The Affordable Housing Trust Meeting held on October 16, 2024, in Danvers, Massachusetts, focused on the pressing issue of housing cost burdens faced by local residents. Key discussions highlighted the significant number of households struggling to afford their housing costs, particularly those earning between 30% and 50% of the Area Median Income (AMI).

During the meeting, it was reported that approximately 585 households are paying more than 30% of their income on housing, with 480 of those spending over half of their income. This data underscores the urgent need for affordable housing solutions in the community. The discussion emphasized that the greatest need lies within the very low-income category, particularly for families earning around $66,000, which is considered the 50% AMI threshold for a family of three.

The meeting also addressed the affordability of rental prices in the area. For a two-bedroom unit, the rent at the 50% AMI level would be approximately $1,670, while at the 80% AMI level, it would rise to $2,666. Participants expressed concern that these rental prices are not affordable for many residents, reinforcing the need for targeted housing initiatives.

As the meeting progressed, members acknowledged the importance of understanding these statistics to inform future housing policies and initiatives. The discussions concluded with a consensus on the necessity of addressing the housing cost burden to improve living conditions for Danvers residents. The Affordable Housing Trust plans to continue exploring solutions to these challenges in future meetings.