Very-Low, Low and Moderate-Income Limits
U.S. Department of Housing & Urban Development. Effective December 10, 2001Household Size
| Very-Low Income | Low-Income | Moderate-Income |
|---|
| 1 | $11,550 or less | $11,551 - $19,300 | $19,301 - $30,850 |
| 2 | $13,200 or less | $13,201 - $22,050 | $22,051 - $35,250 |
| 3 | $14,900 or less | $14,901 - $24,800 | $24,801 - $39,650 |
| 4 | $16,550 or less | $16,551 - $27,550 | $27,551 - $44,100 |
| 5 | $17,850 or less | $17,851 - $29,750 | $29,751 - $47,600 |
| 6 | $19,150 or less | $19,151 - $31,950 | $31,951 - $51,150 |
| 7 | $20,500 or less | $20,501 - $34,150 | $34,151 - $54,650 |
| 8 | $21,800 or less | $21,801 - $36,350
| $36,351 - $58,200 |
I've delved into housing and urban development extensively, exploring the intricacies of income thresholds and their implications. The information you provided seems to stem from the U.S. Department of Housing and Urban Development (HUD), detailing income brackets categorized as very-low, low, and moderate income, each associated with specific household sizes.
The figures you've mentioned appear to represent income limits for various household sizes in the United States, delineating the income thresholds for each classification. This classification system is crucial for determining eligibility for various housing assistance programs, such as public housing initiatives, Section 8 vouchers, and other affordable housing schemes.
For instance, very-low income limits typically cater to individuals or families facing severe financial constraints. Low-income brackets encompass a slightly wider range of earners but still represent households experiencing economic challenges. Moderate-income limits delineate those who earn more but might still face obstacles in accessing affordable housing within certain regions or housing markets.
Understanding these income limits is pivotal for policymakers, housing developers, and social workers to ensure the provision of adequate housing options for individuals and families across different income strata.
Now, breaking down the concepts used in the HUD chart:
-
Household Size: This refers to the number of individuals living together in a housing unit, impacting income thresholds.
-
Very-Low Income: Describes the income limit that individuals or families must fall below to be considered within this economic bracket.
-
Low-Income: Represents a slightly broader income range above very-low income but still indicative of financial limitations.
-
Moderate-Income: A higher income threshold compared to low-income, allowing for a more expansive income range but still reflective of challenges in accessing affordable housing.
-
Income Ranges: The specified dollar values delineate the income limits for different household sizes, providing clear parameters for each category.
HUD's categorization plays a vital role in housing policy, aiding in the allocation of resources and the formulation of programs targeted toward households in varying economic circ*mstances.
FAQs
Generally, low income is considered to be 50% or less of area median income, moderate income is 80% of area median income.
How do you write low to moderate income? ›
Chicago style renders this phrase“low- to moderate-income families,” and others hyphenate it as “low-to-moderate-income families,” but this level of hyphen usage is subtle enough that it's not surprising that you don't find it consistently applied.
How do you calculate low to moderate income? ›
Income Limits
- Acutely low income: 0-15% of AMI.
- Extremely low income: 15-30% of AMI.
- Very low income: 30% to 50% of AMI.
- Lower income: 50% to 80% of AMI; the term may also be used to mean 0% to 80% of AMI.
- Moderate income: 80% to 120% of AMI.
LIHTC Qualified Census Tracts, as defined under the section 42(d)(5)(C) of the of the Internal Revenue Code of 1986, include any census tract (or equivalent geographic area defined by the Bureau of the Census) in which at least 50 percent of households have an income less than 60 percent of the Area Median Gross Income ...
What is a low household income? ›
These guidelines are adjusted each year for inflation. In 2023, the federal poverty level definition of low income for a single-person household is $14,580 annually. Each additional person in the household adds $5,140 to the total. For example, the poverty guideline is $30,000 per year for a family of four.
What is the meaning of moderate income? ›
More Definitions of Moderate Income
Moderate Income means gross household income adjusted for family size that is at or below 115 percent (115%) of Area Median Income, but more than Eighty percent (80%) of Area Median Income.
What is the difference between moderate income and middle income? ›
Low income (relative income less than 50%) Moderate income (relative income 50% to less than 80%) Middle income (relative income 80% to less than 120%)
What is the difference between poor and low income? ›
Special thanks to Diana Gazzia for layout and production. 1. In this fact sheet, poverty is defined as family income less than 100 percent of the federal poverty threshold, as determined by the U.S. Census Bureau; low income is defined as family income less than 200 percent of the poverty threshold.
How is income level calculated? ›
To determine the average household income, all household incomes are added up and divided by the total number of households. By contrast, the median household income is the income level earned by a household in a designated demographic area, where half the households earn more and half earn less.
What is low to middle income? ›
According to the Census Bureau's Income in the United States: 2022 report, the median household income is $74,580 (a 2.3% decline from 2021), while household income levels for each class level are as follows: Lower class: less than or equal to $30,000. Lower-middle class: $30,001 – $58,020.
Middle Class Defined by Region. According to the U.S. Census Bureau, the median income in 2021 was $70,784. So American families earning between $47,189 and $141,568 are technically in the middle class, according to the Pew Research Center's definition.
What is considered middle class income? ›
Key Findings. In a large U.S. city, a middle-class income averages between $52,000 and $155,000. The median household income across all 345 cities is $77,345, making middle-class income limits fall between $51,558 and $154,590.
How does your organization define low moderate income? ›
Moderate-income individuals have an annualized family income between 50% and 80% of the HUD area median income. Low-income individuals have an annualized family income of less than 50% of the HUD area median income. Median incomes for every county in the United States can be found on HUD's website.
What is the threshold for low-income for the census? ›
The statewide median household income from American Fact Finder 2011-2015 found to be $61,818. Based on this data, any census tract with a median household income at or below 80 percent of $61,818 (i.e., $49,454) identified as low-income.
What does low-income areas mean? ›
Low-income area means a census tract as reported in the most recently completed decennial census published by the United States Bureau of the Census that has a poverty rate of at least 20 percent or in which the median family income does not exceed 80 percent of the greater of the statewide or metropolitan median ...
What are the different income levels? ›
Where you rank by income
- Lower class: less than or equal to $30,000.
- Lower-middle class: $30,001 – $58,020.
- Middle class: $58,021 – $94,000.
- Upper-middle class: $94,001 – $153,000.
- Upper class: greater than $153,000.
The World Bank Group assigns the world's economies[1] to four income groups – low, lower-middle, upper-middle, and high. The classifications are updated each year on July 1, based on the GNI per capita of the previous calendar year.
What is a low and middle income economy? ›
For the current 2024 fiscal year, low-income economies are defined as those with a GNI per capita, calculated using the World Bank Atlas method, of $1,135 or less in 2022; lower middle-income economies are those with a GNI per capita between $1,136 and $4,465; upper middle-income economies are those with a GNI per ...
