SHELLY, did you check out the figures for San Luis Obispo?
Exactly. San Luis is "in a ditch" housing affordability-wise as well....which makes this article all the more fatuous.
SHELLY, did you check out the figures for San Luis Obispo?
Using the estimated median prices for homes, assuming a 30 yr mortgage with 6% interes and a down payment of 20%, the return on investment after paying principle and interest, comes to ~209% over the five year period, which averages out to be ~42% per year. ;-) Of course, I included the principle and interest for the conservatives out there, but in my scenerio, your only housing costs would be taxes and insurance (which may be another thread altogether). If we didn't include the P&I, the return on investment (down payment) would total 348% over the five years, or ~70% per year. ;-)
the typical 20% down payment which one makes when buying a home. If you use less of a down payment, the rate of return on your cash investment is even greater, but you already know that.What's this "Down Payment" of which you speak??
I personally feel that coastal areas are going to be where the wealthy have homes. The workes will live inland (Defuniak, Crestview, Lynn Haven, etc). The beaches will be too expensive... With insurance and taxes it is just a matter of time. I am also sure that there are alot of rich people that will like it like that.[/quote]
the typical 20% down payment which one makes when buying a home. If you use less of a down payment, the rate of return on your cash investment is even greater, but you already know that.
the typical 20% down payment which one makes when buying a home. If you use less of a down payment, the rate of return on your cash investment is even greater, but you already know that.
I personally feel that coastal areas are going to be where the wealthy have homes. I am also sure that there are alot of rich people that will like it like that.
Up to the moment when they need their pool cleaned, their nails done, or a 911 response.