Low & Moderate Income Household Levels (2024)

FAQs

What is the definition of low and moderate income? ›

Generally, low income is considered to be 50% or less of area median income, moderate income is 80% of area median income.

Typically, federal and state housing programs restrict eligibility to households with earnings that must be at or below 80 percent of the median family income (MFI) for the county where the housing is located.

Chicago style renders this phrase“low- to moderate-income families,” and others hyphenate it as “low-to-moderate-income families,” but this level of hyphen usage is subtle enough that it's not surprising that you don't find it consistently applied.

A widely used federal guideline defines low income as $14,580 annually for one person and $30,000 for a family of four.

Low income (relative income less than 50%) Moderate income (relative income 50% to less than 80%) Middle income (relative income 80% to less than 120%)

HUD sets the lower income limits at 80% and very low-income limits at 50% of the median income for the county or metropolitan area in which you choose to live. Income limits vary from area to area so you may be eligible at one HA but not at another.

For an adult to qualify for NJ FamilyCare, the total family income must be at or below 138% of the Federal Poverty Level. For a single person, that is $1,732 a month; for a family of 4, that is $3,588 a month (2024 guidelines).

Public Housing and Housing Choice Vouchers (Section 8)

To apply for either type of help, visit your local Public Housing Agency (PHA). Some PHAs have long waiting lists, so you may want to apply at more than one PHA. Your PHA can also give you a list of locations at which your voucher can be used.

The term “low income” generally describes individuals and families whose annual income is less than 130-150% of the federal poverty income level. For example, the Supplemental Nutrition Assistance Program (SNAP) is available to individuals with a gross monthly income of 130% of the federal poverty income level.

How to calculate income level? ›

Gather all of the gross income of anyone age 15 or older. Make sure you include any type of income, such as wages, tips, bonuses, retirement income, and welfare payments. Social Security benefits, and others. Add these together to get the total household income.

According to the most recent report from the U.S. Census Bureau, the poverty threshold for a family of four is $29,960. For an individual, the poverty threshold is $14,891.

Moderate-income: Individual income that is at least 50 percent and less than 80 percent of the area median income, or a median family income that is at least 50 percent and less than 80 percent, in the case of a geography.

The Poverty Threshold in 2024

The U.S. Department of Health and Human Services uses the Census Bureau threshold to determine who is eligible for certain government assistance programs, like SNAP (food stamps). Under their guidelines, a family of four is considered impoverished if they earn $30,000 or less per year.

low-income | Business English

not having or earning much money: Many struggle to make ends meet, particularly those from low-income families. low-income areas/communities/countries The fund helps low-income countries to increase their renewable energy use. Compare. high-income.

The term “low-income individual” means an individual whose family's taxable income for the preceding year did not exceed 150 percent of the poverty level amount. Link to the U.S. Department of Education's current year qualifying taxable income levels: Income Table.

The Pew Research Center defines the middle class as households that earn between two-thirds and double the median U.S. household income, which was $65,000 in 2021, according to the U.S. Census Bureau. 21 Using Pew's yardstick, middle income is made up of people who make between $43,350 and $130,000.

For the current 2024 fiscal year, low-income economies are defined as those with a GNI per capita, calculated using the World Bank Atlas method, of $1,135 or less in 2022; lower middle-income economies are those with a GNI per capita between $1,136 and $4,465; upper middle-income economies are those with a GNI per ...

The term low and middle-income country (LMIC) is often used interchangeably with "developing country" but refers only to the economy of the countries.