ABCDEFGHIJKLMNOPQRSTUVWXYZ
1
AFFORDABILITY ANALYSIS OF ARLINGTON COUNTY'S MISSING MIDDLE PLAN
2
17-Mar-23
3
4
 $ 600,000
Cheapest Missing Middle Unit Under County Plan
5
(1065 sqft; 2-bedroom; 6-plex over 1/2 mi. from Metro)
6
versus
7
 $ 460,000
Median 2-bedroom condo sold in last year (+/- 200 sqft from cheapest Missing Middle)
8
30%
More expensive for Missing Middle over median sales
9
10
 $ 193,000
Annual income needed to afford cheapest unit
11
12
151%
of Area Median Income needed to afford cheapest MM
13
(3-person household in a 2-bedroom unit)
14
15
16
17
Diversity in Areas to Be Rezoned As Missing Middle /1Who in Arlington Can Afford the County's Missing Middle Units
18
19
20
21
22
23
24
25
0.7
26
0.3
27
28
29
30
31
32
33
34
35
36
/1: p. 29 of https://arlington.granicus.com/MetaViewer.php?view_id=44&event_id=1836&meta_id=214625
37
38
39
40
41
42
43
44
AFFORDABILITY ANALYSIS OF ARLINGTON COUNTY'S MISSING MIDDLE PLAN
45
46
47
InputDescriptionSource pageWebsite
48
49
Purchase Cost
50
 $ 573,000 Purchase cost (2022)lowest cost 6-plex (a 1065 sqft 2-bedroom in Multiplex #4 - non-metro)Table A-4 and p. 39https://www.arlingtonva.us/files/sharedassets/public/housing/documents/missing-middle/mmhs_consultantanalysis_2022-04-28.pdf
51
4.5%Inflation adjustmentproperty value change 2022-2023 in Arlington (residential)https://www.arlingtonva.us/About-Arlington/Newsroom/Articles/2023/Arlington-Property-Values-See-Overall-Increase-3.6-for-2023
52
 $ 598,785 2023 purchase cost2022 cost adjusted to 2023
53
54
55
Purchase variables
56
13%down paymentmedian for all home buyers (8% for age 23-31; 10% for age 32-41)Page 85https://www.nar.realtor/sites/default/files/documents/2022-home-buyers-and-sellers-generational-trends-03-23-2022.pdf
57
6.50%interest rate30-yr fixed, week ending 3/16/2023 (rounded down)https://www.freddiemac.com/pmms
58
$430condo feesAvg. monthly condo fee for 2-bedroom garden unit sold in 2021Pages 15https://www.arlingtonva.us/files/sharedassets/public/housing/documents/homeownership-study/homeownership-barriers-analysis-10.25.22.pdf
59
1.03%property tax rateAs used by Arlington Countyhttps://www.arlingtonva.us/Government/Topics/Real-Estate/Tax-Payments/real-estate-taxes
60
$900home insurance/ yearAs used by Arlington CountyFOIA #C000989-071822https://arlingtoncountyva.govqa.us/WEBAPP/_rs/(S(u34lixfbdop01nxamyxoo0i5))/RequestArchiveDetails.aspx?rid=1707&view=1
61
$1,200existing monthly debtsAs used by Arlington CountyFOIA #C000989-071822https://arlingtoncountyva.govqa.us/WEBAPP/_rs/(S(u34lixfbdop01nxamyxoo0i5))/RequestArchiveDetails.aspx?rid=1707&view=1
62
28%housing cost to incomeAs used by Arlington CountyFOIA #C000989-071822https://arlingtoncountyva.govqa.us/WEBAPP/_rs/(S(u34lixfbdop01nxamyxoo0i5))/RequestArchiveDetails.aspx?rid=1707&view=1
63
36%debt to income ratioAs used by Arlington CountyFOIA #C000989-071822https://arlingtoncountyva.govqa.us/WEBAPP/_rs/(S(u34lixfbdop01nxamyxoo0i5))/RequestArchiveDetails.aspx?rid=1707&view=1
64
 $ 77,842 Down payment ($)2023 cost times median down payment
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
 $ 193,000
92
93
94
95
96
97
98
99
100