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Home and Garden
Capital Gazette Communications
Published
08/02/09
Even with the recent slump in sales prices, there's a popular notion (especially around City Hall) that people with moderate incomes can't afford to live in the City of Annapolis. Well, for the most part, that's a bunch of poppycock. Find Us On Facebook
Back in 2004, the Annapolis City Council passed an ordinance that created something called a Moderately Priced Dwelling Unit (MPDU). Here's what the city's web site says about that program: "To ensure that housing choices continue to be available to its residents and employees with moderate incomes, the City Council passed the Moderately Priced Dwelling Unit (MPDU) Law in 2004....
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4
Are you kidding me? - 2009-08-16 17:56:58
This is one of America's biggest problems currently. WE SPEND MORE THAN WE CAN AFFORD! How in the world can someone that is currently making $70,000 afford a $350,000 home? That is the most reckless, ridiculus statement.... and I HOPE that your clients have more sense than to listen to that advice.
Some that is making $70,000 a year is bringing in roughly $4000-4200 a month after taxes depending on their health care contributions, disability etc. So CONSERVATIVELY making this argument, I will say that they are taking home the full $4200. A $350,000 home is going to cost a homeowner $2184 at 5.75% interest with the low, low property taxes of .0049 in Annapolis. (Baltimore city is over 4x that rate- dont get me started on that though). So we have
$4200 disposable income
$2184 mortgage/taxes
$130 Mortgage/Hazard insurance
Leaving the homeowner with $1886 in income to pay all other bills- car payments, phone/cable, homeowner insurance, health isurance, car insurance, FOOD, gas, electric, water and everything else. WHAT ABOUT SAVINGS? How is someone going to be able to "put a little away" for college, unexpected events such as plumbing problems, car troubles or god-forbid, an illness of some kind? This financial irresponsbility has to stop.
The only one that benefits from someone buying a $350,000 home on a $70,000 income is the GD real estate agent.
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Lisa HW - Baltimore, MD - Karma: Neutral
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3
See 'ya Annapolis! - 2009-08-05 22:09:41
I decided to build my first house down in Fredericksburg, Virginia. Would have loved to stay in Annapolis, but with my job moving to Northern Virginia, I decided to uproot and leave after six years here. Besides, I didn't feel like spending the same amount of money on a condo that I could be spending on a house. Home values did become overblown and the market that is so widely praised, is correcting itself. But just remember, 20% down on a $400,000 home is $80,000--if you're an average salary earner, you would have to start saving in high school to get that kind of down payment. See 'ya Annapolis, it's been "fun" but I had to find an affordable home!
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J. Jovkovich - Annapolis, MD - Karma: Neutral
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5
Affordable Housing - 2009-08-04 14:55:25
This must be one of the most ridiculous articles I have ever seen in The Capital. The stated "facts" regarding incomes and what one can expect to be financed for are so completely off base. There is not affordable housing everywhere. That is why young couples who were not able to purchase a home prior to the bubble have left the area in DROVES! Even now, after the bubble has deflated, with the requirements to get a mortgage (very good credit and 20% down), you will not find many young,local families who are first time homebuyers. The market is still too out-of-reach for many. How many of your newest neighbors (past 3 years)are under 30? I'm willing to bet not many. I graduated high school in 2000 and I can tell you that starter homes simply do not exist in this area anymore. I know many couples who have ended up moving out-of-state, or are simply living with mom and dad. Rents over $1000 dollars for an apartment and over $1300 a month for a single-family home are just not affordable. How is one supposed to save money for a down payment on a home with those kind of figures being charged? And I am sorry, but a house that is $250k is not a starter home.
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Corina Z. - Mayo, MD - Karma: Excellent
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3
huh? - 2009-08-04 07:44:56
Is this the Home and Garden Section or an Op-Ed column?
How does cherry picking home prices in a market slump make your case.
While I disagree with the program, I don't see how a handful of sub-market price houses is hurting anybody.
Bob and Donna, maybe you should stick to whining about how your commissions are lower these days...
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Mark K. - , - Karma: Neutral
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4
Jennifer C. - 2009-08-03 15:57:41
Hey Jennifer C. you really should check your facts before you make an uninformed comment. And get off the Blame Bush Bandwagon. This housing crisis was caused somewhat by the Clinton Administration way back in 1995. Clinton strongarmed Fannie May and Freddie Mac into giving loans to low-income families they KNEW couldn't afford it. And FM and FM were threatened with removal of federal funds if non-compliant. Since 2000 the very first government official to notify congress of FM's and FM's instability was George W. Bush! I wasn't a Bush supporter, but you and the Clintonites need to acknowledge his two massive failures-this being one of them. The other being "dumping" the problem of Al Queda in Bush's lap. The ramifications of his 2 biggest failures have been almost apocalyptic, making the general perception that he was a great president a total shame.
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chris f. - annapolis, md - Karma: Neutral
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6
Unrealistic Appraisals - 2009-08-03 11:04:11
I guess George W is also the blame for many fraudulent home appraisals that allowed banks to loan more money than the home was honesty worth? I also don't understand the practice of allowing a borrowing to borrow 125% of market value. Negative Amortization Loans have a part to play in this housing crisis, or that George W's fault too?
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Rick M. - Laurel, Md - Karma: Excellent
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apologies - 2009-08-03 10:54:04
I apologize for the lack of punctuation in the last post. When I pasted from a Word document, the punctuation marks were lost in the process...
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J G - Riva, MD - Karma: Neutral
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Jennifer C - 2009-08-03 10:33:22
Im curious to know the basis for your assertion that the Bush Administration is to blame for the housing bubble? Im looking at an article in the New York Times warning of trouble looming pre-George W. Its dated September 30, 1999, titled Fannie Mae Eases Credit to Aid Mortgage Lending which reads, in part: Fannie Mae, the nations biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980s
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J G - Riva, MD - Karma: Neutral
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2
subsidies hurt - 2009-08-03 03:19:33
Housing made affordable for the select few (not just those with lower incomes, but the subset of those lucky enough to land a subsidized house) hurts others. For example, when one teacher gets a significant subsidy on a house, she won't be as amenable to striking for higher wages, which hurts the other teachers who didn't get the subsidy. Only the free (but regulated) market is fair to those who aren't disabled.
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M. Bin - , - Karma: Neutral
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4
bubble caused by fraud - 2009-08-02 22:08:04
The housing bubble was caused by outright fraud by the lenders and their appraisers. You can blame former Presiden George Bush and all GOP right-wingers who believe in no government regulation of oversight as their 'base' raked in their huge fees for making millions of unsupportable bad loans. All of the lenders and appraisers should be thrown in jail and stripped of their ill-gotten wealth. It is so popular to blame the little guy, but look who's pointing the finger away from themselves!
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Jennifer C. - Annapolis, MD - Karma: Neutral
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7
affordable housing - 2009-08-02 15:25:04
The writers don't say where they get their figures from. I was brought up with the rule of thumb that one could afford a house based on two and one half times their salary. This means a salary of 70k could buy a 175k house. How many of those in Annapolis? 350k seems a bit of a reach. And if the person is already paying rent somewhere, how long would it take to save up the down payment on a 350k house? Frankly, it's one of the reasons I left Annapolis when I retired. I could no longer afford to live there.
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ron b. - las cruces, nm - Karma: Neutral
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