Novogradac Revises Down National Median Income Estimate by 2.5 Percent
Novogradac this week adjusted downward its estimate of national median income for 2021 after the Congressional Budget Office (CBO) released its midyear estimate of consumer price index (CPI), one of the components the U.S. Department of Housing and Urban Development (HUD) uses to calculate income limits for the low-income housing tax credit (LIHTC) and HUD programs. Based on this update, Novogradac adjusted its estimate of national median income for 2021 to $79,200, an 0.89 percent increase over the 2020 national median income. This is 2.5 percent lower than Novogradac’s initial estimate of $81,200, which would have been 3.44 percent higher than the 2020 national median income.
Learn what this adjustment means in a related Notes from Novogradac blog post.