With rates rising, we want to help you understand how to qualify for affordable housing.
ABC15 Data Analyst Garrett Archer says ‘AMI’ is just that, “The calculation of an area's median income.”
“The Phoenix Metro is considered Maricopa and Pinal counties. So, when you look at our area median income, it is, the median income of Maricopa and Pinal counties."
In Maricopa County AMI for a borrower, looks like:
- 100% Area Median Income: $101,300
- 80% Area Median Income: $81,040
- 50% Area Median Income: $50,650
"80% being considered low income,” Archer said. “50% of the area's median income would be considered very low income, and 30% would be obviously very, very low income. And most affordable housing thresholds are in that 30% range."
The best way to find your AMI in Arizona is by entering your zip code on freddiemac.com.
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"If you make less than the 80% range, you sort of qualify for a lot more subsidies on housing loans. That's about $80,000 of median income for the household,” Archer said.
ABC15 met with Housing Counselor Edward Rydlund at Chicanos Por La Causa.
"Our role is to educate our clientele on housing, how to purchase a home, and the effects of like credit, fixing your credit, helping with down payment assistance, grants," Rydlund said.
Rydlund helps Arizonans layer assistance grants so they can get into homes with a healthy down payment.
"If I find a home for $300,000 and I do The Open Doors [Down Payment Assistance], with another 30, you're getting almost close to $90,000 in assistance,” Rydlund explained.
With Arizona’s ever-changing population growth and economy, new AMI numbers will be released next year.
