Assessing affordability

Housing affordability is based on the relationship between a resident's income and their housing costs.  A long-standing rule of thumb is that, on average, a household's housing expenses are likely affordable for them if they consume no more than 30% of their monthly income. 

To help guide communities seeking to measure or define home affordability, VHFA created and annually updates a matrix that links household income levels to the maximum monthly rent levels and purchase prices likely to be affordable. ​