and insurance for owners, and usually include utility costs. When the monthly carrying costs of a home exceed 30-35% of household income, then the housing is considered unaffordable for that household.
There are options available to assist those who desire home ownership from FHA Financing to HUD Housing to a customized home search for the Bellingham/Whatcom County area for moderately priced homes and condominiums.
The LiveWhatcom team would like to answer questions or guide you through the steps to see how you may become a homeowner. Please feel free to email or call 360-296-7319 to speak with Nate or Rob.
