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Affordable Housing Definition <br />Housing affordability has two main components: <br />housing costs and household income <br />Monthly Rent, or Mortgage payment including taxes and insurance do <br />not exceed 30% of the household gross income <br />Housing Costs: Mortgage Principal 4 - <br />interest + Taxes 4- insurance <br />Total Debt: Housing costs 4 -.other <br />obligations (si_rch as car payment, <br />credit card payrrient, etc.) <br />59 <br />