Home Prices In Atlantic County, New Jersey are Skyrocketing
Home Prices in New Jersey are Skyrocketing
By Nan Wood
Home prices in New Jersey have been skyrocketing for some time now. Unfortunately, the average income has not been doing so. In 1995, the median single-family home in the Atlantic City area was approximately four times the average annual income in the area. It price is now more than eight times the average income in the area.
Home prices are just too expense for many workers, especially the first time buyers. Average income in Atlantic County was approximately $32,000 a year in 2004. The average income for the State of New Jersey at that time was $$41,000 a year. So many people are looking for houses at inflated prices while they live on lower personal incomes. Prices of homes rose 22.5% in 2005, while wages rose 3.6% . This translates to workers in South Jersey are spending a larger portion of their income on housing costs.
Here are a few ways to increase the chances of starting out:
1. Buy a townhouse or condominium first. Prices are generally lower for this type of housing.
2. Buy a house that requires work. You can buy a house at lower prices when you are willing to do the work it requires to bring it up to your standard.
3. Consider buying a home with a loan from relatives, thereby lowering your interest costs.
4. Consider buying your home with family members to reduce the cost to both of you.
5. Pay down your existing loans, credit cards to reduce your overall debt before you start looking for your new home.
If you work with a Real Estate Professional and explain your current situation, they can help you move forward. Your agent can suggest you get a pre-approval for a mortgage which will help you determine what you can afford.
You should not make any larger purchases prior to buying your new home. That new car you need that requires a loan should wait until after your own your home. Work with a Real Estate Professional – your new home is out there.
Nan is an Accountant and Real Estate Professional. She works with ‘The Dream Team’ in South Jersey. RealEstateLady
MortgageFinancing
By Nan Wood
Home prices in New Jersey have been skyrocketing for some time now. Unfortunately, the average income has not been doing so. In 1995, the median single-family home in the Atlantic City area was approximately four times the average annual income in the area. It price is now more than eight times the average income in the area.
Home prices are just too expense for many workers, especially the first time buyers. Average income in Atlantic County was approximately $32,000 a year in 2004. The average income for the State of New Jersey at that time was $$41,000 a year. So many people are looking for houses at inflated prices while they live on lower personal incomes. Prices of homes rose 22.5% in 2005, while wages rose 3.6% . This translates to workers in South Jersey are spending a larger portion of their income on housing costs.
Here are a few ways to increase the chances of starting out:
1. Buy a townhouse or condominium first. Prices are generally lower for this type of housing.
2. Buy a house that requires work. You can buy a house at lower prices when you are willing to do the work it requires to bring it up to your standard.
3. Consider buying a home with a loan from relatives, thereby lowering your interest costs.
4. Consider buying your home with family members to reduce the cost to both of you.
5. Pay down your existing loans, credit cards to reduce your overall debt before you start looking for your new home.
If you work with a Real Estate Professional and explain your current situation, they can help you move forward. Your agent can suggest you get a pre-approval for a mortgage which will help you determine what you can afford.
You should not make any larger purchases prior to buying your new home. That new car you need that requires a loan should wait until after your own your home. Work with a Real Estate Professional – your new home is out there.
Nan is an Accountant and Real Estate Professional. She works with ‘The Dream Team’ in South Jersey. RealEstateLady
MortgageFinancing
posted by Nan at 2:32 PM
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