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Buying A New Build? Get A Realtor!
One of the biggest mistakes people make when it comes to buying a new build is thinking that they don’t need their own realtor. This is mostly due to inaccurate myths and misinformation about real estate. Let me explain why.
Why do I need a...
Curb Appeal – First Impressions Count When Selling Your Home
People selling their homes via real estate brokers get lots of coaching. People selling their own homes as FSBOs need the same. One of the most important topics on which FSBOs can benefit from coaching is “curb appeal.” How does your home look when...
Preparing Your Home for Sale: Make Repairs
Before a buyer considers your home seriously, it must meet his needs in a variety of ways. It must be a suitable commuting distance, neighborhood, design style, floorplan, size, number of bedrooms, etc. If all or most of these needs are met, the...
The Benefits Of Wooden Flooring
They're affordable and come in a wide variety of styles and colors. They're easy to install and maintain. They add value to your home, and maintain their value over time. They're versatile enough to be the perfect backdrop to any decor. And to top...
Why You Should Sell Your Property Privately
With 70% of potential home buyers looking online to find property and with estate agents charging up to 4% in sales commissions, more and more people are starting to consider selling their property privately.
In this article we’ll examine why you...
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Is Housing Too Expensive?
The face of America's population is changing by the day. With the onset of many lower-income jobs and the flux of workers in the job force who are making the federal minimum wage, the financial situation of the country's population has been shifting. Along with this shift comes the inevitable shift in the country's housing situation. With incomes and housing rates in flux, America's housing situation has been steadily worsening and may very well reach a crisis point in the near future.
In many areas of the US, a recent study finds, the average minimum-wage worker cannot afford the rent and utilities on an average apartment. This study assumes that no more than 30% of a worker's income goes towards rent and utilities- the government considers a percentage higher than that to be too much. In a country where owning a home is a major status symbol, it is a cause of real concern when a large segment of the population cannot even afford to rent one. Are real estate costs getting out of control?
For an average two-bedroom rental apartment in the United States, the average worker must earn, according to the government, in the area of $15 an hour. With the minimum wage currently at about a third of that amount, the fact is that many families cannot afford to keep the roofs over their heads, much less save money to someday buy a home. The fact remains that wage increases have simply not kept up with the booming costs of real estate rentals and utility costs. While rent costs are climbing, utility costs are
climbing faster still. And it's also worth noting that in areas where housing costs are lower, wages are on average also lower, so there is not much benefit to be gained by relocating. The minimum wage has not changed in the United States since 1997, while the costs of housing continue to rise.
The US government has also fallen behind on their spending towards Section 8 rental vouchers, which help low-income people pay their rent. More landlords than ever before, particularly in metropolitan areas, accept Section 8 vouchers; but since government spending towards these vouchers has not kept up with demand, they are becoming more and more difficult to get. As housing costs increase, those who depended on Section 8 can no longer do so.
Not surprisingly, rent in rural areas is the most affordable, and California is at the top of the list when it comes to hourly income needed to afford a typical apartment. It's a difficult situation for anyone who is having trouble making their rent: The option to move somewhere cheaper, but make less money, is not much of an option.
About the Author: Kirsten Hawkins is a real estate expert from Nashville, TN. Visit http://www.king-of-real-estate.com/ for more information on real estate, mortgages, and finding the house of your dream.
Source: www.isnare.com
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