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An Ideal Way To Purchase Your New Home Without Strict Banking Regulations
You've searched high and low around town looking for that special home for you and your family. Everyone agrees that "this is the one"! Your down payment for the home is large enough, but you know your credit is terrible, or worse, practically...
Do You Have The Correct Home Buyer Mindset To Be Buying A Home?
By learning what you need to know and preparing how to purchase a home ahead of time, you will be less likely to become so enamored with a particular property that you fall into the traps and the pitfalls that are so often the result of IDM, or...
How To Find Houses For Sale?
When it comes to purchasing a home, the choices available can be a little overwhelming. With the onslaught of the internet, it seems there are thousands of ways to locate that perfect home, and a new buyer might be a confused about where to start....
Interest Rate Hikes Send Mixed Signals To Real Estate Investors
December 20, 2005 - Successive interest rate increases by the Fed have left everyone wondering what is going to happen next with Real Estate. Will the boom continue or is this the beginning of a gradual slow down?
As Jim Jubak, writing in Jubak’s...
What Do You Need To Know About Real Estate
An estate agent is one who is involved in the sale of houses and land. The job of estate agent is not new. But with a rise in population, the task of estate agent has gained momentum. With increasing number of people there are more houses and lands...
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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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