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Thread: Affordable housing web site

  1. #1
    Cyburbian The One's avatar
    Registered
    Mar 2004
    Location
    Where Valley Fever Lives
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    7,221

    Affordable housing web site

    Anyone seen this Colorado clearing house web site for affordable housing?
    Too bad its about 9 years late and hits a buyers market in Colorado Last I read in the WSJ, the Denver market is +1.7% this year, up from about +0.7% last year. I think this is a good idea that should be expanded to include financing program information and specific bottom line costs, monthly payment, estimated taxes, utility costs and the whole picture.

    I found this on the apa web site today under recent newspaper articles:

    http://www.coloradohousingsearch.com...content=Search
    Skilled Adoxographer

  2. #2
         
    Registered
    Jul 2005
    Location
    Boondocks of Iowa
    Posts
    14

    Affordability

    I searched the linked site for properties to buy and the lowest priced house available is more than $130k. That may sound reasonable to you Califloridians but it is just out of reach for low income households.

    Using Hispanic households as an example:

    In 1999, the median household income for Hispanics was $30,700 (United States Census Report 2004). On that income, the maximum price of an affordable house at 5% interest on a thirty-year note is $91,634 (Fannie Mae Mortgage Calculator 2004).

    Here in Iowa, I can find you a three-bedroom in a rural community with stable employment for $26k (disclaimer: I have this house for sale myself at that price). My current house is in a larger town (pop. 15,000) and is a four-bedroom that cost $35k.

    Both properties are liveable but could be accurately classified as "fixers" In reality, a house affordable to the low income population is typically a fixer. The linked site did not show any of that class of property.

    In my current town, it is not unusual for people with regular employment to lose property purchased in the $60k to $100k range. There are two foreclosures bordering my lot.

    My point is that a website purporting to enable affordability has to try a little harder if it intends to become a resource for those most in need.
    Last edited by pcflvly; 09 Jul 2005 at 10:51 AM. Reason: word choice

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