As Area Median Income rises nearly 10%, "low-income" 80% AMI reaches $100K for most household sizes. NYC adds 20% AMI as Extremely Low Income option.
Last week, the updated 2024 New York City Area Median Income (AMI) surfaced on the website ( link ) of the city Department of Housing Preservation and Development (HPD), with an astounding rise of nearly 10% over 2023. So 100% of AMI for a four-person household is now $155,300, up from $141,200 in 2023 . (It was $83,900 in 2014!) The 2023 figure was a 5.7% increase over $133,400 in 2022, which represented an 11.8% increase over $119,300 in 2021, as I wrote in April 2022. The corresponding income bands for 2023 are below. "Low-income" conundrum That also means that many households at 80% of AMI, the threshold considered "low-income," can now earn six figures: the income limits are $86,960 for one person, $99,940 for two people, $111,840 for three people, and $124,240 for four people. Keep in mind that AMI depends on better-off suburban counties and, especially, the High Housing Cost Adjustment (HHCA), which ANHD, the Association for Neighborhood & Housing Deve