What does “affordable” really mean?
It’s part of an attempt to soothe the burn of Austin’s scalding housing crisis. But as is often the case, the “affordable” units aren’t as cheap as you might expect, and most will likely be out of reach for Samsung factory workers.development’s units will be priced at market rate. 10% of the units will be set aside for tenants making 60% offor one person. The final 40% will serve Austinites making 80% of the median for one person.
Locals might find it hard to believe those numbers are “affordable.” This is how the city does its math: A popular rule of thumb is rent should cost no more than 30% of your income. Based on MFI and the third-of-your-income rule, a person making 80% MFI should generally look to pay no more than $1,818 in rent. By those metrics, a $1,601 apartment is technically affordable.
But is it for the Samsung Austin Semiconductor workers next door to the complex? The project seems positioned to serve those workers. The manufacturing facility employs more than 8,700 people. Parmer Gateway is also a 10-minute drive from Tech Ridge, a neighborhood that houses multiple major tech employers including Apple and Dell. But looking at job postings for Samsung, a factory worker can expect to make anywhere from $37,000 to $58,000 a year, which is roughly 40% to 66% of the MFI.
Starting pay for fire cadets is $43,680, or roughly 50% MFI, making them ineligible. New teachers in Austin ISD and starting EMS medics both make just over 60% MFI, so they’ll qualify, though rent for a one bedroom apartment would be more than 30% of their income.that Parmer residents could get rental assistance through federally funded vouchers – but it’s unclear how. HACA gives some Austinites Housing Choice Vouchers, which cover the cost of any rent that goes over 30-40% of their income.
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