rp-19-14.pdf

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26 CFR 6a.103A-2: Qualified mortgage bond

Rev. Proc. 2019-14

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.

2
.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

3
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

4
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,

5
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. 2018-28, 2018-20 I.R.B. 592.
.12 The nationwide average purchase price limitation was last published in
section 4.02 of Rev. Proc. 2018-28. 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. 2018-
33, 2018-22 I.R.B. 734.
.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

6
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 14, 2018. 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 14, 2018.
.16 OMB Bulletin No. 03-04, dated and effective June 6, 2003, revised the

7
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
14, 2018, 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

8
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 .9999.
.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).

9
.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. 2018-28, the issuer
must use the nationwide average purchase price set forth in section 4.02 of Rev. Proc.
2018-28 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. 2018-28, 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.
2019 Average Area Purchase Prices for Mortgage Revenue Bonds

County Name State
One-Unit
Limit
Two-Unit
Limit
Three-
Unit Limit
Four-Unit
Limit

HALE AL $331,206 $424,007 $512,509 $636,911
PICKENS AL $331,206 $424,007 $512,509 $636,911

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TUSCALOOSA AL $331,206 $424,007 $512,509 $636,911

ALEUTIANS WEST AK $385,256 $493,208 $596,160 $740,862
ANCHORAGE MUNIC AK $401,357 $513,809 $621,060 $771,863
JUNEAU CITY AND AK $455,408 $583,010 $704,712 $875,765
KETCHIKAN GATEW AK $369,156 $472,558 $571,260 $709,912
KODIAK ISLAND B AK $407,107 $521,159 $629,961 $782,913
MATANUSKA-SUSIT AK $401,357 $513,809 $621,060 $771,863
NOME CENSUS ARE AK $391,007 $500,558 $605,060 $751,913
NORTH SLOPE BOR AK $332,356 $425,457 $514,309 $639,161
PETERSBURG CENS AK $332,356 $425,457 $514,309 $639,161
SITKA CITY AND AK $486,458 $622,760 $752,763 $935,516
SKAGWAY MUNICIP AK $415,157 $531,459 $642,411 $798,363
WRANGELL CITY A AK $332,356 $425,457 $514,309 $639,161
YAKUTAT CITY AN AK $420,907 $538,809 $651,311 $809,464

COCONINO AZ $362,256 $463,758 $560,559 $696,662

ALAMEDA CA $726,537 $930,316 $1,124,494 $1,397,423
ALPINE CA $463,458 $593,310 $717,162 $891,265
AMADOR CA $350,756 $449,008 $542,759 $674,511
CALAVERAS CA $373,756 $478,458 $578,360 $718,762
CONTRA COSTA CA $726,537 $930,316 $1,124,494 $1,397,423
EL DORADO CA $552,009 $706,662 $854,214 $1,061,568
HUMBOLDT CA $333,506 $426,957 $516,059 $641,361
INYO CA $369,156 $472,558 $571,260 $709,912
LOS ANGELES CA $726,537 $930,316 $1,124,494 $1,397,423
MARIN CA $726,537 $930,316 $1,124,494 $1,397,423
MARIPOSA CA $322,005 $412,207 $498,258 $619,260
MENDOCINO CA $409,407 $524,109 $633,511 $787,313
MONO CA $529,009 $677,211 $818,614 $1,017,317
MONTEREY CA $652,061 $834,764 $1,009,017 $1,253,971
NAPA CA $726,537 $930,316 $1,124,494 $1,397,423
NEVADA CA $486,458 $622,760 $752,763 $935,516
ORANGE CA $726,537 $930,316 $1,124,494 $1,397,423
PLACER CA $552,009 $706,662 $854,214 $1,061,568
PLUMAS CA $336,956 $431,357 $521,409 $648,011
RIVERSIDE CA $431,257 $552,059 $667,361 $829,364
SACRAMENTO CA $552,009 $706,662 $854,214 $1,061,568
SAN BENITO CA $726,537 $930,316 $1,124,494 $1,397,423
SAN BERNARDINO CA $431,257 $552,059 $667,361 $829,364
SAN DIEGO CA $690,012 $883,315 $1,067,768 $1,326,972
SAN FRANCISCO CA $726,537 $930,316 $1,124,494 $1,397,423
SAN JOAQUIN CA $425,507 $544,709 $658,461 $818,264
SAN LUIS OBISPO CA $667,011 $853,914 $1,032,167 $1,282,722
SAN MATEO CA $726,537 $930,316 $1,124,494 $1,397,423
SANTA BARBARA CA $653,211 $836,214 $1,010,817 $1,256,171

11
SANTA CLARA CA $726,537 $930,316 $1,124,494 $1,397,423
SANTA CRUZ CA $726,537 $930,316 $1,124,494 $1,397,423
SOLANO CA $494,508 $633,061 $765,213 $950,966
SONOMA CA $704,962 $902,465 $1,090,868 $1,355,723
STANISLAUS CA $350,756 $449,008 $542,759 $674,511
SUTTER CA $324,305 $415,157 $501,808 $623,660
TUOLUMNE CA $331,206 $424,007 $512,509 $636,911
VENTURA CA $713,012 $912,765 $1,103,369 $1,371,173
YOLO CA $552,009 $706,662 $854,214 $1,061,568
YUBA CA $324,305 $415,157 $501,808 $623,660

ADAMS CO $561,209 $718,462 $868,415 $1,079,268
ARAPAHOE CO $561,209 $718,462 $868,415 $1,079,268
BOULDER CO $626,761 $802,363 $969,866 $1,205,320
BROOMFIELD CO $561,209 $718,462 $868,415 $1,079,268
CHAFFEE CO $333,506 $426,957 $516,059 $641,361
CLEAR CREEK CO $561,209 $718,462 $868,415 $1,079,268
DENVER CO $561,209 $718,462 $868,415 $1,079,268
DOUGLAS CO $561,209 $718,462 $868,415 $1,079,268
EAGLE CO $726,537 $930,316 $1,124,494 $1,397,423
EL PASO CO $339,256 $434,307 $524,959 $652,411
ELBERT CO $561,209 $718,462 $868,415 $1,079,268
GARFIELD CO $726,537 $930,316 $1,124,494 $1,397,423
GILPIN CO $561,209 $718,462 $868,415 $1,079,268
GRAND CO $402,507 $515,259 $622,860 $774,063
GUNNISON CO $357,656 $457,858 $553,459 $687,812
HINSDALE CO $427,807 $547,659 $662,011 $822,714
JEFFERSON CO $561,209 $718,462 $868,415 $1,079,268
LA PLATA CO $419,757 $537,359 $649,561 $807,214
LARIMER CO $437,007 $559,459 $676,211 $840,414
OURAY CO $425,507 $544,709 $658,461 $818,264
PARK CO $561,209 $718,462 $868,415 $1,079,268
PITKIN CO $726,537 $930,316 $1,124,494 $1,397,423
ROUTT CO $634,811 $812,664 $982,316 $1,220,820
SAN MIGUEL CO $726,537 $930,316 $1,124,494 $1,397,423
SUMMIT CO $722,212 $924,566 $1,117,569 $1,388,873
TELLER CO $339,256 $434,307 $524,959 $652,411
WELD CO $385,256 $493,208 $596,160 $740,862

FAIRFIELD CT $601,460 $769,963 $930,716 $1,156,669
HARTFORD CT $353,056 $451,958 $546,309 $678,961
LITCHFIELD CT $357,656 $457,858 $553,459 $687,812
MIDDLESEX CT $353,056 $451,958 $546,309 $678,961
TOLLAND CT $353,056 $451,958 $546,309 $678,961
WINDHAM CT $327,755 $419,557 $507,159 $630,311

DISTRICT OF COL DC $726,537 $930,316 $1,124,494 $1,397,423

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NEW CASTLE DE $402,507 $515,259 $622,860 $774,063
SUSSEX DE $336,956 $431,357 $521,409 $648,011

BAKER FL $358,806 $459,308 $555,209 $690,012
BROWARD FL $356,506 $456,358 $551,659 $685,561
CLAY FL $358,806 $459,308 $555,209 $690,012
COLLIER FL $450,808 $577,110 $697,612 $866,965
DUVAL FL $358,806 $459,308 $555,209 $690,012
MANATEE FL $320,855 $410,757 $496,508 $617,010
MARTIN FL $327,755 $419,557 $507,159 $630,311
MIAMI-DADE FL $356,506 $456,358 $551,659 $685,561
MONROE FL $529,009 $677,211 $818,614 $1,017,317
NASSAU FL $358,806 $459,308 $555,209 $690,012
OKALOOSA FL $370,306 $474,058 $573,010 $712,112
PALM BEACH FL $356,506 $456,358 $551,659 $685,561
SARASOTA FL $320,855 $410,757 $496,508 $617,010
ST. JOHNS FL $358,806 $459,308 $555,209 $690,012
ST. LUCIE FL $327,755 $419,557 $507,159 $630,311
WALTON FL $370,306 $474,058 $573,010 $712,112

BARROW GA $379,506 $485,808 $587,260 $729,812
BARTOW GA $379,506 $485,808 $587,260 $729,812
BUTTS GA $379,506 $485,808 $587,260 $729,812
CARROLL GA $379,506 $485,808 $587,260 $729,812
CHEROKEE GA $379,506 $485,808 $587,260 $729,812
CLARKE GA $341,556 $437,257 $528,509 $656,811
CLAYTON GA $379,506 $485,808 $587,260 $729,812
COBB GA $379,506 $485,808 $587,260 $729,812
COWETA GA $379,506 $485,808 $587,260 $729,812
DAWSON GA $379,506 $485,808 $587,260 $729,812
DEKALB GA $379,506 $485,808 $587,260 $729,812
DOUGLAS GA $379,506 $485,808 $587,260 $729,812
FAYETTE GA $379,506 $485,808 $587,260 $729,812
FORSYTH GA $379,506 $485,808 $587,260 $729,812
FULTON GA $379,506 $485,808 $587,260 $729,812
GREENE GA $515,209 $659,561 $797,263 $990,817
GWINNETT GA $379,506 $485,808 $587,260 $729,812
HARALSON GA $379,506 $485,808 $587,260 $729,812
HEARD GA $379,506 $485,808 $587,260 $729,812
HENRY GA $379,506 $485,808 $587,260 $729,812
JASPER GA $379,506 $485,808 $587,260 $729,812
LAMAR GA $379,506 $485,808 $587,260 $729,812
MADISON GA $341,556 $437,257 $528,509 $656,811
MERIWETHER GA $379,506 $485,808 $587,260 $729,812
MORGAN GA $379,506 $485,808 $587,260 $729,812
NEWTON GA $379,506 $485,808 $587,260 $729,812

13
OCONEE GA $341,556 $437,257 $528,509 $656,811
OGLETHORPE GA $341,556 $437,257 $528,509 $656,811
PAULDING GA $379,506 $485,808 $587,260 $729,812
PICKENS GA $379,506 $485,808 $587,260 $729,812
PIKE GA $379,506 $485,808 $587,260 $729,812
ROCKDALE GA $379,506 $485,808 $587,260 $729,812
SPALDING GA $379,506 $485,808 $587,260 $729,812
WALTON GA $379,506 $485,808 $587,260 $729,812

HAWAII HI $387,556 $496,108 $599,710 $745,312
HONOLULU HI $721,062 $923,065 $1,115,819 $1,386,673
KALAWAO HI $678,511 $868,615 $1,049,968 $1,304,872
KAUAI HI $713,012 $912,765 $1,103,369 $1,371,173
MAUI HI $678,511 $868,615 $1,049,968 $1,304,872

ADA ID $331,206 $424,007 $512,509 $636,911
BLAINE ID $646,311 $827,414 $1,000,117 $1,242,921
BOISE ID $331,206 $424,007 $512,509 $636,911
CAMAS ID $646,311 $827,414 $1,000,117 $1,242,921
CANYON ID $331,206 $424,007 $512,509 $636,911
GEM ID $331,206 $424,007 $512,509 $636,911
LINCOLN ID $646,311 $827,414 $1,000,117 $1,242,921
OWYHEE ID $331,206 $424,007 $512,509 $636,911
TETON ID $726,537 $930,316 $1,124,494 $1,397,423

BOONE IL $339,256 $434,307 $524,959 $652,411
COOK IL $368,006 $471,108 $569,460 $707,712
DEKALB IL $368,006 $471,108 $569,460 $707,712
DUPAGE IL $368,006 $471,108 $569,460 $707,712
GRUNDY IL $368,006 $471,108 $569,460 $707,712
KANE IL $368,006 $471,108 $569,460 $707,712
KENDALL IL $368,006 $471,108 $569,460 $707,712
LAKE IL $368,006 $471,108 $569,460 $707,712
MCHENRY IL $368,006 $471,108 $569,460 $707,712
WILL IL $368,006 $471,108 $569,460 $707,712
WINNEBAGO IL $339,256 $434,307 $524,959 $652,411

BOONE IN $343,856 $440,207 $532,109 $661,261
BROWN IN $343,856 $440,207 $532,109 $661,261
CLARK IN $316,255 $404,857 $489,358 $608,160
FLOYD IN $316,255 $404,857 $489,358 $608,160
HAMILTON IN $343,856 $440,207 $532,109 $661,261
HANCOCK IN $343,856 $440,207 $532,109 $661,261
HARRISON IN $316,255 $404,857 $489,358 $608,160
HENDRICKS IN $343,856 $440,207 $532,109 $661,261
JASPER IN $368,006 $471,108 $569,460 $707,712
JOHNSON IN $343,856 $440,207 $532,109 $661,261

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LAKE IN $368,006 $471,108 $569,460 $707,712
MADISON IN $343,856 $440,207 $532,109 $661,261
MARION IN $343,856 $440,207 $532,109 $661,261
MORGAN IN $343,856 $440,207 $532,109 $661,261
NEWTON IN $368,006 $471,108 $569,460 $707,712
PORTER IN $368,006 $471,108 $569,460 $707,712
PUTNAM IN $343,856 $440,207 $532,109 $661,261
SCOTT IN $316,255 $404,857 $489,358 $608,160
SHELBY IN $343,856 $440,207 $532,109 $661,261
WASHINGTON IN $316,255 $404,857 $489,358 $608,160

JOHNSON KS $336,956 $431,357 $521,409 $648,011
LEAVENWORTH KS $336,956 $431,357 $521,409 $648,011
LINN KS $336,956 $431,357 $521,409 $648,011
MIAMI KS $336,956 $431,357 $521,409 $648,011
WYANDOTTE KS $336,956 $431,357 $521,409 $648,011

BULLITT KY $316,255 $404,857 $489,358 $608,160
HENRY KY $316,255 $404,857 $489,358 $608,160
JEFFERSON KY $316,255 $404,857 $489,358 $608,160
OLDHAM KY $316,255 $404,857 $489,358 $608,160
SHELBY KY $316,255 $404,857 $489,358 $608,160
SPENCER KY $316,255 $404,857 $489,358 $608,160
TRIMBLE KY $316,255 $404,857 $489,358 $608,160

BARNSTABLE MA $458,858 $587,410 $710,062 $882,415
BRISTOL MA $454,258 $581,510 $702,912 $873,565
DUKES MA $726,537 $930,316 $1,124,494 $1,397,423
ESSEX MA $688,862 $881,865 $1,065,968 $1,324,772
HAMPDEN MA $318,555 $407,807 $492,958 $612,610
HAMPSHIRE MA $318,555 $407,807 $492,958 $612,610
MIDDLESEX MA $688,862 $881,865 $1,065,968 $1,324,772
NANTUCKET MA $726,537 $930,316 $1,124,494 $1,397,423
NORFOLK MA $688,862 $881,865 $1,065,968 $1,324,772
PLYMOUTH MA $688,862 $881,865 $1,065,968 $1,324,772
SUFFOLK MA $688,862 $881,865 $1,065,968 $1,324,772
WORCESTER MA $327,755 $419,557 $507,159 $630,311

ANNE ARUNDEL MD $517,509 $662,511 $800,813 $995,217
BALTIMORE MD $517,509 $662,511 $800,813 $995,217
BALTIMORE CITY MD $517,509 $662,511 $800,813 $995,217
CALVERT MD $726,537 $930,316 $1,124,494 $1,397,423
CARROLL MD $517,509 $662,511 $800,813 $995,217
CECIL MD $402,507 $515,259 $622,860 $774,063
CHARLES MD $726,537 $930,316 $1,124,494 $1,397,423
FREDERICK MD $726,537 $930,316 $1,124,494 $1,397,423
HARFORD MD $517,509 $662,511 $800,813 $995,217

15
HOWARD MD $517,509 $662,511 $800,813 $995,217
MONTGOMERY MD $726,537 $930,316 $1,124,494 $1,397,423
PRINCE GEORGE'S MD $726,537 $930,316 $1,124,494 $1,397,423
QUEEN ANNE'S MD $517,509 $662,511 $800,813 $995,217
SOMERSET MD $336,956 $431,357 $521,409 $648,011
ST. MARY'S MD $347,306 $444,607 $537,409 $667,911
TALBOT MD $382,956 $490,258 $592,610 $736,462
WICOMICO MD $336,956 $431,357 $521,409 $648,011
WORCESTER MD $336,956 $431,357 $521,409 $648,011

CUMBERLAND ME $351,906 $450,508 $544,559 $676,761
SAGADAHOC ME $351,906 $450,508 $544,559 $676,761
YORK ME $351,906 $450,508 $544,559 $676,761

BENZIE MI $316,255 $404,857 $489,358 $608,160
GRAND TRAVERSE MI $316,255 $404,857 $489,358 $608,160
KALKASKA MI $316,255 $404,857 $489,358 $608,160
LEELANAU MI $316,255 $404,857 $489,358 $608,160

ANOKA MN $366,856 $469,608 $567,660 $705,512
CARVER MN $366,856 $469,608 $567,660 $705,512
CHISAGO MN $366,856 $469,608 $567,660 $705,512
DAKOTA MN $366,856 $469,608 $567,660 $705,512
HENNEPIN MN $366,856 $469,608 $567,660 $705,512
ISANTI MN $366,856 $469,608 $567,660 $705,512
LE SUEUR MN $366,856 $469,608 $567,660 $705,512
MILLE LACS MN $366,856 $469,608 $567,660 $705,512
RAMSEY MN $366,856 $469,608 $567,660 $705,512
SCOTT MN $366,856 $469,608 $567,660 $705,512
SHERBURNE MN $366,856 $469,608 $567,660 $705,512
SIBLEY MN $366,856 $469,608 $567,660 $705,512
WASHINGTON MN $366,856 $469,608 $567,660 $705,512
WRIGHT MN $366,856 $469,608 $567,660 $705,512

BATES MO $336,956 $431,357 $521,409 $648,011
CALDWELL MO $336,956 $431,357 $521,409 $648,011
CASS MO $336,956 $431,357 $521,409 $648,011
CLAY MO $336,956 $431,357 $521,409 $648,011
CLINTON MO $336,956 $431,357 $521,409 $648,011
JACKSON MO $336,956 $431,357 $521,409 $648,011
LAFAYETTE MO $336,956 $431,357 $521,409 $648,011
PLATTE MO $336,956 $431,357 $521,409 $648,011
RAY MO $336,956 $431,357 $521,409 $648,011

FLATHEAD MT $318,555 $407,807 $492,958 $612,610
GALLATIN MT $412,857 $528,509 $638,861 $793,963
JEFFERSON MT $316,255 $404,857 $489,358 $608,160

16
LEWIS AND CLARK MT $316,255 $404,857 $489,358 $608,160
MADISON MT $325,455 $416,607 $503,608 $625,860
MISSOULA MT $334,656 $428,407 $517,859 $643,561

CABARRUS NC $317,405 $406,307 $491,158 $610,410
CAMDEN NC $726,537 $930,316 $1,124,494 $1,397,423
CHATHAM NC $403,657 $516,759 $624,610 $776,263
CURRITUCK NC $458,858 $587,410 $710,062 $882,415
DARE NC $391,007 $500,558 $605,060 $751,913
DURHAM NC $403,657 $516,759 $624,610 $776,263
FRANKLIN NC $339,256 $434,307 $524,959 $652,411
GASTON NC $317,405 $406,307 $491,158 $610,410
GATES NC $458,858 $587,410 $710,062 $882,415
HYDE NC $483,008 $618,310 $747,413 $928,866
IREDELL NC $317,405 $406,307 $491,158 $610,410
JOHNSTON NC $339,256 $434,307 $524,959 $652,411
LINCOLN NC $317,405 $406,307 $491,158 $610,410
MECKLENBURG NC $317,405 $406,307 $491,158 $610,410
ORANGE NC $403,657 $516,759 $624,610 $776,263
PASQUOTANK NC $726,537 $930,316 $1,124,494 $1,397,423
PERQUIMANS NC $726,537 $930,316 $1,124,494 $1,397,423
PERSON NC $403,657 $516,759 $624,610 $776,263
ROWAN NC $317,405 $406,307 $491,158 $610,410
TYRRELL NC $391,007 $500,558 $605,060 $751,913
UNION NC $317,405 $406,307 $491,158 $610,410
WAKE NC $339,256 $434,307 $524,959 $652,411

BILLINGS ND $339,256 $434,307 $524,959 $652,411
WILLIAMS ND $330,056 $422,507 $510,709 $634,711

LINCOLN NE $433,557 $555,009 $670,911 $833,764
LOGAN NE $433,557 $555,009 $670,911 $833,764
MCPHERSON NE $433,557 $555,009 $670,911 $833,764

HILLSBOROUGH NH $322,005 $412,207 $498,258 $619,260
ROCKINGHAM NH $688,862 $881,865 $1,065,968 $1,324,772
STRAFFORD NH $688,862 $881,865 $1,065,968 $1,324,772

ATLANTIC NJ $316,255 $404,857 $489,358 $608,160
BERGEN NJ $726,537 $930,316 $1,124,494 $1,397,423
BURLINGTON NJ $402,507 $515,259 $622,860 $774,063
CAMDEN NJ $402,507 $515,259 $622,860 $774,063
CAPE MAY NJ $414,007 $530,009 $640,661 $796,163
ESSEX NJ $726,537 $930,316 $1,124,494 $1,397,423
GLOUCESTER NJ $402,507 $515,259 $622,860 $774,063
HUDSON NJ $726,537 $930,316 $1,124,494 $1,397,423
HUNTERDON NJ $726,537 $930,316 $1,124,494 $1,397,423

17
MERCER NJ $345,006 $441,657 $533,859 $663,461
MIDDLESEX NJ $726,537 $930,316 $1,124,494 $1,397,423
MONMOUTH NJ $726,537 $930,316 $1,124,494 $1,397,423
MORRIS NJ $726,537 $930,316 $1,124,494 $1,397,423
OCEAN NJ $726,537 $930,316 $1,124,494 $1,397,423
PASSAIC NJ $726,537 $930,316 $1,124,494 $1,397,423
SALEM NJ $402,507 $515,259 $622,860 $774,063
SOMERSET NJ $726,537 $930,316 $1,124,494 $1,397,423
SUSSEX NJ $726,537 $930,316 $1,124,494 $1,397,423
UNION NJ $726,537 $930,316 $1,124,494 $1,397,423
WARREN NJ $372,606 $477,008 $576,560 $716,562

CATRON NM $401,357 $513,809 $621,060 $771,863
LOS ALAMOS NM $410,557 $525,559 $635,311 $789,513
SANTA FE NM $368,006 $471,108 $569,460 $707,712

CARSON CITY NV $318,555 $407,807 $492,958 $612,610
CLARK NV $322,005 $412,207 $498,258 $619,260
DOUGLAS NV $423,207 $541,759 $654,861 $813,864
STOREY NV $412,857 $528,509 $638,861 $793,963
WASHOE NV $412,857 $528,509 $638,861 $793,963

ALBANY NY $315,105 $403,357 $487,608 $605,960
BRONX NY $726,537 $930,316 $1,124,494 $1,397,423
DUTCHESS NY $726,537 $930,316 $1,124,494 $1,397,423
KINGS NY $726,537 $930,316 $1,124,494 $1,397,423
NASSAU NY $726,537 $930,316 $1,124,494 $1,397,423
NEW YORK NY $726,537 $930,316 $1,124,494 $1,397,423
ORANGE NY $726,537 $930,316 $1,124,494 $1,397,423
PUTNAM NY $726,537 $930,316 $1,124,494 $1,397,423
QUEENS NY $726,537 $930,316 $1,124,494 $1,397,423
RENSSELAER NY $315,105 $403,357 $487,608 $605,960
RICHMOND NY $726,537 $930,316 $1,124,494 $1,397,423
ROCKLAND NY $726,537 $930,316 $1,124,494 $1,397,423
SARATOGA NY $315,105 $403,357 $487,608 $605,960
SCHENECTADY NY $315,105 $403,357 $487,608 $605,960
SCHOHARIE NY $315,105 $403,357 $487,608 $605,960
SUFFOLK NY $726,537 $930,316 $1,124,494 $1,397,423
WESTCHESTER NY $726,537 $930,316 $1,124,494 $1,397,423

DELAWARE OH $356,506 $456,358 $551,659 $685,561
FAIRFIELD OH $356,506 $456,358 $551,659 $685,561
FRANKLIN OH $356,506 $456,358 $551,659 $685,561
HOCKING OH $356,506 $456,358 $551,659 $685,561
LICKING OH $356,506 $456,358 $551,659 $685,561
MADISON OH $356,506 $456,358 $551,659 $685,561
MORROW OH $356,506 $456,358 $551,659 $685,561

18
PERRY OH $356,506 $456,358 $551,659 $685,561
PICKAWAY OH $356,506 $456,358 $551,659 $685,561
UNION OH $356,506 $456,358 $551,659 $685,561

BENTON OR $385,256 $493,208 $596,160 $740,862
CLACKAMAS OR $474,958 $608,010 $734,962 $913,365
CLATSOP OR $316,255 $404,857 $489,358 $608,160
COLUMBIA OR $474,958 $608,010 $734,962 $913,365
CURRY OR $327,755 $419,557 $507,159 $630,311
DESCHUTES OR $409,407 $524,109 $633,511 $787,313
HOOD RIVER OR $477,258 $610,960 $738,512 $917,815
JACKSON OR $320,855 $410,757 $496,508 $617,010
MARION OR $322,005 $412,207 $498,258 $619,260
MULTNOMAH OR $474,958 $608,010 $734,962 $913,365
POLK OR $322,005 $412,207 $498,258 $619,260
WASHINGTON OR $474,958 $608,010 $734,962 $913,365
YAMHILL OR $474,958 $608,010 $734,962 $913,365

BUCKS PA $402,507 $515,259 $622,860 $774,063
CARBON PA $372,606 $477,008 $576,560 $716,562
CHESTER PA $402,507 $515,259 $622,860 $774,063
DELAWARE PA $402,507 $515,259 $622,860 $774,063
LEHIGH PA $372,606 $477,008 $576,560 $716,562
MONTGOMERY PA $402,507 $515,259 $622,860 $774,063
NORTHAMPTON PA $372,606 $477,008 $576,560 $716,562
PHILADELPHIA PA $402,507 $515,259 $622,860 $774,063
PIKE PA $726,537 $930,316 $1,124,494 $1,397,423

BRISTOL RI $454,258 $581,510 $702,912 $873,565
KENT RI $454,258 $581,510 $702,912 $873,565
NEWPORT RI $454,258 $581,510 $702,912 $873,565
PROVIDENCE RI $454,258 $581,510 $702,912 $873,565
WASHINGTON RI $454,258 $581,510 $702,912 $873,565

BEAUFORT SC $350,756 $449,008 $542,759 $674,511
BERKELEY SC $388,707 $497,608 $601,510 $747,513
CHARLESTON SC $388,707 $497,608 $601,510 $747,513
CHESTER SC $317,405 $406,307 $491,158 $610,410
DORCHESTER SC $388,707 $497,608 $601,510 $747,513
GEORGETOWN SC $327,755 $419,557 $507,159 $630,311
JASPER SC $350,756 $449,008 $542,759 $674,511
LANCASTER SC $317,405 $406,307 $491,158 $610,410
YORK SC $317,405 $406,307 $491,158 $610,410

CANNON TN $534,759 $684,561 $827,514 $1,028,367
CHEATHAM TN $534,759 $684,561 $827,514 $1,028,367
DAVIDSON TN $534,759 $684,561 $827,514 $1,028,367

19
DICKSON TN $534,759 $684,561 $827,514 $1,028,367
HICKMAN TN $534,759 $684,561 $827,514 $1,028,367
MACON TN $534,759 $684,561 $827,514 $1,028,367
MAURY TN $534,759 $684,561 $827,514 $1,028,367
ROBERTSON TN $534,759 $684,561 $827,514 $1,028,367
RUTHERFORD TN $534,759 $684,561 $827,514 $1,028,367
SMITH TN $534,759 $684,561 $827,514 $1,028,367
SUMNER TN $534,759 $684,561 $827,514 $1,028,367
TROUSDALE TN $534,759 $684,561 $827,514 $1,028,367
WILLIAMSON TN $534,759 $684,561 $827,514 $1,028,367
WILSON TN $534,759 $684,561 $827,514 $1,028,367

ATASCOSA TX $359,956 $460,808 $557,009 $692,212
AUSTIN TX $331,206 $424,007 $512,509 $636,911
BANDERA TX $359,956 $460,808 $557,009 $692,212
BASTROP TX $389,857 $499,058 $603,260 $749,713
BEXAR TX $359,956 $460,808 $557,009 $692,212
BRAZORIA TX $331,206 $424,007 $512,509 $636,911
CALDWELL TX $389,857 $499,058 $603,260 $749,713
CHAMBERS TX $331,206 $424,007 $512,509 $636,911
COLLIN TX $395,607 $506,458 $612,160 $760,763
COMAL TX $359,956 $460,808 $557,009 $692,212
DALLAS TX $395,607 $506,458 $612,160 $760,763
DENTON TX $395,607 $506,458 $612,160 $760,763
ELLIS TX $395,607 $506,458 $612,160 $760,763
FORT BEND TX $331,206 $424,007 $512,509 $636,911
GALVESTON TX $331,206 $424,007 $512,509 $636,911
GILLESPIE TX $324,305 $415,157 $501,808 $623,660
GUADALUPE TX $359,956 $460,808 $557,009 $692,212
HARRIS TX $331,206 $424,007 $512,509 $636,911
HAYS TX $389,857 $499,058 $603,260 $749,713
HOOD TX $395,607 $506,458 $612,160 $760,763
HUNT TX $395,607 $506,458 $612,160 $760,763
JOHNSON TX $395,607 $506,458 $612,160 $760,763
KAUFMAN TX $395,607 $506,458 $612,160 $760,763
KENDALL TX $359,956 $460,808 $557,009 $692,212
LIBERTY TX $331,206 $424,007 $512,509 $636,911
MARTIN TX $318,555 $407,807 $492,958 $612,610
MEDINA TX $359,956 $460,808 $557,009 $692,212
MIDLAND TX $318,555 $407,807 $492,958 $612,610
MONTGOMERY TX $331,206 $424,007 $512,509 $636,911
PARKER TX $395,607 $506,458 $612,160 $760,763
ROCKWALL TX $395,607 $506,458 $612,160 $760,763
SOMERVELL TX $395,607 $506,458 $612,160 $760,763
TARRANT TX $395,607 $506,458 $612,160 $760,763
TRAVIS TX $389,857 $499,058 $603,260 $749,713
WALLER TX $331,206 $424,007 $512,509 $636,911

20
WILLIAMSON TX $389,857 $499,058 $603,260 $749,713
WILSON TX $359,956 $460,808 $557,009 $692,212
WISE TX $395,607 $506,458 $612,160 $760,763

BOX ELDER UT $401,357 $513,809 $621,060 $771,863
DAVIS UT $401,357 $513,809 $621,060 $771,863
JUAB UT $377,206 $482,858 $583,710 $725,412
MORGAN UT $401,357 $513,809 $621,060 $771,863
SALT LAKE UT $388,707 $497,608 $601,510 $747,513
SUMMIT UT $726,537 $930,316 $1,124,494 $1,397,423
TOOELE UT $388,707 $497,608 $601,510 $747,513
UTAH UT $377,206 $482,858 $583,710 $725,412
WASATCH UT $462,308 $591,810 $715,412 $889,065
WASHINGTON UT $349,606 $447,558 $540,959 $672,311
WEBER UT $401,357 $513,809 $621,060 $771,863

ALBEMARLE VA $437,007 $559,459 $676,211 $840,414
ALEXANDRIA CITY VA $726,537 $930,316 $1,124,494 $1,397,423
AMELIA VA $535,909 $686,062 $829,264 $1,030,617
ARLINGTON VA $726,537 $930,316 $1,124,494 $1,397,423
BUCKINGHAM VA $437,007 $559,459 $676,211 $840,414
CAROLINE VA $535,909 $686,062 $829,264 $1,030,617
CHARLES CITY VA $535,909 $686,062 $829,264 $1,030,617
CHARLOTTESVILLE VA $437,007 $559,459 $676,211 $840,414
CHESAPEAKE CITY VA $458,858 $587,410 $710,062 $882,415
CHESTERFIELD VA $535,909 $686,062 $829,264 $1,030,617
CLARKE VA $726,537 $930,316 $1,124,494 $1,397,423
COLONIAL HEIGHT VA $535,909 $686,062 $829,264 $1,030,617
CULPEPER VA $726,537 $930,316 $1,124,494 $1,397,423
DINWIDDIE VA $535,909 $686,062 $829,264 $1,030,617
FAIRFAX VA $726,537 $930,316 $1,124,494 $1,397,423
FAIRFAX CITY VA $726,537 $930,316 $1,124,494 $1,397,423
FALLS CHURCH CI VA $726,537 $930,316 $1,124,494 $1,397,423
FAUQUIER VA $726,537 $930,316 $1,124,494 $1,397,423
FLUVANNA VA $437,007 $559,459 $676,211 $840,414
FREDERICKSBURG VA $726,537 $930,316 $1,124,494 $1,397,423
GLOUCESTER VA $458,858 $587,410 $710,062 $882,415
GOOCHLAND VA $535,909 $686,062 $829,264 $1,030,617
GREENE VA $437,007 $559,459 $676,211 $840,414
HAMPTON CITY VA $458,858 $587,410 $710,062 $882,415
HANOVER VA $535,909 $686,062 $829,264 $1,030,617
HENRICO VA $535,909 $686,062 $829,264 $1,030,617
HOPEWELL CITY VA $535,909 $686,062 $829,264 $1,030,617
ISLE OF WIGHT VA $458,858 $587,410 $710,062 $882,415
JAMES CITY VA $458,858 $587,410 $710,062 $882,415
KING GEORGE VA $350,756 $449,008 $542,759 $674,511
KING WILLIAM VA $535,909 $686,062 $829,264 $1,030,617

21
LANCASTER VA $442,757 $566,810 $685,111 $851,464
LEXINGTON CITY VA $354,206 $453,458 $548,109 $681,161
LOUDOUN VA $726,537 $930,316 $1,124,494 $1,397,423
MANASSAS CITY VA $726,537 $930,316 $1,124,494 $1,397,423
MANASSAS PARK C VA $726,537 $930,316 $1,124,494 $1,397,423
MATHEWS VA $458,858 $587,410 $710,062 $882,415
NELSON VA $437,007 $559,459 $676,211 $840,414
NEW KENT VA $535,909 $686,062 $829,264 $1,030,617
NEWPORT NEWS CI VA $458,858 $587,410 $710,062 $882,415
NORFOLK CITY VA $458,858 $587,410 $710,062 $882,415
NORTHUMBERLAND VA $318,555 $407,807 $492,958 $612,610
PETERSBURG CITY VA $535,909 $686,062 $829,264 $1,030,617
POQUOSON CITY VA $458,858 $587,410 $710,062 $882,415
PORTSMOUTH CITY VA $458,858 $587,410 $710,062 $882,415
POWHATAN VA $535,909 $686,062 $829,264 $1,030,617
PRINCE GEORGE VA $535,909 $686,062 $829,264 $1,030,617
PRINCE WILLIAM VA $726,537 $930,316 $1,124,494 $1,397,423
RAPPAHANNOCK VA $726,537 $930,316 $1,124,494 $1,397,423
RICHMOND CITY VA $535,909 $686,062 $829,264 $1,030,617
SPOTSYLVANIA VA $726,537 $930,316 $1,124,494 $1,397,423
STAFFORD VA $726,537 $930,316 $1,124,494 $1,397,423
SUFFOLK CITY VA $458,858 $587,410 $710,062 $882,415
SUSSEX VA $535,909 $686,062 $829,264 $1,030,617
VIRGINIA BEACH VA $458,858 $587,410 $710,062 $882,415
WARREN VA $726,537 $930,316 $1,124,494 $1,397,423
WILLIAMSBURG CI VA $458,858 $587,410 $710,062 $882,415
YORK VA $458,858 $587,410 $710,062 $882,415

CHITTENDEN VT $351,906 $450,508 $544,559 $676,761
FRANKLIN VT $351,906 $450,508 $544,559 $676,761
GRAND ISLE VT $351,906 $450,508 $544,559 $676,761

CHELAN WA $342,706 $438,707 $530,309 $659,061
CLALLAM WA $384,106 $491,708 $594,360 $738,662
CLARK WA $474,958 $608,010 $734,962 $913,365
DOUGLAS WA $342,706 $438,707 $530,309 $659,061
ISLAND WA $379,506 $485,808 $587,260 $729,812
JEFFERSON WA $322,005 $412,207 $498,258 $619,260
KING WA $726,537 $930,316 $1,124,494 $1,397,423
KITSAP WA $363,406 $465,208 $562,359 $698,862
PIERCE WA $726,537 $930,316 $1,124,494 $1,397,423
SAN JUAN WA $483,008 $618,310 $747,413 $928,866
SKAGIT WA $339,256 $434,307 $524,959 $652,411
SKAMANIA WA $474,958 $608,010 $734,962 $913,365
SNOHOMISH WA $726,537 $930,316 $1,124,494 $1,397,423
THURSTON WA $336,956 $431,357 $521,409 $648,011
WHATCOM WA $381,806 $488,758 $590,810 $734,262

22

JEFFERSON WV $726,537 $930,316 $1,124,494 $1,397,423

COLUMBIA WI $316,255 $404,857 $489,358 $608,160
DANE WI $316,255 $404,857 $489,358 $608,160
GREEN WI $316,255 $404,857 $489,358 $608,160
IOWA WI $316,255 $404,857 $489,358 $608,160
KENOSHA WI $368,006 $471,108 $569,460 $707,712
MILWAUKEE WI $327,755 $419,557 $507,159 $630,311
OZAUKEE WI $327,755 $419,557 $507,159 $630,311
PIERCE WI $366,856 $469,608 $567,660 $705,512
ST. CROIX WI $366,856 $469,608 $567,660 $705,512
WASHINGTON WI $327,755 $419,557 $507,159 $630,311
WAUKESHA WI $327,755 $419,557 $507,159 $630,311

SWEETWATER WY $316,255 $404,857 $489,358 $608,160
TETON WY $726,537 $930,316 $1,124,494 $1,397,423

GUAM GU $563,509 $721,412 $872,015 $1,083,668

NORTHERN ISLAND MP $524,409 $671,311 $811,464 $1,008,467
ROTA MP $410,557 $525,559 $635,311 $789,513
SAIPAN MP $529,009 $677,211 $818,614 $1,017,317
TINIAN MP $532,459 $681,661 $823,964 $1,023,967

AGUAS BUENAS PR $385,256 $493,208 $596,160 $740,862
AIBONITO PR $385,256 $493,208 $596,160 $740,862
BARCELONETA PR $385,256 $493,208 $596,160 $740,862
BARRANQUITAS PR $385,256 $493,208 $596,160 $740,862
BAYAMON PR $385,256 $493,208 $596,160 $740,862
CAGUAS PR $385,256 $493,208 $596,160 $740,862
CANOVANAS PR $385,256 $493,208 $596,160 $740,862
CAROLINA PR $385,256 $493,208 $596,160 $740,862
CATANO PR $385,256 $493,208 $596,160 $740,862
CAYEY PR $385,256 $493,208 $596,160 $740,862
CEIBA PR $385,256 $493,208 $596,160 $740,862
CIALES PR $385,256 $493,208 $596,160 $740,862
CIDRA PR $385,256 $493,208 $596,160 $740,862
COMERIO PR $385,256 $493,208 $596,160 $740,862
COROZAL PR $385,256 $493,208 $596,160 $740,862
DORADO PR $385,256 $493,208 $596,160 $740,862
FAJARDO PR $385,256 $493,208 $596,160 $740,862
FLORIDA PR $385,256 $493,208 $596,160 $740,862
GUAYNABO PR $385,256 $493,208 $596,160 $740,862
GURABO PR $385,256 $493,208 $596,160 $740,862
HUMACAO PR $385,256 $493,208 $596,160 $740,862
JUNCOS PR $385,256 $493,208 $596,160 $740,862

23
LAS PIEDRAS PR $385,256 $493,208 $596,160 $740,862
LOIZA PR $385,256 $493,208 $596,160 $740,862
LUQUILLO PR $385,256 $493,208 $596,160 $740,862
MANATI PR $385,256 $493,208 $596,160 $740,862
MAUNABO PR $385,256 $493,208 $596,160 $740,862
MOROVIS PR $385,256 $493,208 $596,160 $740,862
NAGUABO PR $385,256 $493,208 $596,160 $740,862
NARANJITO PR $385,256 $493,208 $596,160 $740,862
OROCOVIS PR $385,256 $493,208 $596,160 $740,862
RIO GRANDE PR $385,256 $493,208 $596,160 $740,862
SAN JUAN PR $385,256 $493,208 $596,160 $740,862
SAN LORENZO PR $385,256 $493,208 $596,160 $740,862
TOA ALTA PR $385,256 $493,208 $596,160 $740,862
TOA BAJA PR $385,256 $493,208 $596,160 $740,862
TRUJILLO ALTO PR $385,256 $493,208 $596,160 $740,862
VEGA ALTA PR $385,256 $493,208 $596,160 $740,862
VEGA BAJA PR $385,256 $493,208 $596,160 $740,862
YABUCOA PR $385,256 $493,208 $596,160 $740,862

ST. CROIX ISLAN VI $327,755 $419,557 $507,159 $630,311
ST. JOHN ISLAND VI $623,310 $797,963 $964,516 $1,198,670
ST. THOMAS ISLA VI $446,207 $571,210 $690,462 $858,114

All other areas - 2647
counties (floor):
$314,832 $403,132 $487,258 $605,535

.02 The nationwide average purchase price (for use in the housing cost/income
ratio for new and existing residences) is $298,000.
SECTION 5. EFFECT ON OTHER DOCUMENTS
Rev. Proc. 2018-28 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 20, 2019, and ends

24
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. 2018-28,
with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before April 19, 2019, if the commitments to provide
financing or issue mortgage credit certificates are made on or before May 19, 2019.
.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 20, 2019, 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. 2018-
28 with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before April 19, 2019, if the commitments to provide
financing or issue mortgage credit certificates are made on or before May 19, 2019.
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

25
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).