Housing and Transportation Affordability INDEX
The Housing and Transportation (H+T) Affordability Index is a vital tool for measuring the true affordability of housing in East Central Vermont. Developed by the Center for Neighborhood Technology, this index highlights the importance of considering both housing and transportation costs when evaluating where to live. Affordable housing is defined as housing costs not exceeding 30% of a household’s gross annual income, while transportation costs should remain under 15%. This approach fosters informed conversations about sustainable living and affordability in our communities.
Housing and Transportation Affordability INDEX
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Presentation Transcript
Housing and Transportation Affordability INDEX http://www.streamlinerefinance.net/cost-of-commuting.html July 24, 2013 East Central VT Sustainability Consortium Meeting Jason Rasmussen Senior Planner
Why develop an H+T affordability index? To start a conversation about choosing where to live. This index, which is based on work by the Center for Neighborhood Technology, is a tool to measure the true affordability of housing choices.
What is affordable in Vermont? Affordable housing is “housing that is owned or rented by its inhabitants whose gross annual household income does not exceed 80% of the county median income [...] and the total annual cost of the housing [...] is not more than 30% of the household’s gross annual income”. 24 VSA § 4303
What about transportation costs? In rural areas housing is often less expensive, but that often means that transportation costs are higher as people have to travel further. Transportation is considered affordable when a household pays no more than 15% of its annual income on transportation (Center for Neighborhood Technology)
Center for Neighborhood Technology H+T Affordability Index http://www.cnt.org/
Questions? Jason Rasmussen, Senior Planner 802-674-9201 jrasmussen@swcrpc.org
