New Household Income Limits for 2021
The Department of Housing and Urban Development (“HUD”) has released the “NEW INCOME LIMITS 2021”.
Effective as of April 1, 2021(no joke). HUD groups a number of towns in what is referred to as Standard Metropolitan Statistical Areas (SMSA)
Surprisingly, given the 2020 Pandemic most Statistical Areas have seen an increase. The Boston SMSA area has seen an increase of approximately 5%. The Eastern Worcester SMSA had an increase of approximately 5%, while towns in the Providence SMSA had slight decreases.
We have prepared a chart below highlighting some of the communities where we have developments with their new income limits.
BOSTON METROPOLITAN STATISTICAL AREA
| COHASSET | DUXBURY | KINGSTON |
| MEDWAY | NORFOLK | NORWELL |
| PEMBROKE | PLYMOUTH | WALPOLE |
INCOME LIMITS
| Household Size | 1 | 2 | 3 | 4 | 5 |
| Income Limit 2020 | $67,400 | $77,000 | $86,650 | $96,250 | $103,950 |
| Income Limit 2021 | $70,750 | $80,850 | $90,950 | $101,050 | $109,150 |
| Difference | +$3,350 | +$3,850 | +$4,300 | +$4,800 | +$5,200 |
Depending upon housing style, condo or HOA, and residential tax rates, we estimate this would result in a sales price in this area to be approximately $327,000 to $334,800 for a 3-bedroom home.
TAUNTON METROPOLITAN STATISTICAL AREA
| BERKLEY | DIGHTON |
INCOME LIMITS
| Household Size | 1 | 2 | 3 | 4 | 5 |
| Income Limit 2020 | $54,950 | $62,800 | $70,650 | $78,500 | $86,300 |
| Income Limit 2021 | $55,950 | $63,950 | $71,950 | $79,900 | $86,300 |
| Difference | +$1,000 | +$1,150 | +$1,300 | +$1,400 | +$1,500 |
Depending upon housing style, condo or HOA, and residential tax rates, we estimate this would result in a sales price in this area to be approximately $254,500 to $262,400 for a 3-bedroom home.
BROCKTON METROPOLITAN STATISTICAL AREA
| AVON | BRIDGEWATER | HALIFAX |
| LAKEVILLE | WEST BRIDGEWATER |
INCOME LIMITS
| Household Size | 1 | 2 | 3 | 4 | 5 |
| Income Limit 2020 | $53.350 | $60,950 | $68,550 | $76,150 | $82,250 |
| Income Limit 2021 | $55,950 | $63,950 | $71,950 | $79,900 | $86,300 |
| Difference | +$2,600 | +$3,000 | +$3,400 | +$3,750 | +$4,050 |
Depending upon housing style, condo or HOA, and residential tax rates, we estimate this would result in a sales price in this area to be approximately $250,400 to $258,000 for a 3-bedroom home.
EASTERN WORCESTER METROPOLITAN STATISTICAL AREA
| LANCASTER | MENDON |
INCOME LIMITS
| Household Size | 1 | 2 | 3 | 4 | 5 |
| Income Limit 2020 | $54,950 | $62,800 | $70,650 | $78,500 | $84,800 |
| Income Limit 2021 | $55,950 | $63,950 | $71,950 | $79,900 | $86,300 |
| Difference | +$1,000 | +$1,150 | +$1,300 | +$1,400 | +$1,500 |
Depending upon housing style, condo or HOA, and residential tax rates, we estimate this would result in a sales price in this area to be approximately $250,000 to $252,500 for a 3-bedroom home.
WORCESTER METROPOLITAN STATISTICAL AREA
| BOYLSTON | GRAFTON | SHREWSBURY |
INCOME LIMITS
| Household Size | 1 | 2 | 3 | 4 | 5 |
| Income Limit 2020 | $54,950 | $62,800 | $70,650 | $78,500 | $84,800 |
| Income Limit 2021 | $55,350 | $63,250 | $71,150 | $79,050 | $85,400 |
| Difference | +$400 | +$450 | +$500 | +$550 | +$600 |
Depending upon housing style, condo or HOA, and residential tax rates, we estimate this would result in a sales price in this area to be approximately $245,900 to $253,500 for a 3-bedroom home.
Should you have any questions regarding the pricing or income limits on a particular development, please contact us.