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IRS Issues Average Residential Purchase Prices

MAR. 24, 2020

Rev. Proc. 2020-18; 2020-15 IRB 592

DATED MAR. 24, 2020
DOCUMENT ATTRIBUTES
Citations: Rev. Proc. 2020-18; 2020-15 IRB 592

Obsoleted by Rev. Proc. 2021-17

Obsoletes Rev. Proc. 2019-14

Part III

Administrative, Procedural, and Miscellaneous

26 CFR 601.601: Rules and Regulations

(Also Part 1, §§ 143(e)(2), 6a.103A-2(f)(3), 6a.103A-2(f)(5).)

SECTION 1. PURPOSE

This revenue procedure provides issuers of qualified mortgage bonds, as defined in section 143(a) of the Internal Revenue Code (Code), and issuers of mortgage credit certificates, as defined in section 25(c), with (1) the nationwide average purchase price for residences located in the United States, and (2) average area purchase price safe harbors for residences located in statistical areas in each state, the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and Guam.

SECTION 2. BACKGROUND

.01 Section 103(a) provides that, except as provided in section 103(b), gross income does not include interest on any state or local bond. Section 103(b)(1) provides that section 103(a) shall not apply to any private activity bond that is not a "qualified bond" within the meaning of section 141. Section 141(e) provides, in part, that the term "qualified bond" means any private activity bond if such bond (1) is a qualified mortgage bond under section 143, (2) meets the volume cap requirements under section 146, and (3) meets the applicable requirements under section 147.

.02 Section 143(a)(1) provides that the term "qualified mortgage bond" means a bond that is issued as part of a qualified mortgage issue. Section 143(a)(2)(A) provides that the term "qualified mortgage issue" means an issue of one or more bonds by a state or political subdivision thereof, but only if: (i) all proceeds of the issue (exclusive of issuance costs and a reasonably required reserve) are to be used to finance owner-occupied residences; (ii) the issue meets the requirements of subsections (c), (d), (e), (f), (g), (h), (i), and (m)(7) of section 143; (iii) the issue does not meet the private business tests of paragraphs (1) and (2) of section 141(b); and (iv) with respect to amounts received more than 10 years after the date of issuance, repayments of $250,000 or more of principal on mortgage financing provided by the issue are used by the close of the first semiannual period beginning after the date the prepayment (or complete repayment) is received to redeem bonds that are part of the issue.

Average Area Purchase Price

.03 Section 143(e)(1) provides that an issue of bonds meets the purchase price requirements of section 143(e) if the acquisition cost of each residence financed by the issue does not exceed 90 percent of the average area purchase price applicable to such residence. Section 143(e)(5) provides that, in the case of a targeted area residence (as defined in section 143(j)), section 143(e)(1) shall be applied by substituting 110 percent for 90 percent.

.04 Section 143(e)(2) provides that the term "average area purchase price" means, with respect to any residence, the average purchase price of single-family residences (in the statistical area in which the residence is located) that were purchased during the most recent 12-month period for which sufficient statistical information is available. Under sections 143(e)(3) and (4), respectively, separate determinations are to be made for new and existing residences, and for two-, three-, and four-family residences.

.05 Section 143(e)(2) provides that the determination of the average area purchase price for a statistical area shall be made as of the date on which the commitment to provide the financing is made or, if earlier, the date of the purchase of the residence.

.06 Section 143(k)(2)(A) provides that the term "statistical area" means (i) a metropolitan statistical area (MSA), and (ii) any county (or the portion thereof) that is not within an MSA. Section 143(k)(2)(C) further provides that if sufficient recent statistical information with respect to a county (or portion thereof) is unavailable, the Secretary may substitute another area for which there is sufficient recent statistical information for such county (or portion thereof). In the case of any portion of a State which is not within a county, section 143(k)(2)(D) provides that the Secretary may designate as a county any area that is the equivalent of a county. Section 6a.103A-1(b)(4)(i) of the Income Tax Regulations (issued under section 103A of the Internal Revenue Code of 1954, the predecessor of section 143 of the Code) provides that the term “State” includes a possession of the United States and the District of Columbia.

.07 Section 6a.103A-2(f)(5)(i) provides that an issuer may rely upon the average area purchase price safe harbors published by the Department of the Treasury (Treasury Department) for the statistical area in which a residence is located. Section 6a.103A-2(f)(5)(i) further provides that an issuer may use an average area purchase price limitation different from the published safe harbor if the issuer has more accurate and comprehensive data for the statistical area.

Qualified Mortgage Credit Certificate Program

.08 Section 25(c) permits a state or political subdivision to establish a qualified mortgage credit certificate program. In general, a qualified mortgage credit certificate program is a program under which the issuing authority elects not to issue an amount of private activity bonds that it may otherwise issue during the calendar year under section 146, and in their place, issues mortgage credit certificates to taxpayers in connection with the acquisition of their principal residences. Section 25(a)(1) provides, in general, that the holder of a mortgage credit certificate may claim a federal income tax credit equal to the product of the credit rate specified in the certificate and the interest paid or accrued during the tax year on the remaining principal of the indebtedness incurred to acquire the residence. Section 25(c)(2)(A)(iii)(III) generally provides that residences acquired in connection with the issuance of mortgage credit certificates must meet the purchase price requirements of section 143(e).

Income Limitations for Qualified Mortgage Bonds and Mortgage Credit Certificates

.09 Section 143(f) imposes limitations on the income of mortgagors for whom financing may be provided by qualified mortgage bonds. In addition, section 25(c)(2)(A)(iii)(IV) provides that holders of mortgage credit certificates must meet the income requirement of section 143(f). Generally, under sections 143(f)(1) and 25(c)(2)(A)(iii)(IV), the income requirement is met only if all owner-financing under a qualified mortgage bond and all mortgage credit certificates issued under a qualified mortgage credit certificate program are provided to mortgagors whose family income is 115 percent or less of the applicable median family income. Section 143(f)(5), however, generally provides for an upward adjustment to the percentage limitation in high housing cost areas. High housing cost areas are defined in section 143(f)(5)(C) as any statistical area for which the housing cost/income ratio is greater than 1.2.

.10 Under section 143(f)(5)(D), the housing cost/income ratio with respect to any statistical area is determined by dividing (a) the applicable housing price ratio for such area by (b) the ratio that the area median gross income for such area bears to the median gross income for the United States. The applicable housing price ratio is the new housing price ratio (new housing average area purchase price divided by the new housing average purchase price for the United States) or the existing housing price ratio (existing housing average area purchase price divided by the existing housing average purchase price for the United States), whichever results in the housing cost/income ratio being closer to 1.

Average Area and Nationwide Purchase Price Limitations

.11 Average area purchase price safe harbors for each state, the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and Guam were last published in Rev. Proc. 2019-14, 2019-15 I.R.B. 948.

.12 The nationwide average purchase price limitation was last published in section 4.02 of Rev. Proc. 2019-14. Guidance with respect to the United States and area median gross income figures that are to be used in computing the housing cost/income ratio described in section 143(f)(5) was last published in Rev. Proc. 2019-21, 2019-21 I.R.B. 1190.

.13 This revenue procedure uses FHA loan limits for a given statistical area to calculate the average area purchase price safe harbor for that area. FHA sets limits on the dollar value of loans it will insure based on median home prices and conforming loan limits established by the Federal Home Loan Mortgage Corporation. In particular, FHA sets an area's loan limit at 95 percent of the median home sales price for the area, subject to certain floors and caps measured against conforming loan limits.

.14 To calculate the average area purchase price safe harbors in this revenue procedure, the FHA loan limits are adjusted to take into account the differences between average and median purchase prices. Because FHA loan limits do not differentiate between new and existing residences, this revenue procedure contains a single average area purchase price safe harbor for both new and existing residences in a statistical area. The Treasury Department and the Internal Revenue Service (IRS) have determined that FHA loan limits provide a reasonable basis for determining average area purchase price safe harbors. If the Treasury Department and the IRS become aware of other sources of average purchase price data, including data that differentiate between new and existing residences, consideration will be given as to whether such data provide a more accurate method for calculating average area purchase price safe harbors.

.15 The average area purchase price safe harbors listed in section 4.01 of this revenue procedure are based on FHA loan limits released December 3, 2019. FHA loan limits are available for statistical areas in each state, the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and Guam. See section 3.03 of this revenue procedure with respect to FHA loan limits revised after December 3, 2019.

.16 OMB Bulletin No. 03-04, dated and effective June 6, 2003, revised the definitions of the nation's metropolitan areas and recognized 49 new metropolitan statistical areas. The OMB bulletin no longer includes primary metropolitan statistical areas.

SECTION 3. APPLICATION

Average Area Purchase Price Safe Harbors

.01 Average area purchase price safe harbors for statistical areas in each state, the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and Guam are set forth in section 4.01 of this revenue procedure. Average area purchase price safe harbors are provided for single-family and two to four-family residences. For each type of residence, section 4.01 of this revenue procedure contains a single safe harbor that may be used for both new and existing residences. Issuers of qualified mortgage bonds and issuers of mortgage credit certificates may rely on these safe harbors to satisfy the requirements of sections 143(e) and (f). Section 4.01 of this revenue procedure provides safe harbors for MSAs and for certain counties and county equivalents. If no purchase price safe harbor is available for a statistical area, the safe harbor for "ALL OTHER AREAS" may be used for that statistical area.

.02 If a residence is in an MSA, the safe harbor applicable to it is the limitation of that MSA. If an MSA falls in more than one state, the MSA is listed in section 4.01 of this revenue procedure under each state.

.03 If the FHA revises the FHA loan limit for any statistical area after December 3, 2019, an issuer of qualified mortgage bonds or mortgage credit certificates may use the revised FHA loan limit for that statistical area to compute (as provided in the next sentence) a revised average area purchase price safe harbor for the statistical area provided that the issuer maintains records evidencing the revised FHA loan limit. The revised average area purchase price safe harbor for that statistical area is computed by dividing the revised FHA loan limit by 1.0135.

.04 If, pursuant to section 6a.103A-2(f)(5)(i), an issuer uses more accurate and comprehensive data to determine the average area purchase price for a statistical area, the issuer must make separate average area purchase price determinations for new and existing residences. Moreover, when computing the average area purchase price for a statistical area that is an MSA, as defined in OMB Bulletin No. 03-04, the issuer must make the computation for the entire applicable MSA. When computing the average area purchase price for a statistical area that is not an MSA, the issuer must make the computation for the entire statistical area and may not combine statistical areas. Thus, for example, the issuer may not combine two or more counties.

.05 If an issuer receives a ruling permitting it to rely on an average area purchase price limitation that is higher than the applicable safe harbor in this revenue procedure, the issuer may rely on that higher limitation for the purpose of satisfying the requirements of section 143(e) and (f) for bonds sold, and mortgage credit certificates issued, not more than 30 months following the termination date of the 12-month period used by the issuer to compute the limitation.

Nationwide Average Purchase Price

.06 Section 4.02 of this revenue procedure sets forth a single nationwide average purchase price for purposes of computing the housing cost/income ratio under section 143(f)(5).

.07 Issuers must use the nationwide average purchase price set forth in section 4.02 of this revenue procedure when computing the housing cost/income ratio under section 143(f)(5) regardless of whether they are relying on the average area purchase price safe harbors contained in this revenue procedure or using more accurate and comprehensive data to determine average area purchase prices for new and existing residences for a statistical area that are different from the published safe harbors in this revenue procedure.

.08 If, pursuant to section 6.02 of this revenue procedure, an issuer relies on the average area purchase price safe harbors contained in Rev. Proc. 2019-14, the issuer must use the nationwide average purchase price set forth in section 4.02 of Rev. Proc. 2019-14 in computing the housing cost/income ratio under section 143(f)(5). Likewise, if, pursuant to section 6.04 of this revenue procedure, an issuer relies on the nationwide average purchase price published in Rev. Proc. 2019-14, the issuer may not rely on the average area purchase price safe harbors published in this revenue procedure.

SECTION 4. AVERAGE AREA AND NATIONWIDE AVERAGE PURCHASE PRICES

.01 Average area purchase prices for single-family and two to four-family residences in MSAs, and for certain counties and county equivalents are set forth below. The safe harbor for “ALL OTHER AREAS” (found at the end of the table below) may be used for a statistical area that is not listed below.

2020 Average Area Purchase Prices for Mortgage Revenue Bonds

County Name

State

One-Unit Limit

Two-Unit Limit

Three-Unit Limit

Four-Unit Limit

ALEUTIANS WEST

AK

$380,110

$486,620

$588,197

$730,966

ANCHORAGE MUNIC

AK

$406,208

$520,019

$628,551

$781,187

JUNEAU CITY AND

AK

$449,325

$575,222

$695,299

$864,067

KETCHIKAN GATEW

AK

$364,225

$466,246

$563,629

$700,429

KODIAK ISLAND B

AK

$402,804

$515,628

$623,322

$774,626

MATANUSKA-SUSIT

AK

$406,208

$520,019

$628,551

$781,187

NOME CENSUS ARE

AK

$385,784

$493,872

$596,978

$741,869

NORTH SLOPE BOR

AK

$327,916

$419,774

$507,439

$630,623

PETERSBURG CENS

AK

$327,916

$419,774

$507,439

$630,623

SITKA CITY AND

AK

$479,960

$614,442

$742,708

$923,019

SKAGWAY MUNICIP

AK

$409,611

$524,360

$633,830

$787,699

WRANGELL CITY A

AK

$327,916

$419,774

$507,439

$630,623

YAKUTAT CITY AN

AK

$415,285

$531,612

$642,611

$798,651

COCONINO

AZ

$357,417

$457,563

$553,072

$687,356

ALAMEDA

CA

$755,386

$967,246

$1,169,117

$1,452,905

ALPINE

CA

$457,267

$585,385

$707,582

$879,360

AMADOR

CA

$350,609

$448,831

$542,514

$674,233

CALAVERAS

CA

$368,764

$472,067

$570,634

$709,161

CONTRA COSTA

CA

$755,386

$967,246

$1,169,117

$1,452,905

EL DORADO

CA

$561,656

$719,028

$869,148

$1,080,096

HUMBOLDT

CA

$340,397

$435,758

$526,728

$654,599

INYO

CA

$368,764

$472,067

$570,634

$709,161

LOS ANGELES

CA

$755,386

$967,246

$1,169,117

$1,452,905

MARIN

CA

$755,386

$967,246

$1,169,117

$1,452,905

MENDOCINO

CA

$403,938

$517,108

$625,048

$776,797

MONO

CA

$521,943

$668,165

$807,679

$1,003,728

MONTEREY

CA

$663,775

$849,760

$1,027,161

$1,276,490

NAPA

CA

$754,547

$965,939

$1,167,612

$1,451,079

NEVADA

CA

$479,960

$614,442

$742,708

$923,019

ORANGE

CA

$755,386

$967,246

$1,169,117

$1,452,905

PLACER

CA

$561,656

$719,028

$869,148

$1,080,096

PLUMAS

CA

$332,455

$425,595

$514,444

$639,355

RIVERSIDE

CA

$436,843

$559,238

$675,960

$840,091

SACRAMENTO

CA

$561,656

$719,028

$869,148

$1,080,096

SAN BENITO

CA

$755,386

$967,246

$1,169,117

$1,452,905

SAN BERNARDINO

CA

$436,843

$559,238

$675,960

$840,091

SAN DIEGO

CA

$692,141

$886,069

$1,071,068

$1,331,052

SAN FRANCISCO

CA

$755,386

$967,246

$1,169,117

$1,452,905

SAN JOAQUIN

CA

$442,517

$566,490

$684,741

$850,993

SAN LUIS OBISPO

CA

$680,795

$871,516

$1,053,505

$1,309,247

SAN MATEO

CA

$755,386

$967,246

$1,169,117

$1,452,905

SANTA BARBARA

CA

$644,486

$825,044

$997,315

$1,239,392

SANTA CLARA

CA

$755,386

$967,246

$1,169,117

$1,452,905

SANTA CRUZ

CA

$755,386

$967,246

$1,169,117

$1,452,905

SOLANO

CA

$499,249

$639,108

$772,554

$960,118

SONOMA

CA

$695,545

$890,410

$1,076,297

$1,337,614

STANISLAUS

CA

$360,821

$461,904

$558,350

$693,868

SUTTER

CA

$340,397

$435,758

$526,728

$654,599

VENTURA

CA

$703,488

$900,573

$1,088,630

$1,352,857

YOLO

CA

$561,656

$719,028

$869,148

$1,080,096

YUBA

CA

$340,397

$435,758

$526,728

$654,599

ADAMS

CO

$567,329

$726,280

$877,929

$1,091,048

ARAPAHOE

CO

$567,329

$726,280

$877,929

$1,091,048

BOULDER

CO

$635,408

$813,451

$983,255

$1,221,977

BROOMFIELD

CO

$567,329

$726,280

$877,929

$1,091,048

CHAFFEE

CO

$364,225

$466,246

$563,629

$700,429

CLEAR CREEK

CO

$567,329

$726,280

$877,929

$1,091,048

DENVER

CO

$567,329

$726,280

$877,929

$1,091,048

DOUGLAS

CO

$567,329

$726,280

$877,929

$1,091,048

EAGLE

CO

$755,386

$967,246

$1,169,117

$1,452,905

EL PASO

CO

$351,744

$450,262

$544,290

$676,404

ELBERT

CO

$567,329

$726,280

$877,929

$1,091,048

GARFIELD

CO

$755,386

$967,246

$1,169,117

$1,452,905

GILPIN

CO

$567,329

$726,280

$877,929

$1,091,048

GRAND

CO

$467,479

$598,458

$723,369

$898,994

GUNNISON

CO

$366,494

$469,156

$567,132

$704,820

HINSDALE

CO

$422,093

$540,344

$653,168

$811,724

JEFFERSON

CO

$567,329

$726,280

$877,929

$1,091,048

LA PLATA

CO

$416,419

$533,092

$644,387

$800,822

LARIMER

CO

$448,190

$573,742

$693,523

$861,896

MONTROSE

CO

$419,823

$537,433

$649,666

$807,334

OURAY

CO

$419,823

$537,433

$649,666

$807,334

PARK

CO

$567,329

$726,280

$877,929

$1,091,048

PITKIN

CO

$755,386

$967,246

$1,169,117

$1,452,905

ROUTT

CO

$629,735

$806,150

$974,474

$1,211,025

SAN MIGUEL

CO

$755,386

$967,246

$1,169,117

$1,452,905

SUMMIT

CO

$712,565

$912,216

$1,102,641

$1,370,321

TELLER

CO

$351,744

$450,262

$544,290

$676,404

WELD

CO

$399,400

$511,287

$618,043

$768,065

FAIRFIELD

CT

$593,426

$759,678

$918,284

$1,141,219

HARTFORD

CT

$348,340

$445,921

$539,012

$669,892

LITCHFIELD

CT

$352,879

$451,742

$546,066

$678,624

MIDDLESEX

CT

$348,340

$445,921

$539,012

$669,892

TOLLAND

CT

$348,340

$445,921

$539,012

$669,892

WINDHAM

CT

$334,724

$428,506

$517,947

$643,696

DISTRICT OF COLUMBIA

DC

$755,386

$967,246

$1,169,117

$1,452,905

NEW CASTLE

DE

$402,804

$515,628

$623,322

$774,626

SUSSEX

DE

$340,397

$435,758

$526,728

$654,599

BAKER

FL

$368,764

$472,067

$570,634

$709,161

BROWARD

FL

$368,764

$472,067

$570,634

$709,161

CLAY

FL

$368,764

$472,067

$570,634

$709,161

COLLIER

FL

$444,786

$569,401

$688,293

$855,384

DUVAL

FL

$368,764

$472,067

$570,634

$709,161

MARTIN

FL

$346,071

$443,010

$535,509

$665,501

MIAMI-DADE

FL

$368,764

$472,067

$570,634

$709,161

MONROE

FL

$544,636

$697,223

$842,804

$1,047,388

NASSAU

FL

$368,764

$472,067

$570,634

$709,161

OKALOOSA

FL

$385,784

$493,872

$596,978

$741,869

PALM BEACH

FL

$368,764

$472,067

$570,634

$709,161

ST. JOHNS

FL

$368,764

$472,067

$570,634

$709,161

ST. LUCIE

FL

$346,071

$443,010

$535,509

$665,501

WALTON

FL

$385,784

$493,872

$596,978

$741,869

BARROW

GA

$395,996

$506,945

$612,765

$761,553

BARTOW

GA

$395,996

$506,945

$612,765

$761,553

BUTTS

GA

$395,996

$506,945

$612,765

$761,553

CARROLL

GA

$395,996

$506,945

$612,765

$761,553

CHEROKEE

GA

$395,996

$506,945

$612,765

$761,553

CLARKE

GA

$374,437

$479,319

$579,415

$720,064

CLAYTON

GA

$395,996

$506,945

$612,765

$761,553

COBB

GA

$395,996

$506,945

$612,765

$761,553

COWETA

GA

$395,996

$506,945

$612,765

$761,553

DAWSON

GA

$395,996

$506,945

$612,765

$761,553

DEKALB

GA

$395,996

$506,945

$612,765

$761,553

DOUGLAS

GA

$395,996

$506,945

$612,765

$761,553

FAYETTE

GA

$395,996

$506,945

$612,765

$761,553

FORSYTH

GA

$395,996

$506,945

$612,765

$761,553

FULTON

GA

$395,996

$506,945

$612,765

$761,553

GREENE

GA

$508,327

$650,751

$786,614

$977,582

GWINNETT

GA

$395,996

$506,945

$612,765

$761,553

HARALSON

GA

$395,996

$506,945

$612,765

$761,553

HEARD

GA

$395,996

$506,945

$612,765

$761,553

HENRY

GA

$395,996

$506,945

$612,765

$761,553

JASPER

GA

$395,996

$506,945

$612,765

$761,553

LAMAR

GA

$395,996

$506,945

$612,765

$761,553

MADISON

GA

$374,437

$479,319

$579,415

$720,064

MERIWETHER

GA

$395,996

$506,945

$612,765

$761,553

MORGAN

GA

$395,996

$506,945

$612,765

$761,553

NEWTON

GA

$395,996

$506,945

$612,765

$761,553

OCONEE

GA

$374,437

$479,319

$579,415

$720,064

OGLETHORPE

GA

$374,437

$479,319

$579,415

$720,064

PAULDING

GA

$395,996

$506,945

$612,765

$761,553

PICKENS

GA

$395,996

$506,945

$612,765

$761,553

PIKE

GA

$395,996

$506,945

$612,765

$761,553

ROCKDALE

GA

$395,996

$506,945

$612,765

$761,553

SPALDING

GA

$395,996

$506,945

$612,765

$761,553

WALTON

GA

$395,996

$506,945

$612,765

$761,553

HAWAII

HI

$385,784

$493,872

$596,978

$741,869

HONOLULU

HI

$711,430

$910,736

$1,100,914

$1,368,151

KALAWAO

HI

$680,795

$871,516

$1,053,505

$1,309,247

KAUAI

HI

$703,488

$900,573

$1,088,630

$1,352,857

MAUI

HI

$680,795

$871,516

$1,053,505

$1,309,247

ADA

ID

$361,956

$463,335

$560,077

$696,088

BLAINE

ID

$637,678

$816,362

$986,758

$1,226,318

BOISE

ID

$361,956

$463,335

$560,077

$696,088

CAMAS

ID

$637,678

$816,362

$986,758

$1,226,318

CANYON

ID

$361,956

$463,335

$560,077

$696,088

GEM

ID

$361,956

$463,335

$560,077

$696,088

KOOTENAI

ID

$331,320

$424,115

$512,668

$637,135

OWYHEE

ID

$361,956

$463,335

$560,077

$696,088

TETON

ID

$755,386

$967,246

$1,169,117

$1,452,905

BOONE

IL

$334,724

$428,506

$517,947

$643,696

COOK

IL

$363,091

$464,815

$561,853

$698,259

DEKALB

IL

$363,091

$464,815

$561,853

$698,259

DUPAGE

IL

$363,091

$464,815

$561,853

$698,259

GRUNDY

IL

$363,091

$464,815

$561,853

$698,259

KANE

IL

$363,091

$464,815

$561,853

$698,259

KENDALL

IL

$363,091

$464,815

$561,853

$698,259

LAKE

IL

$363,091

$464,815

$561,853

$698,259

MCHENRY

IL

$363,091

$464,815

$561,853

$698,259

WILL

IL

$363,091

$464,815

$561,853

$698,259

WINNEBAGO

IL

$334,724

$428,506

$517,947

$643,696

BOONE

IN

$350,609

$448,831

$542,514

$674,233

BROWN

IN

$350,609

$448,831

$542,514

$674,233

CLARK

IN

$329,051

$421,254

$509,165

$632,794

FLOYD

IN

$329,051

$421,254

$509,165

$632,794

HAMILTON

IN

$350,609

$448,831

$542,514

$674,233

HANCOCK

IN

$350,609

$448,831

$542,514

$674,233

HARRISON

IN

$329,051

$421,254

$509,165

$632,794

HENDRICKS

IN

$350,609

$448,831

$542,514

$674,233

JASPER

IN

$363,091

$464,815

$561,853

$698,259

JOHNSON

IN

$350,609

$448,831

$542,514

$674,233

LAKE

IN

$363,091

$464,815

$561,853

$698,259

MADISON

IN

$350,609

$448,831

$542,514

$674,233

MARION

IN

$350,609

$448,831

$542,514

$674,233

MORGAN

IN

$350,609

$448,831

$542,514

$674,233

NEWTON

IN

$363,091

$464,815

$561,853

$698,259

PORTER

IN

$363,091

$464,815

$561,853

$698,259

PUTNAM

IN

$350,609

$448,831

$542,514

$674,233

SHELBY

IN

$350,609

$448,831

$542,514

$674,233

WASHINGTON

IN

$329,051

$421,254

$509,165

$632,794

JOHNSON

KS

$347,205

$444,490

$537,285

$667,721

LEAVENWORTH

KS

$347,205

$444,490

$537,285

$667,721

LINN

KS

$347,205

$444,490

$537,285

$667,721

MIAMI

KS

$347,205

$444,490

$537,285

$667,721

WYANDOTTE

KS

$347,205

$444,490

$537,285

$667,721

BULLITT

KY

$329,051

$421,254

$509,165

$632,794

HENRY

KY

$329,051

$421,254

$509,165

$632,794

JEFFERSON

KY

$329,051

$421,254

$509,165

$632,794

OLDHAM

KY

$329,051

$421,254

$509,165

$632,794

SHELBY

KY

$329,051

$421,254

$509,165

$632,794

SPENCER

KY

$329,051

$421,254

$509,165

$632,794

BARNSTABLE

MA

$465,210

$595,547

$719,866

$894,653

BRISTOL

MA

$453,863

$580,994

$702,304

$872,799

DUKES

MA

$755,386

$967,246

$1,169,117

$1,452,905

ESSEX

MA

$680,795

$871,516

$1,053,505

$1,309,247

MIDDLESEX

MA

$680,795

$871,516

$1,053,505

$1,309,247

NANTUCKET

MA

$755,386

$967,246

$1,169,117

$1,452,905

NORFOLK

MA

$680,795

$871,516

$1,053,505

$1,309,247

PLYMOUTH

MA

$680,795

$871,516

$1,053,505

$1,309,247

SUFFOLK

MA

$680,795

$871,516

$1,053,505

$1,309,247

WORCESTER

MA

$334,724

$428,506

$517,947

$643,696

ANNE ARUNDEL

MD

$514,000

$658,003

$795,395

$988,484

BALTIMORE

MD

$514,000

$658,003

$795,395

$988,484

BALTIMORE CITY

MD

$514,000

$658,003

$795,395

$988,484

CALVERT

MD

$755,386

$967,246

$1,169,117

$1,452,905

CARROLL

MD

$514,000

$658,003

$795,395

$988,484

CECIL

MD

$402,804

$515,628

$623,322

$774,626

CHARLES

MD

$755,386

$967,246

$1,169,117

$1,452,905

FREDERICK

MD

$755,386

$967,246

$1,169,117

$1,452,905

HARFORD

MD

$514,000

$658,003

$795,395

$988,484

HOWARD

MD

$514,000

$658,003

$795,395

$988,484

MONTGOMERY

MD

$755,386

$967,246

$1,169,117

$1,452,905

PRINCE GEORGE'S

MD

$755,386

$967,246

$1,169,117

$1,452,905

QUEEN ANNE'S

MD

$514,000

$658,003

$795,395

$988,484

SOMERSET

MD

$340,397

$435,758

$526,728

$654,599

ST. MARY'S

MD

$342,667

$438,669

$530,231

$658,990

TALBOT

MD

$377,841

$483,710

$584,694

$726,625

WICOMICO

MD

$340,397

$435,758

$526,728

$654,599

WORCESTER

MD

$340,397

$435,758

$526,728

$654,599

CUMBERLAND

ME

$361,956

$463,335

$560,077

$696,088

SAGADAHOC

ME

$361,956

$463,335

$560,077

$696,088

YORK

ME

$361,956

$463,335

$560,077

$696,088

ANOKA

MN

$377,841

$483,710

$584,694

$726,625

CARVER

MN

$377,841

$483,710

$584,694

$726,625

CHISAGO

MN

$377,841

$483,710

$584,694

$726,625

DAKOTA

MN

$377,841

$483,710

$584,694

$726,625

HENNEPIN

MN

$377,841

$483,710

$584,694

$726,625

ISANTI

MN

$377,841

$483,710

$584,694

$726,625

LE SUEUR

MN

$377,841

$483,710

$584,694

$726,625

MILLE LACS

MN

$377,841

$483,710

$584,694

$726,625

RAMSEY

MN

$377,841

$483,710

$584,694

$726,625

SCOTT

MN

$377,841

$483,710

$584,694

$726,625

SHERBURNE

MN

$377,841

$483,710

$584,694

$726,625

WASHINGTON

MN

$377,841

$483,710

$584,694

$726,625

WRIGHT

MN

$377,841

$483,710

$584,694

$726,625

BATES

MO

$347,205

$444,490

$537,285

$667,721

CALDWELL

MO

$347,205

$444,490

$537,285

$667,721

CASS

MO

$347,205

$444,490

$537,285

$667,721

CLAY

MO

$347,205

$444,490

$537,285

$667,721

CLINTON

MO

$347,205

$444,490

$537,285

$667,721

JACKSON

MO

$347,205

$444,490

$537,285

$667,721

LAFAYETTE

MO

$347,205

$444,490

$537,285

$667,721

PLATTE

MO

$347,205

$444,490

$537,285

$667,721

RAY

MO

$347,205

$444,490

$537,285

$667,721

CAMDEN

NC

$452,728

$579,563

$700,577

$870,628

CHATHAM

NC

$408,477

$522,929

$632,103

$785,529

CURRITUCK

NC

$452,728

$579,563

$700,577

$870,628

DARE

NC

$385,784

$493,872

$596,978

$741,869

DURHAM

NC

$408,477

$522,929

$632,103

$785,529

FRANKLIN

NC

$348,340

$445,921

$539,012

$669,892

GATES

NC

$452,728

$579,563

$700,577

$870,628

GRANVILLE

NC

$408,477

$522,929

$632,103

$785,529

HYDE

NC

$476,556

$610,051

$737,429

$916,458

JOHNSTON

NC

$348,340

$445,921

$539,012

$669,892

ORANGE

NC

$408,477

$522,929

$632,103

$785,529

PASQUOTANK

NC

$755,386

$967,246

$1,169,117

$1,452,905

PERQUIMANS

NC

$755,386

$967,246

$1,169,117

$1,452,905

PERSON

NC

$408,477

$522,929

$632,103

$785,529

WAKE

NC

$348,340

$445,921

$539,012

$669,892

BILLINGS

ND

$334,724

$428,506

$517,947

$643,696

STARK

ND

$334,724

$428,506

$517,947

$643,696

LINCOLN

NE

$427,766

$547,596

$661,950

$822,627

LOGAN

NE

$427,766

$547,596

$661,950

$822,627

MCPHERSON

NE

$427,766

$547,596

$661,950

$822,627

HILLSBOROUGH

NH

$334,724

$428,506

$517,947

$643,696

ROCKINGHAM

NH

$680,795

$871,516

$1,053,505

$1,309,247

STRAFFORD

NH

$680,795

$871,516

$1,053,505

$1,309,247

BERGEN

NJ

$755,386

$967,246

$1,169,117

$1,452,905

BURLINGTON

NJ

$402,804

$515,628

$623,322

$774,626

CAMDEN

NJ

$402,804

$515,628

$623,322

$774,626

CAPE MAY

NJ

$408,477

$522,929

$632,103

$785,529

ESSEX

NJ

$755,386

$967,246

$1,169,117

$1,452,905

GLOUCESTER

NJ

$402,804

$515,628

$623,322

$774,626

HUDSON

NJ

$755,386

$967,246

$1,169,117

$1,452,905

HUNTERDON

NJ

$755,386

$967,246

$1,169,117

$1,452,905

MERCER

NJ

$340,397

$435,758

$526,728

$654,599

MIDDLESEX

NJ

$755,386

$967,246

$1,169,117

$1,452,905

MONMOUTH

NJ

$755,386

$967,246

$1,169,117

$1,452,905

MORRIS

NJ

$755,386

$967,246

$1,169,117

$1,452,905

OCEAN

NJ

$755,386

$967,246

$1,169,117

$1,452,905

PASSAIC

NJ

$755,386

$967,246

$1,169,117

$1,452,905

SALEM

NJ

$402,804

$515,628

$623,322

$774,626

SOMERSET

NJ

$755,386

$967,246

$1,169,117

$1,452,905

SUSSEX

NJ

$755,386

$967,246

$1,169,117

$1,452,905

UNION

NJ

$755,386

$967,246

$1,169,117

$1,452,905

WARREN

NJ

$367,629

$470,636

$568,858

$706,990

CATRON

NM

$395,996

$506,945

$612,765

$761,553

LOS ALAMOS

NM

$425,497

$544,685

$658,447

$818,286

SANTA FE

NM

$375,572

$480,799

$581,142

$722,234

CARSON CITY

NV

$356,283

$456,083

$551,296

$685,136

CLARK

NV

$340,397

$435,758

$526,728

$654,599

DOUGLAS

NV

$453,863

$580,994

$702,304

$872,799

STOREY

NV

$431,170

$551,986

$667,179

$829,188

WASHOE

NV

$431,170

$551,986

$667,179

$829,188

BRONX

NY

$755,386

$967,246

$1,169,117

$1,452,905

DUTCHESS

NY

$351,744

$450,262

$544,290

$676,404

KINGS

NY

$755,386

$967,246

$1,169,117

$1,452,905

NASSAU

NY

$755,386

$967,246

$1,169,117

$1,452,905

NEW YORK

NY

$755,386

$967,246

$1,169,117

$1,452,905

ORANGE

NY

$351,744

$450,262

$544,290

$676,404

PUTNAM

NY

$755,386

$967,246

$1,169,117

$1,452,905

QUEENS

NY

$755,386

$967,246

$1,169,117

$1,452,905

RICHMOND

NY

$755,386

$967,246

$1,169,117

$1,452,905

ROCKLAND

NY

$755,386

$967,246

$1,169,117

$1,452,905

SUFFOLK

NY

$755,386

$967,246

$1,169,117

$1,452,905

WESTCHESTER

NY

$755,386

$967,246

$1,169,117

$1,452,905

DELAWARE

OH

$368,764

$472,067

$570,634

$709,161

FAIRFIELD

OH

$368,764

$472,067

$570,634

$709,161

FRANKLIN

OH

$368,764

$472,067

$570,634

$709,161

HOCKING

OH

$368,764

$472,067

$570,634

$709,161

LICKING

OH

$368,764

$472,067

$570,634

$709,161

MADISON

OH

$368,764

$472,067

$570,634

$709,161

MORROW

OH

$368,764

$472,067

$570,634

$709,161

PERRY

OH

$368,764

$472,067

$570,634

$709,161

PICKAWAY

OH

$368,764

$472,067

$570,634

$709,161

UNION

OH

$368,764

$472,067

$570,634

$709,161

BENTON

OR

$397,130

$508,376

$614,541

$763,723

CLACKAMAS

OR

$484,499

$620,214

$749,713

$931,751

CLATSOP

OR

$340,397

$435,758

$526,728

$654,599

COLUMBIA

OR

$484,499

$620,214

$749,713

$931,751

DESCHUTES

OR

$425,497

$544,685

$658,447

$818,286

HOOD RIVER

OR

$470,883

$602,799

$728,648

$905,556

JACKSON

OR

$329,051

$421,254

$509,165

$632,794

MARION

OR

$338,128

$432,847

$523,225

$650,258

MULTNOMAH

OR

$484,499

$620,214

$749,713

$931,751

POLK

OR

$338,128

$432,847

$523,225

$650,258

WASHINGTON

OR

$484,499

$620,214

$749,713

$931,751

YAMHILL

OR

$484,499

$620,214

$749,713

$931,751

BUCKS

PA

$402,804

$515,628

$623,322

$774,626

CARBON

PA

$367,629

$470,636

$568,858

$706,990

CHESTER

PA

$402,804

$515,628

$623,322

$774,626

DELAWARE

PA

$402,804

$515,628

$623,322

$774,626

LEHIGH

PA

$367,629

$470,636

$568,858

$706,990

MONTGOMERY

PA

$402,804

$515,628

$623,322

$774,626

NORTHAMPTON

PA

$367,629

$470,636

$568,858

$706,990

PHILADELPHIA

PA

$402,804

$515,628

$623,322

$774,626

PIKE

PA

$755,386

$967,246

$1,169,117

$1,452,905

BRISTOL

RI

$453,863

$580,994

$702,304

$872,799

KENT

RI

$453,863

$580,994

$702,304

$872,799

NEWPORT

RI

$453,863

$580,994

$702,304

$872,799

PROVIDENCE

RI

$453,863

$580,994

$702,304

$872,799

WASHINGTON

RI

$453,863

$580,994

$702,304

$872,799

BEAUFORT

SC

$346,071

$443,010

$535,509

$665,501

BERKELEY

SC

$385,784

$493,872

$596,978

$741,869

CHARLESTON

SC

$385,784

$493,872

$596,978

$741,869

DORCHESTER

SC

$385,784

$493,872

$596,978

$741,869

JASPER

SC

$346,071

$443,010

$535,509

$665,501

CANNON

TN

$555,982

$711,776

$860,367

$1,069,193

CHEATHAM

TN

$555,982

$711,776

$860,367

$1,069,193

DAVIDSON

TN

$555,982

$711,776

$860,367

$1,069,193

DICKSON

TN

$555,982

$711,776

$860,367

$1,069,193

MACON

TN

$555,982

$711,776

$860,367

$1,069,193

MAURY

TN

$555,982

$711,776

$860,367

$1,069,193

ROBERTSON

TN

$555,982

$711,776

$860,367

$1,069,193

RUTHERFORD

TN

$555,982

$711,776

$860,367

$1,069,193

SMITH

TN

$555,982

$711,776

$860,367

$1,069,193

SUMNER

TN

$555,982

$711,776

$860,367

$1,069,193

TROUSDALE

TN

$555,982

$711,776

$860,367

$1,069,193

WILLIAMSON

TN

$555,982

$711,776

$860,367

$1,069,193

WILSON

TN

$555,982

$711,776

$860,367

$1,069,193

ATASCOSA

TX

$388,053

$496,783

$600,481

$746,260

BANDERA

TX

$388,053

$496,783

$600,481

$746,260

BASTROP

TX

$399,400

$511,287

$618,043

$768,065

BEXAR

TX

$388,053

$496,783

$600,481

$746,260

CALDWELL

TX

$399,400

$511,287

$618,043

$768,065

COLLIN

TX

$399,400

$511,287

$618,043

$768,065

COMAL

TX

$388,053

$496,783

$600,481

$746,260

DALLAS

TX

$399,400

$511,287

$618,043

$768,065

DENTON

TX

$399,400

$511,287

$618,043

$768,065

ELLIS

TX

$399,400

$511,287

$618,043

$768,065

GUADALUPE

TX

$388,053

$496,783

$600,481

$746,260

HAYS

TX

$399,400

$511,287

$618,043

$768,065

HUNT

TX

$399,400

$511,287

$618,043

$768,065

JOHNSON

TX

$399,400

$511,287

$618,043

$768,065

KAUFMAN

TX

$399,400

$511,287

$618,043

$768,065

KENDALL

TX

$388,053

$496,783

$600,481

$746,260

MARTIN

TX

$336,993

$431,417

$521,449

$648,038

MEDINA

TX

$388,053

$496,783

$600,481

$746,260

MIDLAND

TX

$336,993

$431,417

$521,449

$648,038

PARKER

TX

$399,400

$511,287

$618,043

$768,065

ROCKWALL

TX

$399,400

$511,287

$618,043

$768,065

TARRANT

TX

$399,400

$511,287

$618,043

$768,065

TRAVIS

TX

$399,400

$511,287

$618,043

$768,065

WILLIAMSON

TX

$399,400

$511,287

$618,043

$768,065

WILSON

TX

$388,053

$496,783

$600,481

$746,260

WISE

TX

$399,400

$511,287

$618,043

$768,065

BOX ELDER

UT

$637,678

$816,362

$986,758

$1,226,318

DAVIS

UT

$637,678

$816,362

$986,758

$1,226,318

JUAB

UT

$395,996

$506,945

$612,765

$761,553

MORGAN

UT

$637,678

$816,362

$986,758

$1,226,318

RICH

UT

$369,898

$473,547

$572,410

$711,332

SALT LAKE

UT

$410,746

$525,840

$635,606

$789,919

SUMMIT

UT

$755,386

$967,246

$1,169,117

$1,452,905

TOOELE

UT

$410,746

$525,840

$635,606

$789,919

UTAH

UT

$395,996

$506,945

$612,765

$761,553

WASATCH

UT

$755,386

$967,246

$1,169,117

$1,452,905

WASHINGTON

UT

$372,168

$476,408

$575,913

$715,722

WEBER

UT

$637,678

$816,362

$986,758

$1,226,318

ALBEMARLE

VA

$431,170

$551,986

$667,179

$829,188

ALEXANDRIA CITY

VA

$755,386

$967,246

$1,169,117

$1,452,905

AMELIA

VA

$528,751

$676,897

$818,187

$1,016,851

ARLINGTON

VA

$755,386

$967,246

$1,169,117

$1,452,905

CHARLES CITY

VA

$528,751

$676,897

$818,187

$1,016,851

CHARLOTTESVILLE

VA

$431,170

$551,986

$667,179

$829,188

CHESAPEAKE CITY

VA

$452,728

$579,563

$700,577

$870,628

CHESTERFIELD

VA

$528,751

$676,897

$818,187

$1,016,851

CLARKE

VA

$755,386

$967,246

$1,169,117

$1,452,905

COLONIAL HEIGHT

VA

$528,751

$676,897

$818,187

$1,016,851

CULPEPER

VA

$755,386

$967,246

$1,169,117

$1,452,905

DINWIDDIE

VA

$528,751

$676,897

$818,187

$1,016,851

FAIRFAX

VA

$755,386

$967,246

$1,169,117

$1,452,905

FAIRFAX CITY

VA

$755,386

$967,246

$1,169,117

$1,452,905

FALLS CHURCH CI

VA

$755,386

$967,246

$1,169,117

$1,452,905

FAUQUIER

VA

$755,386

$967,246

$1,169,117

$1,452,905

FLUVANNA

VA

$431,170

$551,986

$667,179

$829,188

FRANKLIN CITY

VA

$452,728

$579,563

$700,577

$870,628

FREDERICKSBURG

VA

$755,386

$967,246

$1,169,117

$1,452,905

GLOUCESTER

VA

$452,728

$579,563

$700,577

$870,628

GOOCHLAND

VA

$528,751

$676,897

$818,187

$1,016,851

GREENE

VA

$431,170

$551,986

$667,179

$829,188

HAMPTON CITY

VA

$452,728

$579,563

$700,577

$870,628

HANOVER

VA

$528,751

$676,897

$818,187

$1,016,851

HENRICO

VA

$528,751

$676,897

$818,187

$1,016,851

HOPEWELL CITY

VA

$528,751

$676,897

$818,187

$1,016,851

ISLE OF WIGHT

VA

$452,728

$579,563

$700,577

$870,628

JAMES CITY

VA

$452,728

$579,563

$700,577

$870,628

KING AND QUEEN

VA

$528,751

$676,897

$818,187

$1,016,851

KING GEORGE

VA

$346,071

$443,010

$535,509

$665,501

KING WILLIAM

VA

$528,751

$676,897

$818,187

$1,016,851

LANCASTER

VA

$436,843

$559,238

$675,960

$840,091

LEXINGTON CITY

VA

$349,475

$447,401

$540,788

$672,063

LOUDOUN

VA

$755,386

$967,246

$1,169,117

$1,452,905

MADISON

VA

$755,386

$967,246

$1,169,117

$1,452,905

MANASSAS CITY

VA

$755,386

$967,246

$1,169,117

$1,452,905

MANASSAS PARK C

VA

$755,386

$967,246

$1,169,117

$1,452,905

MATHEWS

VA

$452,728

$579,563

$700,577

$870,628

NELSON

VA

$431,170

$551,986

$667,179

$829,188

NEW KENT

VA

$528,751

$676,897

$818,187

$1,016,851

NEWPORT NEWS CI

VA

$452,728

$579,563

$700,577

$870,628

NORFOLK CITY

VA

$452,728

$579,563

$700,577

$870,628

PETERSBURG CITY

VA

$528,751

$676,897

$818,187

$1,016,851

POQUOSON CITY

VA

$452,728

$579,563

$700,577

$870,628

PORTSMOUTH CITY

VA

$452,728

$579,563

$700,577

$870,628

POWHATAN

VA

$528,751

$676,897

$818,187

$1,016,851

PRINCE GEORGE

VA

$528,751

$676,897

$818,187

$1,016,851

PRINCE WILLIAM

VA

$755,386

$967,246

$1,169,117

$1,452,905

RAPPAHANNOCK

VA

$755,386

$967,246

$1,169,117

$1,452,905

RICHMOND CITY

VA

$528,751

$676,897

$818,187

$1,016,851

SOUTHAMPTON

VA

$452,728

$579,563

$700,577

$870,628

SPOTSYLVANIA

VA

$755,386

$967,246

$1,169,117

$1,452,905

STAFFORD

VA

$755,386

$967,246

$1,169,117

$1,452,905

SUFFOLK CITY

VA

$452,728

$579,563

$700,577

$870,628

SUSSEX

VA

$528,751

$676,897

$818,187

$1,016,851

VIRGINIA BEACH

VA

$452,728

$579,563

$700,577

$870,628

WARREN

VA

$755,386

$967,246

$1,169,117

$1,452,905

WILLIAMSBURG CI

VA

$452,728

$579,563

$700,577

$870,628

YORK

VA

$452,728

$579,563

$700,577

$870,628

CHITTENDEN

VT

$363,091

$464,815

$561,853

$698,259

FRANKLIN

VT

$363,091

$464,815

$561,853

$698,259

GRAND ISLE

VT

$363,091

$464,815

$561,853

$698,259

CHELAN

WA

$340,397

$435,758

$526,728

$654,599

CLALLAM

WA

$378,976

$485,140

$586,421

$728,796

CLARK

WA

$484,499

$620,214

$749,713

$931,751

DOUGLAS

WA

$340,397

$435,758

$526,728

$654,599

ISLAND

WA

$388,053

$496,783

$600,481

$746,260

JEFFERSON

WA

$347,205

$444,490

$537,285

$667,721

KING

WA

$731,854

$936,931

$1,132,487

$1,407,420

KITSAP

WA

$390,322

$499,693

$603,983

$750,601

PIERCE

WA

$731,854

$936,931

$1,132,487

$1,407,420

SAN JUAN

WA

$491,307

$628,946

$760,270

$944,825

SKAGIT

WA

$368,764

$472,067

$570,634

$709,161

SKAMANIA

WA

$484,499

$620,214

$749,713

$931,751

SNOHOMISH

WA

$731,854

$936,931

$1,132,487

$1,407,420

THURSTON

WA

$365,360

$467,726

$565,356

$702,600

WHATCOM

WA

$406,208

$520,019

$628,551

$781,187

COLUMBIA

WI

$329,051

$421,254

$509,165

$632,794

DANE

WI

$329,051

$421,254

$509,165

$632,794

GREEN

WI

$329,051

$421,254

$509,165

$632,794

IOWA

WI

$329,051

$421,254

$509,165

$632,794

KENOSHA

WI

$363,091

$464,815

$561,853

$698,259

MILWAUKEE

WI

$334,724

$428,506

$517,947

$643,696

OZAUKEE

WI

$334,724

$428,506

$517,947

$643,696

PIERCE

WI

$377,841

$483,710

$584,694

$726,625

ST. CROIX

WI

$377,841

$483,710

$584,694

$726,625

WASHINGTON

WI

$334,724

$428,506

$517,947

$643,696

WAUKESHA

WI

$334,724

$428,506

$517,947

$643,696

JEFFERSON

WV

$755,386

$967,246

$1,169,117

$1,452,905

TETON

WY

$755,386

$967,246

$1,169,117

$1,452,905

GUAM

GU

$555,982

$711,776

$860,367

$1,069,193

NORTHERN ISLAND

MP

$517,404

$662,344

$800,624

$994,996

ROTA

MP

$405,073

$518,539

$626,824

$778,967

SAIPAN

MP

$521,943

$668,165

$807,679

$1,003,728

TINIAN

MP

$525,347

$672,556

$812,958

$1,010,289

FLATHEAD

MT

$339,263

$434,327

$525,001

$652,428

GALLATIN

MT

$432,305

$553,417

$668,955

$831,359

MISSOULA

MT

$346,071

$443,010

$535,509

$665,501

PARK

MT

$332,455

$425,595

$514,444

$639,355

AGUAS BUENAS

PR

$380,110

$486,620

$588,197

$730,966

AIBONITO

PR

$380,110

$486,620

$588,197

$730,966

BARCELONETA

PR

$380,110

$486,620

$588,197

$730,966

BARRANQUITAS

PR

$380,110

$486,620

$588,197

$730,966

BAYAMON

PR

$380,110

$486,620

$588,197

$730,966

CAGUAS

PR

$380,110

$486,620

$588,197

$730,966

CANOVANAS

PR

$380,110

$486,620

$588,197

$730,966

CAROLINA

PR

$380,110

$486,620

$588,197

$730,966

CATANO

PR

$380,110

$486,620

$588,197

$730,966

CAYEY

PR

$380,110

$486,620

$588,197

$730,966

CAYEY

PR

$380,110

$486,620

$588,197

$730,966

CEIBA

PR

$380,110

$486,620

$588,197

$730,966

CIALES

PR

$380,110

$486,620

$588,197

$730,966

CIDRA

PR

$380,110

$486,620

$588,197

$730,966

COMERIO

PR

$380,110

$486,620

$588,197

$730,966

COROZAL

PR

$380,110

$486,620

$588,197

$730,966

DORADO

PR

$380,110

$486,620

$588,197

$730,966

FAJARDO

PR

$380,110

$486,620

$588,197

$730,966

FLORIDA

PR

$380,110

$486,620

$588,197

$730,966

GUAYNABO

PR

$380,110

$486,620

$588,197

$730,966

GURABO

PR

$380,110

$486,620

$588,197

$730,966

HUMACAO

PR

$380,110

$486,620

$588,197

$730,966

JUNCOS

PR

$380,110

$486,620

$588,197

$730,966

LAS PIEDRAS

PR

$380,110

$486,620

$588,197

$730,966

LOIZA

PR

$380,110

$486,620

$588,197

$730,966

LUQUILLO

PR

$380,110

$486,620

$588,197

$730,966

MANATI

PR

$380,110

$486,620

$588,197

$730,966

MAUNABO

PR

$380,110

$486,620

$588,197

$730,966

MOROVIS

PR

$380,110

$486,620

$588,197

$730,966

NAGUABO

PR

$380,110

$486,620

$588,197

$730,966

NARANJITO

PR

$380,110

$486,620

$588,197

$730,966

OROCOVIS

PR

$380,110

$486,620

$588,197

$730,966

RIO GRANDE

PR

$380,110

$486,620

$588,197

$730,966

SAN JUAN

PR

$380,110

$486,620

$588,197

$730,966

SAN LORENZO

PR

$380,110

$486,620

$588,197

$730,966

TOA ALTA

PR

$380,110

$486,620

$588,197

$730,966

TOA BAJA

PR

$380,110

$486,620

$588,197

$730,966

TRUJILLO ALTO

PR

$380,110

$486,620

$588,197

$730,966

VEGA ALTA

PR

$380,110

$486,620

$588,197

$730,966

VEGA BAJA

PR

$380,110

$486,620

$588,197

$730,966

YABUCOA

PR

$380,110

$486,620

$588,197

$730,966

ST. JOHN ISLAND

VI

$614,985

$787,305

$951,633

$1,182,659

ST. THOMAS ISLAND

VI

$440,247

$563,580

$681,239

$846,652

All other areas — 2695 counties (floor):

 

$327,334

$419,133

$506,600

$629,587

.02 The nationwide average purchase price (for use in the housing cost/income ratio for new and existing residences) is $308,400.

SECTION 5. EFFECT ON OTHER DOCUMENTS

Rev. Proc. 2019-14 is obsolete except as provided in section 6 of this revenue procedure.

SECTION 6. EFFECTIVE DATES

.01 Issuers may rely on this revenue procedure to determine average area purchase price safe harbors for commitments to provide financing or issue mortgage credit certificates that are made, or (if the purchase precedes the commitment) for residences that are purchased, in the period that begins on March 24, 2020, and ends on the date as of which the safe harbors contained in section 4.01 of this revenue procedure are rendered obsolete by a new revenue procedure.

.02 Notwithstanding section 5 of this revenue procedure, issuers may continue to rely on the average area purchase price safe harbors contained in Rev. Proc. 2019-14, with respect to bonds sold, or for mortgage credit certificates issued with respect to bond authority exchanged, before April 23, 2020, if the commitments to provide financing or issue mortgage credit certificates are made on or before May 23, 2020.

.03 Except as provided in section 6.04, issuers must use the nationwide average purchase price limitation contained in this revenue procedure for commitments to provide financing or issue mortgage credit certificates that are made, or (if the purchase precedes the commitment) for residences that are purchased, in the period that begins on March 24, 2020, and ends on the date when the nationwide average purchase price limitation is rendered obsolete by a new revenue procedure.

.04 Notwithstanding sections 5 and 6.03 of this revenue procedure, issuers may continue to rely on the nationwide average purchase price set forth in Rev. Proc. 2019-14 with respect to bonds sold, or for mortgage credit certificates issued with respect to bond authority exchanged, before April 23, 2020, if the commitments to provide financing or issue mortgage credit certificates are made on or before May 23, 2020.

SECTION 7. PAPERWORK REDUCTION ACT

The collection of information contained in this revenue procedure has been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545-1877.

An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number.

This revenue procedure contains a collection of information requirement in section 3.03. The purpose of the collection of information is to verify the applicable FHA loan limit that issuers of qualified mortgage bonds and qualified mortgage certificates have used to calculate the average area purchase price for a given metropolitan statistical area for purposes of sections 143(e) and 25(c). The collection of information is required to obtain the benefit of using revisions to FHA loan limits to determine average area purchase prices. The likely respondents are state and local governments.

The estimated total annual reporting and/or recordkeeping burden is: 15 hours.

The estimated annual burden per respondent and/or recordkeeper: 15 minutes.

The estimated number of respondents and/or recordkeepers: 60.

Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103.

SECTION 8. DRAFTING INFORMATION

The principal authors of this revenue procedure are David White and Timothy Jones of the Office of Associate Chief Counsel (Financial Institutions & Products). For further information regarding this revenue procedure contact David White on (202) 317-4562 (not a toll-free call).

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