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Local Spending for
Homes on Increase
How much can the average family in Rappahannock County afford to spend for a home?
How much of a load may it take on in the form of monthly housing costs, based on its current level of income, without going overboard?
The questions arise at this time because, locally and in most other sections of the country, the traditional home-buying season is at hand.
More families go house hunting during the Spring and Summer months than at any other time of year.
Some help in making these decisions, for families in various income brackets, comes from the Federal Housing Administration and the American Bankers Association.
As a rule of thumb, they feel, the cost of a home should not be much more than twice annual income before Federal taxes.
Families in low income brackets sometimes have to pay as much as 2'h times income to get suitable accommodations while those with large earnings generally buy homes that cost considerably less than twice their annual income.
Because the average income in Rappahannock County has moved upward, local families are in a position to go in for more expensive housing than in former years.
95.8%