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Alaska Real Estate – The Great Outdoors
Alaska is the biggest state in the Union and tends to be a take it or leave it proposition for relocation. For those choosing Alaska, the real estate market is a solid investment.
Alaska
Known as “the great land”, Alaska seems like a harsh,...
Common Architectural Styles
Have you ever heard a home referred to as a Tudor, or a Colonial, and wondered exactly what those terms meant? Have you tried to describe your home to others, and had trouble finding the right words? Maybe you're trying to plan your dream home, and...
Descriptive Terms In Real Estate Ads – What Do They Mean?
If you are buying or selling a home, the chances are good you struggle with the meaning of descriptive real estate terms. Here’s the first in a series of articles explaining them.
The Wise Seller
Be very truthful if you are a seller...
Mobile Home Parks - The Bubble Proof Real Estate Investment
This country has experienced unprecedented gains in housing prices over the past five years. With some regional markets expanding at a phenomenal 25% annual average, the investors who got in early have created tremendous wealth. However, in my...
Tips For Successful Apartment Hunting
The hunt for an apartment may seem like an extremely challenging ordeal, but it does not have to be. People looking for an apartment usually have a good experience if they educate themselves on what to look out for, and they have a good idea of what...
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The Need For Affordable Housing
During the last 3 years, we have experienced a tremendous appreciation in the priced of homes in Palm Beach County, with a 30% increase in the last 12 months. This has created a situation where the average wage earner is not able to afford a home.
The average price for a condo is $155,000, townhouse $185,000 and single family home is $327,000. While these are still affordable to many, there are added costs. For condo's and town homes, the monthly maintenance is on an average $200 a month. For a single family home, the association fees average $150 a month.
The next factor is the tax rate. The rate is approximately 2% of the purchase price. Furthermore, insurance is also an additional factor.
If a buyer purchased a $200,000 town home, he would incur the following monthly expenses. The mortgage would be $1200 a month at a 6% rate, maintenance of $175 and taxes of $330. This results in a total monthly payment of $1705, which is beyond the means of the average consumer.
The major problem the consumer faces, when trying to locate affordable housing is that the cost of a
home is a higher percentage of their take home pay then many can afford. From my personal experience, I have had many clients searching for months for homes to no avail.
The county has recently developed a plan to build affordable housing in a section of Boynton Beach Florida for people who make under $38,000 a year. This is hopefully the start of trend to provide affordable housing for a large portion of the population, who has been unable to find a place to call home.
About the Author: Larry Lang e-PRO REALTOR® (561) 385-0518 llang6@bellsouth.net www.palm-beach-real-estate-homes.com www.lakeworthproperties.net www.palm-beach-florida-real-estate.org Before switching careers in April of this year, I had spent 28 years in reatil sales and management.
Source: www.isnare.com
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