The Department of Housing and Urban Development (“HUD”) has released the “NEW INCOME LIMITS FOR 2024” as of today, April 3, 2024
HUD groups a number of towns in what is referred to as Standard Metropolitan Statistical Areas (SMSA).
We have listed some of the SMSA and towns within the SMSA that may affect some of our clients. We have prepared a chart below highlighting some of the communities where we have developments with their new income limits.
BOSTON METROPOLITAN STATISTICAL AREA
|
SHARON |
DUXBURY |
KINGSTON |
|
MEDWAY |
NORFOLK |
WALPOLE |
|
PEMBROKE |
PLYMOUTH |
MEDFIELD |
|
HOLLISTON |
FRANKLIN |
|
INCOME LIMITS
|
Household Size |
1 |
2 |
3 |
4 |
5 |
|
|
|
|
|
|
|
|
Income Limit 2023 |
$82,950 |
$94,800 |
$106,650 |
$118,450 |
$127,950 |
|
Income Limit 2024 |
$91,200 |
$104,200 |
$117,250 |
$130,250 |
$140,700 |
|
Difference |
$8,250 |
$9,400 |
$10,600 |
$11,800 |
$12,750 |
|
|
|
|
|
|
|
The decrease to the Boston Metro Area, Base Area Median Income in 2023 was $149,300 and $148,900 in 2024, a decrease of -$400 or -0.267%. However, the Individual Income Limits based on a family of 4 has risen 9.96%. This is an anomaly because while the SMSA decreased, the income limits on household size increased.
TAUNTON METROPOLITAN STATISTICAL AREA
|
BERKLEY |
DIGHTON |
|
INCOME LIMITS
|
Household Size |
1 |
2 |
3 |
4 |
5 |
|
|
|
|
|
|
|
|
Income Limit 2023 |
$66,250 |
$75,700 |
$85,150 |
$94,600 |
$102,200 |
|
Income Limit 2024 |
$68,500 |
$78,250 |
$88,050 |
$97,800 |
$105,650 |
|
Difference |
$2,250 |
$2,550 |
$2,900 |
$3,200 |
$3,450 |
|
|
|
|
|
|
|
The increase to the Taunton Metro Area, Base Area Median Income in 2023 was $124,900 and in 2024 is $134,600, an increase of $9,700 or 7.76%. However, the Individual Income Limits based on a family of 4 has risen 3.38%.
BROCKTON METROPOLITAN STATISTICAL AREA
|
AVON |
BRIDGEWATER |
HALIFAX |
|
LAKEVILLE |
WEST BRIDGEWATER |
PLYMPTON |
INCOME LIMITS
|
Household Size |
1 |
2 |
3 |
4 |
5 |
|
|
|
|
|
|
|
|
Income Limit 2023 |
$66,250 |
$75,700 |
$85,150 |
$94,600 |
$102,200 |
|
Income Limit 2024 |
$68,500 |
$78,250 |
$88,050 |
$97,800 |
$105,650 |
|
Difference |
$2,250 |
$2,550 |
$2,900 |
$3,200 |
$3,450 |
|
|
|
|
|
|
|
The decrease to the Brockton Metro Area, Base Area Median Income in 2023 was $113,900 and in 2024 is $109,900, a decrease of -$4,000 or -3.51%. However, the Individual Income Limits based a family of 4 has risen 3.38%.
WORCESTER METROPOLITAN STATISTICAL AREA
|
BOYLSTON |
GRAFTON |
STERLING |
INCOME LIMITS
|
Household Size |
1 |
2 |
3 |
4 |
5 |
|
|
|
|
|
|
|
|
Income Limit 2023 |
$65,550 |
$74,900 |
$84,250 |
$93,600 |
$101,100 |
|
Income Limit 2024 |
$68,500 |
$78,250 |
$88,050 |
$97,800 |
$105,650 |
|
Difference |
$2,950 |
$3,350 |
$3,800 |
$4,200 |
$4,550 |
|
|
|
|
|
|
|
The decrease to the Worcester Metro Area, Base Area Median Income in 2023 was $122,000 and $117,300 in 2024, a decrease of -$4,700 or -4%. However, the Individual Income Limits based a family of 4 has risen $4,200 or 4.48%.
EASTON-RAYNHAM METROPOLITAN STATISTICAL AREA
|
RAYNHAM |
EASTON |
|
INCOME LIMITS
|
Household Size |
1 |
2 |
3 |
4 |
5 |
|
|
|
|
|
|
|
|
Income Limit 2023 |
$65,550 |
$74,900 |
$84,250 |
$93,600 |
$101,100 |
|
Income Limit 2024 |
$72,900 |
$83,300 |
$93,700 |
$104,100 |
$112,450 |
|
Difference |
$7,350 |
$8,400 |
$9,450 |
$10,500 |
$11,350 |
|
|
|
|
|
|
|
The increase to the Easton-Raynham Metro Area, Base Area Median Income in 2023 was $152,600 and in 2024 is $154,300, an increase of $1,700 or 1.11%. However, the Individual Income Limits based a family of 4 has risen $10,500 or 11.21%.
PROVIDENCE-FALL RIVER METROPOLITAN STATISTICAL AREA
|
ATTLEBORO |
|
|
INCOME LIMITS
|
Household Size |
1 |
2 |
3 |
4 |
5 |
|
|
|
|
|
|
|
|
Income Limit 2023 |
$57,350 |
$65,550 |
$73,750 |
$81,900 |
$88,500 |
|
Income Limit 2024 |
$62,950 |
$71,950 |
$80,950 |
$89,900 |
$97,100 |
|
Difference |
$5,600 |
$6,400 |
$7,200 |
$8,000 |
$8,600 |
|
|
|
|
|
|
|
The increase to the Providence-Fall River Metro Area, Base Area Median Income in 2023 was $106,000 and in 2024 is $112,400, an increase of $6,400 or 6.037%. However, the Individual Income Limits based a family of 4 has risen $8,000 or 9.76%.
Should you have any questions regarding the pricing or income limits on a particular development,
Please contact me. Paul@DelphicAssociates.com
| COMMUNITY | MBTA DESIGNATION | COMMUNITY | MBTA DESIGNATION |
| Abington | Commuter rail | Avon (Excluded!!!??) | Exclude (?) |
| Bellingham | Adjacent Community | Berkley | Adjacent small community |
| Bridgewater | Commuter Rail | Dartmouth | Excluded (?) |
| Dighton | Excluded (?) | Dover | Adjacent small community |
| Duxbury | Adjacent Community | Easton | Adjacent Community |
| Foxborough | Adjacent Community | Freetown | Commuter rail |
| Grafton | Adjacent Community | Hanson | Commuter rail |
| Halifax | Commuter rail | Holliston | Adjacent Community |
| Kingston | Commuter rail | Lakeville | Adjacent Community |
| Mansfield | Commuter rail | Marshfield | Adjacent Community |
| Medway | Adjacent Community | Mendon | Excluded (?) |
| Norfolk | Commuter rail | Norton | Adjacent Community |
| Plymouth | Adjacent Community | Rockland | Adjacent Community |
| Scituate | Commuter rail | Seekonk | Adjacent Community |
| Shrewsbury | Adjacent Community | Somerset | Excluded (?) |
| Sterling | Adjacent small community | Swansea | Excluded (?) |
| Taunton | Commuter rail | Walpole | Commuter rail |
| West Boylston | Adjacent Community | West Bridgewater | Adjacent small community |