I've been reading up on the City Council's vote Monday to renew a tax break for developers who build housing that the city deems "affordable." The move is meant to provide affordable places to live for folks like firefighters and some teachers, but Seattle Times reporter Sharon Pian Chan writes that it has sparked a debate about what exactly is "affordable" here. From what I gather, this measure would benefit those who earn 80 to 120 percent of the median income. For example - a single person earning $46,705 (that's 80 percent of the median income next year), or a household of three earning $90,110 (that's 120 percent). And for a person earning $46,705, the city says a studio that runs $1,115 a month is affordable. But opponents say the city needs to concentrate on helping low-income residents - not the moderate-income residents targeted by this measure. And others fear that this will just pave the way for yet more condo developments. The Times has more info.
Definition of affordable rent? Try "non-existent". I'm a single person in my late 20s, earning about $32k and I pay $850/mo for a 1BR in King County (but not the city of Seattle). That doesn't included utilities. Add that to the rising cost of garbage, electricity, food, and health costs and I'm broke at the end of the month. At this rate I'll never be able to retire because I can't yet afford to take any part of my paycheck out to pay toward a 401k or any other savings plan. Yet, because my income puts me above the poverty level I don't deserve affordable housing?
I hear ya, Amanda
Affordable? I don't know very many people who make that much, myself included eventhough I have some college and make the most I have ever made in my life. They sure are forgeting about the low-income people. Most people make less than $38K a year wich is not enough now. Please keep us updated on this issue. This sucks!
30-35% of income is a standard definition of the max affordable rent, look in any personal finance book or website. We pay $1300 for an apt in the city and considering we don't even need a car and can walk or bus everywhere we want to go, yes it *is* very affordable.