FHCE 3300 Study Guide - Midterm Guide: Mortgage Underwriting, Percentile, Exclusionary Zoning

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Document Summary

Lack of affordable housing is a problem for both communities and individual households. For households inability to meet other basic needs, stay in housing over time. For communities attracting and keeping employment opportunities; quality neighborhoods; school mobility. Lack of housing affordability is considered the largest (long-term) housing problem facing the u. s. Individual household: affordability within the community, many government housing policies address housing affordability. Fair market rent: the 40th percentile of gross rents for typical, non-substandard rental units occupied by recent movers in a local housing market. 40th percentile: the point in a distribution of numbers at which 40% of the numbers are less than or equal to it and 60% of the numbers are greater than or equal to it. The median is the 50th percentile: gross rent: the sum of the rent paid to the owner + any utility costs incurred by the tenant. Utilities include electricity, gas, water and sewer, and trash removal services.