High single digits. 9-10 percent or so. We'll be back there soon, I suspect.
Rick From: curtlud...@yahoo.com Sent: April 28, 2021 6:26 PM To: mercedes@okiebenz.com Cc: rickkno...@hotmail.com Subject: Re: [MBZ] New Okie Acres That was for double digit interest payments though right? When we bought in 2006 I think the smart money was suggesting 3x income. The bank said we "could afford" 4x but I refused that idea. -Curt On Wednesday, April 28, 2021, 7:23:58 PM EDT, Rick Knoble via Mercedes <mercedes@okiebenz.com> wrote: In high school economics, I learned the rule of thumb for affording a home was two and a half times your annual income. For a $300k home, that is considerably more than $40k. Rick From: mercedes@okiebenz.com<mailto:mercedes@okiebenz.com> Sent: April 28, 2021 4:44 PM To: mercedes@okiebenz.com<mailto:mercedes@okiebenz.com> Reply-to: mercedes@okiebenz.com<mailto:mercedes@okiebenz.com> Cc: d...@penoff.com<mailto:d...@penoff.com> Subject: Re: [MBZ] New Okie Acres The City of Flagstaff requires builders to earmark a certain percentage of new construction as subsidized housing (they have a better term for it, I don’t recall what it is) that can only be sold to City employees at a reduced amount. I looked at a couple of the homes being built in a subdivision that has homes in the $400k-$500k range, pretty typical for the market, and the cost to City employees for one was around $300k. Add to this down payment assistance and $10k in a down payment “grant” that is forgiven after 10 years in the property and it’s almost affordable for someone making $30k-$40k. -D _______________________________________ http://www.okiebenz.com To search list archives http://www.okiebenz.com/archive/ To Unsubscribe or change delivery options go to: http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com _______________________________________ http://www.okiebenz.com To search list archives http://www.okiebenz.com/archive/ To Unsubscribe or change delivery options go to: http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
