Ed. note: Corrected to reflect fact that a family of three would need two bedrooms, not three, and that the BPDA requires rental units be available to people making up to 70% of the area median income, which drops the monthly rent from nearly $1,900 to $1,400.
In Boston, developers putting up buildings with at least 10 units are required to set aside 13% of the units in new buildings as "affordable" (or contribute even more to a fund that acquires such units elsewhere). Typically, this means they have to be affordable to people making up to 70% of the "area median income" for apartments and 80% for condos.
The BPDA last week released its 2018 calculations for just what that means:
For an apartment, 70% of the area median income would mean an annual income of no more than $52,850 for a single person and $67,950 for a family of three - with rents ranging from $984 a month for a single person to $1,459 for that family of three.
For a condo, with a limit of 80% of the area median income, that translates to a maximum sales price of $147,100 for a studio and $217,000 for a two-bedroom unit.
Over the past year or so, the city has been making noises about increasing the amount of "workforce" housing, for people making up to 120% of the area median income. That would let single people making up to $90,550 and a family of three bringing in $116,450 enter the lottery (and most of the units have lotteries) for an apartment. For the corresponding condos, the maximum prices would range from $226,800 for a single person to $343,000 for that family.
In some neighborhoods, such as Roxbury, Dorchester and Jamaica Plain, non-profit community development corporations have won approval for projects that include some units available to people making as little as 30% of the area median income.
The area that the city uses to define median income consists of Boston, Quincy and Cambridge.