What does MFI mean?
Median Family Income (MFI) as defined by Wikipedia…
The median household income is commonly used to generate data about geographic areas and divides households into two equal segments with the first half of households earning less than the median household income and the other half earning more.[1] The median income is considered by many statisticians to be a better indicator than the average household income as it is not dramatically affected by unusually high or low values."[2] The U.S. Census Bureau uses the following definitions of median and mean income
“Median income is the amount which divides the income distribution into two equal groups, half having income above that amount, and half having income below that amount. Mean income (average) is the amount obtained by dividing the total aggregate income of a group by the number of units in that group. The means and medians for households and families are based on all households and families. Means and medians for people are based on people 15 years old and over with income.[1]
Why it’s important…
The median family income (MFI) of a single person in Travis County during 2009-2010 was about $51,660. 80% MFI for a single person in Travis County is $41,350. A first year teacher’s salary in Austin ISD is $42,125. A teacher who is also a single parent with one child could meet the 80% MFI for a family of two with gross income below $47,250. This 80% MFI number is important because it can qualify a family for available down payment assistance programs. For instance, the City of Austin offers up to $10,000 in down payment assistance. There are also opportunities to purchase more affordable homes in the Mueller Development or similar communities that have committed to offering affordable housing options to Austinites who meet the median family income guidelines.
More thoughts about this topic soon!
The median household income is commonly used to generate data about geographic areas and divides households into two equal segments with the first half of households earning less than the median household income and the other half earning more.[1] The median income is considered by many statisticians to be a better indicator than the average household income as it is not dramatically affected by unusually high or low values."[2] The U.S. Census Bureau uses the following definitions of median and mean income
“Median income is the amount which divides the income distribution into two equal groups, half having income above that amount, and half having income below that amount. Mean income (average) is the amount obtained by dividing the total aggregate income of a group by the number of units in that group. The means and medians for households and families are based on all households and families. Means and medians for people are based on people 15 years old and over with income.[1]
Why it’s important…
The median family income (MFI) of a single person in Travis County during 2009-2010 was about $51,660. 80% MFI for a single person in Travis County is $41,350. A first year teacher’s salary in Austin ISD is $42,125. A teacher who is also a single parent with one child could meet the 80% MFI for a family of two with gross income below $47,250. This 80% MFI number is important because it can qualify a family for available down payment assistance programs. For instance, the City of Austin offers up to $10,000 in down payment assistance. There are also opportunities to purchase more affordable homes in the Mueller Development or similar communities that have committed to offering affordable housing options to Austinites who meet the median family income guidelines.
More thoughts about this topic soon!
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Thanks so much for your comment! I'll be back with you shortly. Cristina