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General Plan Update - City of Inglewood

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Chapter 2 Community Development<br />

Income Group<br />

Annual<br />

Income<br />

Table 2.2-7<br />

Income Levels Housing Costs Maximum Affordable Price<br />

Affordable<br />

Payment Utilities b<br />

Extremely Low (30% <strong>of</strong> MFI)<br />

One Person $12,500 $313 $50 $150 $20,302 $263<br />

Small Family a $16,050 $401 $80 $200 $21,881 $321<br />

Large Family a $19,300 $483 $100 $250 $23,911 $383<br />

Housing Affordability<br />

Taxes &<br />

Insurance d Home e Rental c Housing Available<br />

No housing available at this price range<br />

Very Low (50% <strong>of</strong> MFI)<br />

One Person $20,850 $521 $50 $150 $57,972 $471 Studios<br />

Small Family a $26,800 $670 $80 $200 $70,379 $590<br />

No adequately sized units<br />

Large Family a $32,150 $804 $100 $250 $81,883 $704<br />

Low (80% <strong>of</strong> MFI)<br />

One Person $33,300 $833 $50 $150 $114,140 $783 Small apartments<br />

Small Family a $42,850 $1,071 $80 $200 $142,787 $991 Small apartments and 1-bedroom condos<br />

Large Family a $51,400 $1,285 $100 $250 $168,728 $1,185 Most apartments and 1- and 2-bedroom condos<br />

Moderate (120% <strong>of</strong> MFI)<br />

One Person $46,250 $1,156 $50 $150 $172,563 $1,106 Most apartments and 1- and 2-bedroom condos<br />

Small Family a $59,500 $1,488 $80 $200 $217,903 $1,408 Most apartments and 1- and 2-bedroom condos, some 3-bedroom condos<br />

Large Family a $71,400 $1,785 $100 $250 $258,957 $1,685<br />

Most apartments and condos, and some small 1- and 2-bedroom homes<br />

(inadequately sized)<br />

SOURCE: Cotton Bridges & Associates (CBA), June 2004<br />

a Small Family=3 persons; Large Families=5 or more persons<br />

b Utility costs for renters assumed at $50/$100/$150 per month<br />

c Monthly affordable rent based on payments <strong>of</strong> no more than 30% <strong>of</strong> household income<br />

d Property taxes and insurance based on averages for the region with adjustments for size <strong>of</strong> homes<br />

e Calculation <strong>of</strong> affordable home sales prices based on a down payment <strong>of</strong> 10%, annual interest rate <strong>of</strong> 6.25%, 30-year mortgage, and monthly payment <strong>of</strong> gross household<br />

income<br />

2.2-6<br />

<strong>City</strong> <strong>of</strong> <strong>Inglewood</strong> <strong>General</strong> <strong>Plan</strong> <strong>Update</strong> Technical Background Report

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