Article: The Need For Affordable Housing
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The Need For Affordable Housing
During the last 3 years, we have experienced a tremendous appreciation in the priced of homes in Palm Beach County, with a 30% increase in the last 12 months. This has created a situation where the average wage earner is not able to afford a home.
The average price for a condo is $155,000, townhouse $185,000 and single family home is $327,000. While these are still affordable to many, there are added costs. For condo's and town homes, the monthly maintenance is on an average $200 a month. For a single family home, the association fees average $150 a month.
The next factor is the tax rate. The rate is approximately 2% of the purchase price. Furthermore, insurance is also an additional factor.
If a buyer purchased a $200,000 town home, he would in...
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