Market-rate fourplexes near downtown will rent for $2,200/month per unit. Tucson median income $56,000 annually. Using 30% housing cost rule, what income level can afford this housing?
Explanation
$2,200 × 12 months = $26,400 annual housing cost. $26,400 ÷ 0.30 = $88,000 required income. Gap: $88,000 - $56,000 median = $32,000 income shortfall for median-income families.
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