ABSTRACT
This chapter discusses the current status of rural housing in United States. It then presents the ownership, physical characteristics, and travel-time associated with rural housing and rural life. The chapter addresses key financial aspects associated with rural housing; namely, housing affordability, housing assistance programs, and financing of rural housing. Housing Affordability Index Computation (HAI) was developed by the National Association of Realtors. It measures whether or not a typical family could qualify for a mortgage loan on a typical home. A typical home is defined as the national median-priced, existing single-family home. The typical family is defined as one earning the median family income as reported by the US Bureau of the Census. The prevailing mortgage interest rate is the effective rate on loans closed on existing homes from the Federal Housing Finance Board and HSH Associates, Butler, NJ.
