uring the last 3 years, we following monthly expenses. The
have experienced a mortgage would be $1200 a month
tremendous appreciation in at a 6% rate, maintenance of $175
the priced of homes in Palm Beach and taxes of $330. This results
County, with a 30% increase in in a total monthly payment of
the last 12 months. This has $1705, which is beyond the means
created a situation where the of the average consumer.
average wage earner is not able
to afford a home. The major problem the consumer
faces, when trying to locate
The average price for a condo is affordable housing is that the
$155,000, townhouse $185,000 and cost of a home is a higher
single family home is $327,000. percentage of their take home pay
While these are still affordable then many can afford. From my
to many, there are added costs. personal experience, I have had
For condo's and town homes, the many clients searching for months
monthly maintenance is on an for homes to no avail.
average $200 a month. For a
single family home, the The county has recently developed
association fees average $150 a a plan to build affordable
month. housing in a section of Boynton
Beach Florida for people who make
The next factor is the tax rate. under $38,000 a year. This is
The rate is approximately 2% of hopefully the start of trend to
the purchase price. Furthermore, provide affordable housing for a
insurance is also an additional large portion of the population,
factor. who has been unable to find a
place to call home.
If a buyer purchased a $200,000
town home, he would incur the
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
