Housing Affordability

•The median minimum sales price (e.g. price with no upgrades) fora newly built home in a large development (10 or more homes) was $425,990 in 2006. (single family, townhouse, condominiums, etc.)

•The median price for all homes sold in October 2007 was $329,000 (single family, townhouse, condominiums, etc.)

•To purchase the median priced home with a 30 year mortgage at 5.65% requires an annual income of $73,042 with 20% down or $85,249 with 5% down (excludes points, fees and other closing costs).

•The starting salary for a ten-month AA county teacher in public schools with a BA was $36,339 in FY 2005-2006. The maximum salary for a teacher was $76,726.

•Estimates of fair market rent prepared by the National Low Income Housing Coalition indicate that a new teacher can, at most afford to rent a one bedroom apartment.