What is Affordable Housing?
The federal government defines affordable housing as housing that doesn't cost more than thirty percent (30%) of your income. This includes the cost of your rent or mortgage, insurance costs, property taxes, and utilities.
Studies have shown that when when families have to spend more than 30% of their income on housing, they are unable to afford other basic necessities, such as healthy food or medical care.
In the Town of Matthews, the Median Family Income is about $76,000 a year, meaning half of town residents need to be able to afford housing that costs less than $22,802 a year.