St. Joe affordable housing

[Cil]

That is funny, marcuzz. The gov't has definitions of "affordable housing" based on avg income per household or person in the county.

Joe
Would you happen to have those definitions? I'm curious. What's the average price of a house in Walton county these days? Other than expediting developments, does the county provide any housing assistance?
BTW
That is funny, marcuzz, but I am not sure that Southwood is exactly being marketed as "affordable housing." Regardless, I've been there and thought the development was quite nice.
It's not all that easy these days to build a really *quality* home with quality materials and have it be something that Ms. Elementary School Teacher or Mr. Landscape Gardener can afford.
I'm not talking about granite countertops or whatever, I'm just talking about a decent, well-built abode.

 

[Smiling JOe]

Joe
Would you happen to have those definitions? I'm curious. What's the average price of a house in Walton county these days? Other than expediting developments, does the county provide any housing assistance?
BTW...

No, Cil, I don't have those definitions with me.

Your average price of a house in WalCo can vary based on your basis. Is the avg price for which you are looking recent sales prices, current list price, or assessed value?

 

[Cil]

heh
Good question.
Perhaps recent sales prices would be the most informative? Is there anything below, say, $300K? And what does the county do in terms of housing assistance?
Forgive me if this is old news, but this is what I found:
The chamber and county are loosely defining "affordable housing" as that which a worker who earns a middle class income in Walton can afford

 

[beachmouse]

Census data from 2000 says that the median household income for Walton County was $32,000 per year. (area was too small to be part of the 2004 sampling) Per capita yearly income was about $18,000 in 2000. Median family income was about $37K as of 2000.

The 2004 numbers I've found say it's up to $21K for per capita. Couldn't find the other estimates for 2004.

So figure a median family income of $42K in the county these days, and I'd define affordable as being $150K or less per unit.

Often, affordable housing programs are defined either by a percentage of the poverty level, or a percentage of the median family income. When I worked for a place that administered HUD block grant money, our housing improvement program worked with families that were defined as 'moderate income' and moderate was defined as the family making 80% or less of what the median family income was for the area.

 

[Smiling JOe]

heh
Good question.
Perhaps recent sales prices would be the most informative? Is there anything below, say, $300K? And what does the county do in terms of housing assistance?
Forgive me if this is old news, but this is what I found:
The chamber and county are loosely defining "affordable housing" as that which a worker who earns a middle class income in Walton can afford

Year to date, average sold price of single family detached (sfd) homes in Walton Co is $555,353. There are a small handful of sfd homes in SoWal under $300K, but only a handful, with several more in Freeport, and more when you get up to Defuniak Springs.

So, a doctor earning $100K should be able to afford the entry level home in SoWal, but not much more, without stretching it a bit.

 

[beachmouse]

Though the typical young doctor has an insane dollar amount of student loans that they've got to cover on that salary.

 

[Mango]

Census data from 2000 says that the median household income for Walton County was $32,000 per year. (area was too small to be part of the 2004 sampling) Per capita yearly income was about $18,000 in 2000. Median family income was about $37K as of 2000.

The 2004 numbers I've found say it's up to $21K for per capita. Couldn't find the other estimates for 2004.

So figure a median family income of $42K in the county these days, and I'd define affordable as being $150K or less per unit.

Often, affordable housing programs are defined either by a percentage of the poverty level, or a percentage of the median family income. When I worked for a place that administered HUD block grant money, our housing improvement program worked with families that were defined as 'moderate income' and moderate was defined as the family making 80% or less of what the median family income was for the area.

Your definition is extremely accurate. HUD has a web site with geocoding, and you put in an address and it tells you what the minority population is, income etc. Some banks when offering financing will give preferred rates to people whose income is 80% of the median income listed.
Here inNew York, we have Banks offering it on 165% of the medium income!
No income limits if the neighborhood is in a area with 50% or minority population.
http://app.ffiec.gov/geocode/default.htm
If you use it, you have to disable your pop up blocker and internet security temp.
I see the information at 2005 Est. Tract Median Family Income $61,946
which is considered the upper limits for the area.

 

[destinsm]

Enjoy!!!

"The Real Story: More Woe at St. Joe"

http://www.thestreet.com/_email/comment/investing/10290401.html

 

[TooFarTampa]

Enjoy!!!

"The Real Story: More Woe at St. Joe"

http://www.thestreet.com/_email/comment/investing/10290401.html

Wow. Great find Destinsm. and