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<br />(02/26/2019) 7 | Page
<br />These differences in how income is reported is significant in several ways. First, the actual lower wages
<br />in Everett means that people can afford to pay less for housing. Second, the higher HUD income limits
<br />are used to set fair market rents for subsidized, affordable housing. As can be seen in the table below,
<br />Everett’s median family income is 24% lower than HUD low-income (80%) limits in 2017, which puts
<br />more strain on affordable housing for lower income households.
<br />
<br />Table X: Household Income, 2005 to 2017
<br /> 2005 2010 2017
<br />HUD Median Family Income
<br />(Seattle-Bellevue Metro FMR Area) $ 72,250 $ 85,600 $ 96,000
<br />HUD Low (80%) Income Limits $ 58,000 $ 64,400 $ 72,000
<br />Median Household Income (Everett)
<br />ACS 2013-2017 (B19013) $ 39,221 $ 47,552 $ 54,562
<br />Source: ACS 2013-2017 (B19013) and HUD FY 2017 Income Limits (https://www.huduser.gov/portal/datasets/il.html#2017)
<br />
<br />Another way of showing this is in the table below. HUD low-income limits for a family of four for the
<br />Seattle-Bellevue Metro Area (including Everett) was $72,000; affordable housing (paying 30% of your
<br />gross income towards housing costs) would be $1,800 a month. However, a household earning just 80%
<br />of Everett’s median income would earn just $43,650 ($21/hour) and could afford only $1,091 in housing
<br />costs.
<br />
<br />Table X: Household Income and Housing Affordability
<br />Income Source
<br />Annual
<br />Income
<br />Monthly
<br />Income
<br />Affordable
<br />Housing
<br />HUD Median Family Income
<br />(Seattle-Bellevue Metro FMR Area) $96,000 $8,000 $2,400
<br />HUD Low (80%) Income Limits $72,000 $6,000 $1,800
<br />Median Household Income (Everett)
<br />ACS 2013-2017 (B19013) $54,562 $4,547 $1,364
<br />80% of Everett Median Income $43,650 $3,637 $1,091
<br />Source: HUD FY 2017 Income Limits (https://www.huduser.gov/portal/datasets/il.html#2017)
<br />
<br />Table X: Household income in the past 12 months (in 2017 inflation adjusted dollars)
<br /> Household Income Estimate Percent
<br />Total: 42,652 (x)
<br />Less than $10,000 3,491 8.2%
<br />$10,000 to $14,999 1,784 4.2%
<br />$15,000 to $19,999 1,919 4.5%
<br />$20,000 to $24,999 2,218 5.2%
<br />$25,000 to $29,999 1,928 4.5%
<br />$30,000 to $34,999 2,383 5.6%
<br />$35,000 to $39,999 2,164 5.1%
<br />$40,000 to $44,999 2,149 5.0%
<br />$45,000 to $49,999 1,480 3.5%
<br />$50,000 to $59,999 3,990 9.4%
<br />$60,000 to $74,999 4,261 10.0%
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