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RENT VALUES As of the 2000 Census, of the 87 percent of housing units that are rented, the average gross rent is $561/ month, lower than the Dane County average of 5641 / month. A generally accepted definition of affordability is for a household to pay no more than 30 percent of its annual income on housing. A few definitions: iii Low income is 80% 0 f the median income. VeD' low income is 50% of the median income. · Extremely low income is 30% of the median Income. In Dane County in 2006, a family of three making less than $53,050 per year is considered low income ($45,300 in 2000 dollars). · A family of three making less than $33,150 per year is considered very low income ($28, 300 in 2000 dollars) The median income for the Southdale Neighborhood was 529,766 in 2000. In 1999,47 percent of sampled Southdale residents paid a rent amount that was 30 percent or more of their household income. An affordable low-income rental home for a 3-person household in Dane County in 2006 has a monthly rent below 5l325/month (51l30/month in 2000 dollars). In 2000, 100 percent of rental housing in the neighborhood had monthly rental rates below 51000. An affordable very low-income rental home for a 3-person household in Dane County in 2006 has a monthly rent below 5830/month (S710/month in 2000 dollars). In 2000, approximately 98 percent of rental housing in the Southdale neighborhood had monthly rental rates below S750. Thus, although Southdale Neighborhood has many rental units that are affordably priced, housing affordability is still a neighborhood challenge since household incomes are also relatively low. HOMEVALUES The median home value in the Southdale Neighborhood was 582,727 in 2000, compared to 5146,900 in Dane County. All sampled Southdale Neighborhood residents that owned a home and had a mortgage were paying less than 25 percent of their monthly income for housing costs. S7:iU - $()99 <: $1511 2.~~'.;J 2 ~,,~ S:10n - ~~7.1,) " S2511 - $.1')1) 4-)11<" 30311/11 Monthly Rent Value - Renters $J50 - S175k 1.)':. s.4U - :SuO!:!. ,I ,/ " :' ,/' 5100 - SL~5k ; 25'~"'J 1 '\ \ \ '\. ,J.".',; $~~{; - :s14)t}k U";. Home Values - Homeowners By definition an affordable owner-occupied low-income home for a 3-person household in Dane County in 2006 is priced below S157,000 ($134,000 in 2000 dollars). In 2000, approximately 88 percent of owner-occupied housing in the Southdale neighborhood was priced below $125,000. By definition, an affordable owner-occupied very low- income home for a 3-person household in Dane County in 2006 is priced below S98,000 ($83,700 in 2000 dollars). In 2000, approximately 48 percent of owner-occupied housing in the Southdale neighborhood was priced below $80,000. The number of for-sale homes in the neighborhood is small, and those homes are relatively affordable. _ JULY 2008 III-