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Real Estate t§yf
Eileen M. Day REALTOR
HOME PRICE VS.
INCOME INCREASE
During the past ten years, housing prices have increased about 116% and median monthly housing expenses have risen 105% . Not so bad on the face of it when you con sider that the median income of home buyers has increased just about the same amount during the decade—from $22,700 to almost $46,000. This is partly because there are more 2 income families. In households with two adults, 67% have a substantial second income. This phenomenon has helped reduce the percentage of housing expenses vs. in come. Tt»i years ago, 38% of us paid one fourth or more of our monthly income for hous ing. Today only 30% of us pay that much.
Overall, home buyers are relatively affluent. A recent sur vey. found that a typical first time buyer last year was 31 years old with a median house hold income of about $50,000. Many have profited handsom ely from selling their previous home and traded up to better home.
If there is anything we can do to help you Jn the field of real estate please stop in at EILEEN M. DAY. Realtor, The Clopton House, Washington, Va. 22747. Phone 675 3033. We re here to help.
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