rp-26-23.pdf

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Part III

Administrative, Procedural, and Miscellaneous

26 CFR 601.601: Rules and Regulations
(Also: Part 1, §§ 25, 143, 6a.103A-1(b)(4), 6a.103A-2(f)(5))

Rev. Proc. 2026-23

SECTION 1. PURPOSE
This revenue procedure provides issuers of qualified mortgage bonds, as defined
in § 143(a) of the Internal Revenue Code
1
, and issuers of mortgage credit certificates,
as defined in § 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.

1
Unless otherwise specified, all “section” or “§” references are to sections of the Internal Revenue Code
or the Temporary Regulations under Title II of the Omnibus Reconciliation Act of 1980 (26 CFR part 6a).

2

SECTION 2. BACKGROUND
.01 Section 103(a) provides that, except as provided in § 103(b), gross income
does not include interest on any State or local bond. Section 103(b)(1) provides that
§ 103(a) shall not apply to any private activity bond that is not a "qualified bond" within
the meaning of § 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
§ 143, (2) meets the volume cap requirements under § 146, and (3) meets the
applicable requirements under § 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 § 143; (iii) the issue does not meet the private business
tests of paragraphs (1) and (2) of § 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

3

requirements of § 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 § 143(j)), § 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 § 143(e)(3) and (4), respectively, separate determinations of average
area purchase price are to be made for new and existing residences, and for two-,
three-, and four-family residences.
.05 Section 143(e)(2) also provides that the determination of the average area
purchase price 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, § 143(k)(2)(D) provides that the Secretary may designate an area that is the

4

equivalent of a county. Section 6a.103A-1(b)(4)(i) (issued under § 103A of the Internal
Revenue Code of 1954, the predecessor of § 143) 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 thereof 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 § 146, and in its 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 § 143(e).

5

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,
§ 25(c)(2)(A)(iii)(IV) provides that holders of mortgage credit certificates must meet the
income requirement of § 143(f). Generally, under §§ 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 § 143(f)(5)(C) as any statistical area for
which the housing cost/income ratio is greater than 1.2.
.10 Under § 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.

6

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. 2025-18, 2025-19 I.R.B. 1430.
.12 The nationwide average purchase price was last published in section 4.02 of
Rev. Proc. 2025-18. Guidance with respect to the United States and area median gross
income figures that are used in computing the housing cost/income ratio described in
§ 143(f)(5) was published in Rev. Proc. 2021-19, 2021-15 I.R.B. 1008.
.13 This revenue procedure uses Federal Housing Administration (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.
.15 The average area purchase price safe harbors listed in section 4.01 of this

7

revenue procedure are based on FHA loan limits released December 11, 2025. 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 11, 2025.
.16 OMB Bulletin No. 23-01, dated and effective July 21, 2023, revised the
definitions of the nation’s 935 metropolitan areas. The OMB bulletin no longer includes
primary MSAs.
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 § 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.

8

.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
11, 2025, 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 0.860.
.04 If, pursuant to § 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. 23-01, 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

9

requirements of § 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
§ 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
§ 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. 2025-18, the issuer
must use the nationwide average purchase price set forth in section 4.02 of Rev. Proc.
2025-18 in computing the housing cost/income ratio under § 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. 2025-18, the issuer must use the
average area purchase price safe harbors set forth in section 4.01 of Rev. Proc. 2025-
18 in computing the housing cost/income ratio under § 143(f)(5).

10

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.

2026 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 $680,510 $871,171 $1,053,055 $1,308,704
JUNEAU CITY AND AK $693,879 $888,261 $1,073,748 $1,334,396
KODIAK ISLAND B AK $629,705 $806,125 $974,407 $1,210,990
SITKA CITY AND AK $681,847 $872,857 $1,055,089 $1,311,261
COCONINO COUNTY AZ $708,586 $907,094 $1,096,477 $1,362,705
MARICOPA COUNTY AZ $648,423 $830,074 $1,003,413 $1,246,971
PINAL COUNTY AZ $648,423 $830,074 $1,003,413 $1,246,971
ALAMEDA COUNTY CA $1,452,194 $1,859,383 $2,247,478 $2,793,217
ALPINE COUNTY CA $855,651 $1,095,372 $1,324,049 $1,645,500
CONTRA COSTA CO CA $1,452,194 $1,859,383 $2,247,478 $2,793,217
EL DORADO COUNT CA $889,074 $1,138,155 $1,375,784 $1,709,790
LOS ANGELES COU CA $1,452,194 $1,859,383 $2,247,478 $2,793,217
MARIN COUNTY CA $1,452,194 $1,859,383 $2,247,478 $2,793,217
MENDOCINO COUNT CA $635,053 $812,984 $982,719 $1,221,278
MONO COUNTY CA $902,444 $1,155,303 $1,396,477 $1,735,482
MONTEREY COUNTY CA $1,156,465 $1,480,473 $1,789,600 $2,223,994
NAPA COUNTY CA $1,183,204 $1,514,711 $1,830,929 $2,275,438
NEVADA COUNTY CA $755,379 $967,025 $1,168,905 $1,452,688
ORANGE COUNTY CA $1,452,194 $1,859,383 $2,247,478 $2,793,217
PLACER COUNTY CA $889,074 $1,138,155 $1,375,784 $1,709,790
RIVERSIDE COUNT CA $802,172 $1,026,897 $1,241,333 $1,542,670
SACRAMENTO COUN CA $889,074 $1,138,155 $1,375,784 $1,709,790
SAN BENITO COUN CA $1,452,194 $1,859,383 $2,247,478 $2,793,217
SAN BERNARDINO CA $802,172 $1,026,897 $1,241,333 $1,542,670
SAN DIEGO COUNT CA $1,283,476 $1,643,116 $1,986,132 $2,468,250
SAN FRANCISCO C CA $1,452,194 $1,859,383 $2,247,478 $2,793,217
SAN JOAQUIN COU CA $788,803 $1,009,807 $1,220,639 $1,516,978

11

SAN LUIS OBISPO CA $1,163,150 $1,489,076 $1,799,947 $2,236,898
SAN MATEO COUNT CA $1,452,194 $1,859,383 $2,247,478 $2,793,217
SANTA BARBARA C CA $1,094,965 $1,401,767 $1,694,386 $2,105,761
SANTA CLARA COU CA $1,452,194 $1,859,383 $2,247,478 $2,793,217
SANTA CRUZ COUN CA $1,452,194 $1,859,383 $2,247,478 $2,793,217
SOLANO COUNTY CA $796,825 $1,020,096 $1,233,020 $1,532,382
SONOMA COUNTY CA $1,042,824 $1,335,036 $1,613,703 $2,005,489
STANISLAUS COUN CA $633,716 $811,240 $980,627 $1,218,721
VENTURA COUNTY CA $1,203,259 $1,540,403 $1,861,970 $2,314,035
YOLO COUNTY CA $889,074 $1,138,155 $1,375,784 $1,709,790
ADAMS COUNTY CO $1,002,715 $1,283,650 $1,551,680 $1,928,353
ARAPAHOE COUNTY CO $1,002,715 $1,283,650 $1,551,680 $1,928,353
BOULDER COUNTY CO $1,022,770 $1,309,343 $1,582,663 $1,966,892
BROOMFIELD COUN CO $1,002,715 $1,283,650 $1,551,680 $1,928,353
CHAFFEE COUNTY CO $828,911 $1,061,135 $1,282,720 $1,594,056
CLEAR CREEK COU CO $1,002,715 $1,283,650 $1,551,680 $1,928,353
DENVER COUNTY CO $1,002,715 $1,283,650 $1,551,680 $1,928,353
DOUGLAS COUNTY CO $1,002,715 $1,283,650 $1,551,680 $1,928,353
EAGLE COUNTY CO $1,452,194 $1,859,383 $2,247,478 $2,793,217
EL PASO COUNTY CO $629,705 $806,125 $974,407 $1,210,990
ELBERT COUNTY CO $1,002,715 $1,283,650 $1,551,680 $1,928,353
GARFIELD COUNTY CO $1,452,194 $1,859,383 $2,247,478 $2,793,217
GILPIN COUNTY CO $1,002,715 $1,283,650 $1,551,680 $1,928,353
GRAND COUNTY CO $1,026,781 $1,314,458 $1,588,883 $1,974,623
GUNNISON COUNTY CO $869,020 $1,112,520 $1,344,743 $1,671,192
HINSDALE COUNTY CO $655,107 $838,677 $1,013,760 $1,259,818
JEFFERSON COUNT CO $1,002,715 $1,283,650 $1,551,680 $1,928,353
LA PLATA COUNTY CO $869,020 $1,112,520 $1,344,743 $1,671,192
LAKE COUNTY CO $1,270,106 $1,625,969 $1,965,439 $2,442,557
LARIMER COUNTY CO $737,999 $944,761 $1,141,991 $1,419,264
MOFFAT COUNTY CO $1,266,095 $1,620,853 $1,959,219 $2,434,826
OURAY COUNTY CO $873,031 $1,117,635 $1,350,963 $1,678,924
PARK COUNTY CO $1,002,715 $1,283,650 $1,551,680 $1,928,353
PITKIN COUNTY CO $1,452,194 $1,859,383 $2,247,478 $2,793,217
ROUTT COUNTY CO $1,266,095 $1,620,853 $1,959,219 $2,434,826
SAN MIGUEL COUN CO $1,215,291 $1,555,808 $1,880,629 $2,337,170
SUMMIT COUNTY CO $1,270,106 $1,625,969 $1,965,439 $2,442,557
TELLER COUNTY CO $629,705 $806,125 $974,407 $1,210,990
WELD COUNTY CO $668,477 $855,767 $1,034,454 $1,285,568
GREATER BRIDGEP CT $1,136,411 $1,454,838 $1,758,559 $2,185,455
WESTERN CONNECT CT $1,136,411 $1,454,838 $1,758,559 $2,185,455
DISTRICT OF COL DC $1,452,194 $1,859,383 $2,247,478 $2,793,217
NEW CASTLE COUN DE $732,651 $937,902 $1,133,737 $1,408,975
BAKER COUNTY FL $675,162 $864,312 $1,044,800 $1,298,415
BROWARD COUNTY FL $775,433 $992,717 $1,199,945 $1,491,227
CLAY COUNTY FL $675,162 $864,312 $1,044,800 $1,298,415

12

COLLIER COUNTY FL $889,074 $1,138,155 $1,375,784 $1,709,790
DUVAL COUNTY FL $675,162 $864,312 $1,044,800 $1,298,415
MANATEE COUNTY FL $636,390 $814,670 $984,754 $1,223,836
MARTIN COUNTY FL $701,901 $898,549 $1,086,130 $1,349,800
MIAMI-DADE COUN FL $775,433 $992,717 $1,199,945 $1,491,227
MONROE COUNTY FL $1,151,117 $1,473,672 $1,781,288 $2,213,705
NASSAU COUNTY FL $675,162 $864,312 $1,044,800 $1,298,415
OKALOOSA COUNTY FL $701,901 $898,549 $1,086,130 $1,349,800
PALM BEACH COUN FL $775,433 $992,717 $1,199,945 $1,491,227
SARASOTA COUNTY FL $636,390 $814,670 $984,754 $1,223,836
ST. JOHNS COUNT FL $675,162 $864,312 $1,044,800 $1,298,415
ST. LUCIE COUNT FL $701,901 $898,549 $1,086,130 $1,349,800
WALTON COUNTY FL $701,901 $898,549 $1,086,130 $1,349,800
BARROW COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
BARTOW COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
BUTTS COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
CARROLL COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
CHEROKEE COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
CLARKE COUNTY GA $716,607 $917,383 $1,108,916 $1,378,109
CLAYTON COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
COBB COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
COWETA COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
DAWSON COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
DEKALB COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
DOUGLAS COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
FAYETTE COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
FORSYTH COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
FULTON COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
GREENE COUNTY GA $742,009 $949,877 $1,148,211 $1,426,937
GWINNETT COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
HARALSON COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
HEARD COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
HENRY COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
JASPER COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
LUMPKIN COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
MADISON COUNTY GA $716,607 $917,383 $1,108,916 $1,378,109
MERIWETHER COUN GA $835,596 $1,069,738 $1,293,067 $1,606,961
MORGAN COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
NEWTON COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
OCONEE COUNTY GA $716,607 $917,383 $1,108,916 $1,378,109
OGLETHORPE COUN GA $716,607 $917,383 $1,108,916 $1,378,109
PAULDING COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
PICKENS COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
PIKE COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
ROCKDALE COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
SPALDING COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961

13

WALTON COUNTY GA $835,596 $1,069,738 $1,293,067 $1,606,961
GUAM GU $655,107 $838,677 $1,013,760 $1,259,818
HAWAII COUNTY HI $681,847 $872,857 $1,055,089 $1,311,261
HONOLULU COUNTY HI $962,607 $1,232,323 $1,489,599 $1,851,216
KALAWAO COUNTY HI $1,510,758 $1,934,049 $2,337,867 $2,905,375
KAUAI COUNTY HI $1,291,498 $1,653,347 $1,998,514 $2,483,712
MAUI COUNTY HI $1,510,758 $1,934,049 $2,337,867 $2,905,375
ADA COUNTY ID $681,847 $872,857 $1,055,089 $1,311,261
BLAINE COUNTY ID $882,390 $1,129,610 $1,365,437 $1,696,943
BOISE COUNTY ID $681,847 $872,857 $1,055,089 $1,311,261
CAMAS COUNTY ID $882,390 $1,129,610 $1,365,437 $1,696,943
CANYON COUNTY ID $681,847 $872,857 $1,055,089 $1,311,261
GEM COUNTY ID $681,847 $872,857 $1,055,089 $1,311,261
KOOTENAI COUNTY ID $665,803 $852,337 $1,030,268 $1,280,395
LINCOLN COUNTY ID $882,390 $1,129,610 $1,365,437 $1,696,943
OWYHEE COUNTY ID $681,847 $872,857 $1,055,089 $1,311,261
TETON COUNTY ID $1,452,194 $1,859,383 $2,247,478 $2,793,217
VALLEY COUNTY ID $715,270 $915,697 $1,106,824 $1,375,551
BARNSTABLE COUN MA $962,607 $1,232,323 $1,489,599 $1,851,216
BRISTOL COUNTY MA $915,813 $1,172,392 $1,417,171 $1,761,233
DUKES COUNTY MA $1,452,194 $1,859,383 $2,247,478 $2,793,217
ESSEX COUNTY MA $1,119,030 $1,432,575 $1,731,646 $2,152,031
MIDDLESEX COUNT MA $1,119,030 $1,432,575 $1,731,646 $2,152,031
NANTUCKET COUNT MA $1,452,194 $1,859,383 $2,247,478 $2,793,217
NORFOLK COUNTY MA $1,119,030 $1,432,575 $1,731,646 $2,152,031
PLYMOUTH COUNTY MA $1,119,030 $1,432,575 $1,731,646 $2,152,031
SUFFOLK COUNTY MA $1,119,030 $1,432,575 $1,731,646 $2,152,031
WORCESTER COUNT MA $633,716 $811,240 $980,627 $1,218,721
ANNE ARUNDEL CO MD $869,020 $1,112,520 $1,344,743 $1,671,192
BALTIMORE CITY MD $869,020 $1,112,520 $1,344,743 $1,671,192
BALTIMORE COUNT MD $869,020 $1,112,520 $1,344,743 $1,671,192
CARROLL COUNTY MD $869,020 $1,112,520 $1,344,743 $1,671,192
CECIL COUNTY MD $732,651 $937,902 $1,133,737 $1,408,975
CHARLES COUNTY MD $1,452,194 $1,859,383 $2,247,478 $2,793,217
FREDERICK COUNT MD $1,452,194 $1,859,383 $2,247,478 $2,793,217
HARFORD COUNTY MD $869,020 $1,112,520 $1,344,743 $1,671,192
HOWARD COUNTY MD $869,020 $1,112,520 $1,344,743 $1,671,192
MONTGOMERY COUN MD $1,452,194 $1,859,383 $2,247,478 $2,793,217
PRINCE GEORGE'S MD $1,452,194 $1,859,383 $2,247,478 $2,793,217
QUEEN ANNE'S CO MD $869,020 $1,112,520 $1,344,743 $1,671,192
CUMBERLAND COUN ME $715,270 $915,697 $1,106,824 $1,375,551
SAGADAHOC COUNT ME $715,270 $915,697 $1,106,824 $1,375,551
YORK COUNTY ME $715,270 $915,697 $1,106,824 $1,375,551
ANOKA COUNTY MN $641,738 $821,529 $993,066 $1,234,125
CARVER COUNTY MN $641,738 $821,529 $993,066 $1,234,125
CHISAGO COUNTY MN $641,738 $821,529 $993,066 $1,234,125

14

DAKOTA COUNTY MN $641,738 $821,529 $993,066 $1,234,125
HENNEPIN COUNTY MN $641,738 $821,529 $993,066 $1,234,125
ISANTI COUNTY MN $641,738 $821,529 $993,066 $1,234,125
LE SUEUR COUNTY MN $641,738 $821,529 $993,066 $1,234,125
MILLE LACS COUN MN $641,738 $821,529 $993,066 $1,234,125
RAMSEY COUNTY MN $641,738 $821,529 $993,066 $1,234,125
SCOTT COUNTY MN $641,738 $821,529 $993,066 $1,234,125
SHERBURNE COUNT MN $641,738 $821,529 $993,066 $1,234,125
WASHINGTON COUN MN $641,738 $821,529 $993,066 $1,234,125
WRIGHT COUNTY MN $641,738 $821,529 $993,066 $1,234,125
CARBON COUNTY MT $877,042 $1,122,751 $1,357,183 $1,686,655
FLATHEAD COUNTY MT $715,270 $915,697 $1,106,824 $1,375,551
GALLATIN COUNTY MT $835,596 $1,069,738 $1,293,067 $1,606,961
MINERAL COUNTY MT $695,216 $890,004 $1,075,783 $1,336,954
MISSOULA COUNTY MT $695,216 $890,004 $1,075,783 $1,336,954
PARK COUNTY MT $655,107 $838,677 $1,013,760 $1,259,818
RAVALLI COUNTY MT $651,097 $833,504 $1,007,540 $1,252,145
STILLWATER COUN MT $877,042 $1,122,751 $1,357,183 $1,686,655
YELLOWSTONE COU MT $877,042 $1,122,751 $1,357,183 $1,686,655
CAMDEN COUNTY NC $881,053 $1,127,924 $1,363,402 $1,694,386
CHATHAM COUNTY NC $737,999 $944,761 $1,141,991 $1,419,264
CURRITUCK COUNT NC $881,053 $1,127,924 $1,363,402 $1,694,386
DARE COUNTY NC $835,596 $1,069,738 $1,293,067 $1,606,961
DURHAM COUNTY NC $737,999 $944,761 $1,141,991 $1,419,264
GATES COUNTY NC $881,053 $1,127,924 $1,363,402 $1,694,386
ORANGE COUNTY NC $737,999 $944,761 $1,141,991 $1,419,264
PERQUIMANS COUN NC $935,868 $1,198,085 $1,448,212 $1,799,773
PERSON COUNTY NC $737,999 $944,761 $1,141,991 $1,419,264
DAWSON COUNTY NE $701,901 $898,549 $1,086,130 $1,349,800
GOSPER COUNTY NE $701,901 $898,549 $1,086,130 $1,349,800
CARROLL COUNTY NH $635,053 $812,984 $982,719 $1,221,278
HILLSBOROUGH CO NH $685,857 $878,030 $1,061,309 $1,318,992
ROCKINGHAM COUN NH $1,119,030 $1,432,575 $1,731,646 $2,152,031
STRAFFORD COUNT NH $1,119,030 $1,432,575 $1,731,646 $2,152,031
ATLANTIC COUNTY NJ $848,966 $1,086,827 $1,313,703 $1,632,653
BERGEN COUNTY NJ $1,452,194 $1,859,383 $2,247,478 $2,793,217
BURLINGTON COUN NJ $732,651 $937,902 $1,133,737 $1,408,975
CAMDEN COUNTY NJ $732,651 $937,902 $1,133,737 $1,408,975
CAPE MAY COUNTY NJ $848,966 $1,086,827 $1,313,703 $1,632,653
ESSEX COUNTY NJ $1,452,194 $1,859,383 $2,247,478 $2,793,217
GLOUCESTER COUN NJ $732,651 $937,902 $1,133,737 $1,408,975
HUDSON COUNTY NJ $1,452,194 $1,859,383 $2,247,478 $2,793,217
HUNTERDON COUNT NJ $1,452,194 $1,859,383 $2,247,478 $2,793,217
MIDDLESEX COUNT NJ $1,452,194 $1,859,383 $2,247,478 $2,793,217
MONMOUTH COUNTY NJ $1,452,194 $1,859,383 $2,247,478 $2,793,217
MORRIS COUNTY NJ $1,452,194 $1,859,383 $2,247,478 $2,793,217

15

OCEAN COUNTY NJ $1,452,194 $1,859,383 $2,247,478 $2,793,217
PASSAIC COUNTY NJ $1,452,194 $1,859,383 $2,247,478 $2,793,217
SALEM COUNTY NJ $732,651 $937,902 $1,133,737 $1,408,975
SOMERSET COUNTY NJ $1,452,194 $1,859,383 $2,247,478 $2,793,217
SUSSEX COUNTY NJ $1,452,194 $1,859,383 $2,247,478 $2,793,217
UNION COUNTY NJ $1,452,194 $1,859,383 $2,247,478 $2,793,217
LOS ALAMOS COUN NM $804,846 $1,030,326 $1,245,460 $1,547,786
SANTA FE COUNTY NM $661,792 $847,222 $1,024,107 $1,272,664
CARSON CITY NV $668,477 $855,767 $1,034,454 $1,285,568
DOUGLAS COUNTY NV $855,651 $1,095,372 $1,324,049 $1,645,500
LYON COUNTY NV $742,009 $949,877 $1,148,211 $1,426,937
STOREY COUNTY NV $742,009 $949,877 $1,148,211 $1,426,937
WASHOE COUNTY NV $742,009 $949,877 $1,148,211 $1,426,937
BRONX COUNTY NY $1,452,194 $1,859,383 $2,247,478 $2,793,217
KINGS COUNTY NY $1,452,194 $1,859,383 $2,247,478 $2,793,217
NASSAU COUNTY NY $1,452,194 $1,859,383 $2,247,478 $2,793,217
NEW YORK COUNTY NY $1,452,194 $1,859,383 $2,247,478 $2,793,217
PUTNAM COUNTY NY $1,452,194 $1,859,383 $2,247,478 $2,793,217
QUEENS COUNTY NY $1,452,194 $1,859,383 $2,247,478 $2,793,217
RICHMOND COUNTY NY $1,452,194 $1,859,383 $2,247,478 $2,793,217
ROCKLAND COUNTY NY $1,452,194 $1,859,383 $2,247,478 $2,793,217
SUFFOLK COUNTY NY $1,452,194 $1,859,383 $2,247,478 $2,793,217
WESTCHESTER COU NY $1,452,194 $1,859,383 $2,247,478 $2,793,217
DELAWARE COUNTY OH $687,194 $879,716 $1,063,402 $1,321,550
FAIRFIELD COUNT OH $687,194 $879,716 $1,063,402 $1,321,550
FRANKLIN COUNTY OH $687,194 $879,716 $1,063,402 $1,321,550
HOCKING COUNTY OH $687,194 $879,716 $1,063,402 $1,321,550
LICKING COUNTY OH $687,194 $879,716 $1,063,402 $1,321,550
MADISON COUNTY OH $687,194 $879,716 $1,063,402 $1,321,550
MORROW COUNTY OH $687,194 $879,716 $1,063,402 $1,321,550
PERRY COUNTY OH $687,194 $879,716 $1,063,402 $1,321,550
PICKAWAY COUNTY OH $687,194 $879,716 $1,063,402 $1,321,550
UNION COUNTY OH $687,194 $879,716 $1,063,402 $1,321,550
BENTON COUNTY OR $715,270 $915,697 $1,106,824 $1,375,551
CLACKAMAS COUNT OR $815,542 $1,044,045 $1,262,026 $1,568,363
CLATSOP COUNTY OR $655,107 $838,677 $1,013,760 $1,259,818
COLUMBIA COUNTY OR $815,542 $1,044,045 $1,262,026 $1,568,363
CROOK COUNTY OR $835,596 $1,069,738 $1,293,067 $1,606,961
DESCHUTES COUNT OR $835,596 $1,069,738 $1,293,067 $1,606,961
HOOD RIVER COUN OR $886,400 $1,134,783 $1,371,657 $1,704,616
JEFFERSON COUNT OR $835,596 $1,069,738 $1,293,067 $1,606,961
MULTNOMAH COUNT OR $815,542 $1,044,045 $1,262,026 $1,568,363
WASHINGTON COUN OR $815,542 $1,044,045 $1,262,026 $1,568,363
YAMHILL COUNTY OR $815,542 $1,044,045 $1,262,026 $1,568,363
BUCKS COUNTY PA $732,651 $937,902 $1,133,737 $1,408,975
CHESTER COUNTY PA $732,651 $937,902 $1,133,737 $1,408,975

16

DELAWARE COUNTY PA $732,651 $937,902 $1,133,737 $1,408,975
MONTGOMERY COUN PA $732,651 $937,902 $1,133,737 $1,408,975
PHILADELPHIA CO PA $732,651 $937,902 $1,133,737 $1,408,975
AGUAS BUENAS MU PR $802,172 $1,026,897 $1,241,333 $1,542,670
AIBONITO MUNICI PR $802,172 $1,026,897 $1,241,333 $1,542,670
BARCELONETA MUN PR $802,172 $1,026,897 $1,241,333 $1,542,670
BARRANQUITAS MU PR $802,172 $1,026,897 $1,241,333 $1,542,670
BAYAMON MUNICIP PR $802,172 $1,026,897 $1,241,333 $1,542,670
CAGUAS MUNICIPI PR $802,172 $1,026,897 $1,241,333 $1,542,670
CANOVANAS MUNIC PR $802,172 $1,026,897 $1,241,333 $1,542,670
CAROLINA MUNICI PR $802,172 $1,026,897 $1,241,333 $1,542,670
CATANO MUNICIPI PR $802,172 $1,026,897 $1,241,333 $1,542,670
CAYEY MUNICIPIO PR $802,172 $1,026,897 $1,241,333 $1,542,670
CEIBA MUNICIPIO PR $802,172 $1,026,897 $1,241,333 $1,542,670
CIALES MUNICIPI PR $802,172 $1,026,897 $1,241,333 $1,542,670
CIDRA MUNICIPIO PR $802,172 $1,026,897 $1,241,333 $1,542,670
COMERIO MUNICIP PR $802,172 $1,026,897 $1,241,333 $1,542,670
COROZAL MUNICIP PR $802,172 $1,026,897 $1,241,333 $1,542,670
DORADO MUNICIPI PR $802,172 $1,026,897 $1,241,333 $1,542,670
FAJARDO MUNICIP PR $802,172 $1,026,897 $1,241,333 $1,542,670
FLORIDA MUNICIP PR $802,172 $1,026,897 $1,241,333 $1,542,670
GUAYNABO MUNICI PR $802,172 $1,026,897 $1,241,333 $1,542,670
GURABO MUNICIPI PR $802,172 $1,026,897 $1,241,333 $1,542,670
HUMACAO MUNICIP PR $802,172 $1,026,897 $1,241,333 $1,542,670
JUNCOS MUNICIPI PR $802,172 $1,026,897 $1,241,333 $1,542,670
LAS PIEDRAS MUN PR $802,172 $1,026,897 $1,241,333 $1,542,670
LOIZA MUNICIPIO PR $802,172 $1,026,897 $1,241,333 $1,542,670
LUQUILLO MUNICI PR $802,172 $1,026,897 $1,241,333 $1,542,670
MANATI MUNICIPI PR $802,172 $1,026,897 $1,241,333 $1,542,670
MAUNABO MUNICIP PR $802,172 $1,026,897 $1,241,333 $1,542,670
MOROVIS MUNICIP PR $802,172 $1,026,897 $1,241,333 $1,542,670
NAGUABO MUNICIP PR $802,172 $1,026,897 $1,241,333 $1,542,670
NARANJITO MUNIC PR $802,172 $1,026,897 $1,241,333 $1,542,670
OROCOVIS MUNICI PR $802,172 $1,026,897 $1,241,333 $1,542,670
RIO GRANDE MUNI PR $802,172 $1,026,897 $1,241,333 $1,542,670
SAN JUAN MUNICI PR $802,172 $1,026,897 $1,241,333 $1,542,670
SAN LORENZO MUN PR $802,172 $1,026,897 $1,241,333 $1,542,670
TOA ALTA MUNICI PR $802,172 $1,026,897 $1,241,333 $1,542,670
TOA BAJA MUNICI PR $802,172 $1,026,897 $1,241,333 $1,542,670
TRUJILLO ALTO M PR $802,172 $1,026,897 $1,241,333 $1,542,670
VEGA ALTA MUNIC PR $802,172 $1,026,897 $1,241,333 $1,542,670
VEGA BAJA MUNIC PR $802,172 $1,026,897 $1,241,333 $1,542,670
YABUCOA MUNICIP PR $802,172 $1,026,897 $1,241,333 $1,542,670
BRISTOL COUNTY RI $915,813 $1,172,392 $1,417,171 $1,761,233
KENT COUNTY RI $915,813 $1,172,392 $1,417,171 $1,761,233
NEWPORT COUNTY RI $915,813 $1,172,392 $1,417,171 $1,761,233

17

PROVIDENCE COUN RI $915,813 $1,172,392 $1,417,171 $1,761,233
WASHINGTON COUN RI $915,813 $1,172,392 $1,417,171 $1,761,233
BEAUFORT COUNTY SC $742,009 $949,877 $1,148,211 $1,426,937
BERKELEY COUNTY SC $802,172 $1,026,897 $1,241,333 $1,542,670
CHARLESTON COUN SC $802,172 $1,026,897 $1,241,333 $1,542,670
DORCHESTER COUN SC $802,172 $1,026,897 $1,241,333 $1,542,670
JASPER COUNTY SC $742,009 $949,877 $1,148,211 $1,426,937
LAWRENCE COUNTY SD $629,705 $806,125 $974,407 $1,210,990
CANNON COUNTY TN $1,196,574 $1,531,859 $1,851,623 $2,301,130
CHEATHAM COUNTY TN $1,196,574 $1,531,859 $1,851,623 $2,301,130
DAVIDSON COUNTY TN $1,196,574 $1,531,859 $1,851,623 $2,301,130
DICKSON COUNTY TN $1,196,574 $1,531,859 $1,851,623 $2,301,130
HICKMAN COUNTY TN $1,196,574 $1,531,859 $1,851,623 $2,301,130
MACON COUNTY TN $1,196,574 $1,531,859 $1,851,623 $2,301,130
MAURY COUNTY TN $1,196,574 $1,531,859 $1,851,623 $2,301,130
ROBERTSON COUNT TN $1,196,574 $1,531,859 $1,851,623 $2,301,130
RUTHERFORD COUN TN $1,196,574 $1,531,859 $1,851,623 $2,301,130
SMITH COUNTY TN $1,196,574 $1,531,859 $1,851,623 $2,301,130
SUMNER COUNTY TN $1,196,574 $1,531,859 $1,851,623 $2,301,130
TROUSDALE COUNT TN $1,196,574 $1,531,859 $1,851,623 $2,301,130
WILLIAMSON COUN TN $1,196,574 $1,531,859 $1,851,623 $2,301,130
WILSON COUNTY TN $1,196,574 $1,531,859 $1,851,623 $2,301,130
ATASCOSA COUNTY TX $648,423 $830,074 $1,003,413 $1,246,971
BANDERA COUNTY TX $648,423 $830,074 $1,003,413 $1,246,971
BASTROP COUNTY TX $664,466 $850,651 $1,028,234 $1,277,837
BEXAR COUNTY TX $648,423 $830,074 $1,003,413 $1,246,971
CALDWELL COUNTY TX $664,466 $850,651 $1,028,234 $1,277,837
COLLIN COUNTY TX $655,107 $838,677 $1,013,760 $1,259,818
COMAL COUNTY TX $648,423 $830,074 $1,003,413 $1,246,971
DALLAS COUNTY TX $655,107 $838,677 $1,013,760 $1,259,818
DENTON COUNTY TX $655,107 $838,677 $1,013,760 $1,259,818
ELLIS COUNTY TX $655,107 $838,677 $1,013,760 $1,259,818
GLASSCOCK COUNT TX $945,226 $1,210,060 $1,462,686 $1,817,792
GUADALUPE COUNT TX $648,423 $830,074 $1,003,413 $1,246,971
HAYS COUNTY TX $664,466 $850,651 $1,028,234 $1,277,837
HUNT COUNTY TX $655,107 $838,677 $1,013,760 $1,259,818
JOHNSON COUNTY TX $655,107 $838,677 $1,013,760 $1,259,818
KAUFMAN COUNTY TX $655,107 $838,677 $1,013,760 $1,259,818
KENDALL COUNTY TX $648,423 $830,074 $1,003,413 $1,246,971
MEDINA COUNTY TX $648,423 $830,074 $1,003,413 $1,246,971
PARKER COUNTY TX $655,107 $838,677 $1,013,760 $1,259,818
ROCKWALL COUNTY TX $655,107 $838,677 $1,013,760 $1,259,818
TARRANT COUNTY TX $655,107 $838,677 $1,013,760 $1,259,818
TRAVIS COUNTY TX $664,466 $850,651 $1,028,234 $1,277,837
WILLIAMSON COUN TX $664,466 $850,651 $1,028,234 $1,277,837
WILSON COUNTY TX $648,423 $830,074 $1,003,413 $1,246,971

18

WISE COUNTY TX $655,107 $838,677 $1,013,760 $1,259,818
DAVIS COUNTY UT $865,009 $1,107,347 $1,338,582 $1,663,519
GRAND COUNTY UT $975,976 $1,249,413 $1,510,293 $1,876,909
JUAB COUNTY UT $699,227 $895,120 $1,082,003 $1,344,685
MORGAN COUNTY UT $865,009 $1,107,347 $1,338,582 $1,663,519
RICH COUNTY UT $673,825 $862,626 $1,042,708 $1,295,857
SALT LAKE COUNT UT $740,672 $948,191 $1,146,176 $1,424,379
SUMMIT COUNTY UT $1,352,997 $1,732,111 $2,093,728 $2,602,003
TOOELE COUNTY UT $740,672 $948,191 $1,146,176 $1,424,379
UTAH COUNTY UT $699,227 $895,120 $1,082,003 $1,344,685
WASATCH COUNTY UT $1,352,997 $1,732,111 $2,093,728 $2,602,003
WASHINGTON COUN UT $705,912 $903,665 $1,092,350 $1,357,531
WAYNE COUNTY UT $1,159,139 $1,483,903 $1,793,727 $2,229,167
WEBER COUNTY UT $865,009 $1,107,347 $1,338,582 $1,663,519
ALBEMARLE COUNT VA $695,216 $890,004 $1,075,783 $1,336,954
ALEXANDRIA CITY VA $1,452,194 $1,859,383 $2,247,478 $2,793,217
AMELIA COUNTY VA $822,227 $1,052,590 $1,272,373 $1,581,210
ARLINGTON COUNT VA $1,452,194 $1,859,383 $2,247,478 $2,793,217
CHARLES CITY CO VA $822,227 $1,052,590 $1,272,373 $1,581,210
CHARLOTTESVILLE VA $695,216 $890,004 $1,075,783 $1,336,954
CHESAPEAKE CITY VA $881,053 $1,127,924 $1,363,402 $1,694,386
CHESTERFIELD CO VA $822,227 $1,052,590 $1,272,373 $1,581,210
CLARKE COUNTY VA $1,452,194 $1,859,383 $2,247,478 $2,793,217
COLONIAL HEIGHT VA $822,227 $1,052,590 $1,272,373 $1,581,210
CULPEPER COUNTY VA $1,452,194 $1,859,383 $2,247,478 $2,793,217
DINWIDDIE COUNT VA $822,227 $1,052,590 $1,272,373 $1,581,210
FAIRFAX CITY VA $1,452,194 $1,859,383 $2,247,478 $2,793,217
FAIRFAX COUNTY VA $1,452,194 $1,859,383 $2,247,478 $2,793,217
FALLS CHURCH CI VA $1,452,194 $1,859,383 $2,247,478 $2,793,217
FAUQUIER COUNTY VA $1,452,194 $1,859,383 $2,247,478 $2,793,217
FLUVANNA COUNTY VA $695,216 $890,004 $1,075,783 $1,336,954
FREDERICKSBURG VA $1,452,194 $1,859,383 $2,247,478 $2,793,217
GLOUCESTER COUN VA $881,053 $1,127,924 $1,363,402 $1,694,386
GOOCHLAND COUNT VA $822,227 $1,052,590 $1,272,373 $1,581,210
GREENE COUNTY VA $695,216 $890,004 $1,075,783 $1,336,954
HAMPTON CITY VA $881,053 $1,127,924 $1,363,402 $1,694,386
HANOVER COUNTY VA $822,227 $1,052,590 $1,272,373 $1,581,210
HENRICO COUNTY VA $822,227 $1,052,590 $1,272,373 $1,581,210
HOPEWELL CITY VA $822,227 $1,052,590 $1,272,373 $1,581,210
ISLE OF WIGHT C VA $881,053 $1,127,924 $1,363,402 $1,694,386
JAMES CITY COUN VA $881,053 $1,127,924 $1,363,402 $1,694,386
KING AND QUEEN VA $822,227 $1,052,590 $1,272,373 $1,581,210
KING WILLIAM CO VA $822,227 $1,052,590 $1,272,373 $1,581,210
LOUDOUN COUNTY VA $1,452,194 $1,859,383 $2,247,478 $2,793,217
MANASSAS CITY VA $1,452,194 $1,859,383 $2,247,478 $2,793,217
MANASSAS PARK C VA $1,452,194 $1,859,383 $2,247,478 $2,793,217

19

MATHEWS COUNTY VA $881,053 $1,127,924 $1,363,402 $1,694,386
NELSON COUNTY VA $695,216 $890,004 $1,075,783 $1,336,954
NEW KENT COUNTY VA $822,227 $1,052,590 $1,272,373 $1,581,210
NEWPORT NEWS CI VA $881,053 $1,127,924 $1,363,402 $1,694,386
NORFOLK CITY VA $881,053 $1,127,924 $1,363,402 $1,694,386
PETERSBURG CITY VA $822,227 $1,052,590 $1,272,373 $1,581,210
POQUOSON CITY VA $881,053 $1,127,924 $1,363,402 $1,694,386
PORTSMOUTH CITY VA $881,053 $1,127,924 $1,363,402 $1,694,386
POWHATAN COUNTY VA $822,227 $1,052,590 $1,272,373 $1,581,210
PRINCE GEORGE C VA $822,227 $1,052,590 $1,272,373 $1,581,210
PRINCE WILLIAM VA $1,452,194 $1,859,383 $2,247,478 $2,793,217
RAPPAHANNOCK CO VA $1,452,194 $1,859,383 $2,247,478 $2,793,217
RICHMOND CITY VA $822,227 $1,052,590 $1,272,373 $1,581,210
SPOTSYLVANIA CO VA $1,452,194 $1,859,383 $2,247,478 $2,793,217
STAFFORD COUNTY VA $1,452,194 $1,859,383 $2,247,478 $2,793,217
SUFFOLK CITY VA $881,053 $1,127,924 $1,363,402 $1,694,386
SURRY COUNTY VA $881,053 $1,127,924 $1,363,402 $1,694,386
SUSSEX COUNTY VA $822,227 $1,052,590 $1,272,373 $1,581,210
VIRGINIA BEACH VA $881,053 $1,127,924 $1,363,402 $1,694,386
WARREN COUNTY VA $1,452,194 $1,859,383 $2,247,478 $2,793,217
WILLIAMSBURG CI VA $881,053 $1,127,924 $1,363,402 $1,694,386
YORK COUNTY VA $881,053 $1,127,924 $1,363,402 $1,694,386
ST. JOHN ISLAND VI $1,303,530 $1,668,751 $2,017,173 $2,506,847
ST. THOMAS ISLA VI $787,466 $1,008,121 $1,218,546 $1,514,362
CHITTENDEN COUN VT $668,477 $855,767 $1,034,454 $1,285,568
FRANKLIN COUNTY VT $668,477 $855,767 $1,034,454 $1,285,568
GRAND ISLE COUN VT $668,477 $855,767 $1,034,454 $1,285,568
CHELAN COUNTY WA $681,847 $872,857 $1,055,089 $1,311,261
CLARK COUNTY WA $815,542 $1,044,045 $1,262,026 $1,568,363
DOUGLAS COUNTY WA $681,847 $872,857 $1,055,089 $1,311,261
ISLAND COUNTY WA $780,781 $999,518 $1,208,199 $1,501,516
KING COUNTY WA $1,236,682 $1,583,186 $1,913,704 $2,378,267
KITSAP COUNTY WA $716,607 $917,383 $1,108,916 $1,378,109
PIERCE COUNTY WA $1,236,682 $1,583,186 $1,913,704 $2,378,267
SAN JUAN COUNTY WA $791,477 $1,013,237 $1,224,766 $1,522,093
SKAGIT COUNTY WA $721,955 $924,242 $1,117,170 $1,388,398
SKAMANIA COUNTY WA $815,542 $1,044,045 $1,262,026 $1,568,363
SNOHOMISH COUNT WA $1,236,682 $1,583,186 $1,913,704 $2,378,267
THURSTON COUNTY WA $681,847 $872,857 $1,055,089 $1,311,261
WHATCOM COUNTY WA $772,759 $989,288 $1,195,818 $1,486,112
WHITMAN COUNTY WA $673,825 $862,626 $1,042,708 $1,295,857
PIERCE COUNTY WI $641,738 $821,529 $993,066 $1,234,125
ST. CROIX COUNT WI $641,738 $821,529 $993,066 $1,234,125
JEFFERSON COUNT WV $1,452,194 $1,859,383 $2,247,478 $2,793,217
TETON COUNTY WY $1,452,194 $1,859,383 $2,247,478 $2,793,217
UINTA COUNTY WY $673,825 $862,626 $1,042,708 $1,295,857

20

All other areas – 2,794 counties (floor):

$629,283 $805,718 $973,884 $1,210,379

.02 The nationwide average purchase price (for use in the housing cost/income
ratio for new and existing residences) is $553,900.
SECTION 5. EFFECT ON OTHER DOCUMENTS
Rev. Proc. 2025-18 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 May 6, 2026, 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. 2025-18,
with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before June 5, 2026, if the commitments to provide financing
or issue mortgage credit certificates are made on or before July 6, 2026.
.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

21

precedes the commitment) for residences that are purchased, in the period that begins
on May 6, 2026 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. 2025-
18 with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before June 5, 2026, if the commitments to provide financing
or issue mortgage credit certificates are made on or before July 6, 2026.
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 MSA for purposes of
§§ 143(e) and 25(c). T he 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.

22

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 author of this revenue procedure is Brian Choi of the Office of
Associate Chief Counsel (Financial Institutions & Products). For further information
regarding this revenue procedure contact Mr. Choi on (202) 317-3154 (not a toll-free
number).