49.Stressed Rental Costs Versus Home Ownership
I looked at a $20,000.00 a year income on micalc.com using their mortgage calculator. I input a mortgage amount of $40,000.00 with real estate taxes of $1500.00 and comprehensive home owners insurance premium of $600.00. The monthly payment would be $193.00
Sure beats the median rent.
Many abandoned and blighted houses with sweat equity can be rehabilitated for $40.000.00
A goal to encourage single occupant home ownership is not not a pipe dream in Sharon with its supply of abandoned and blighted properties.
As the principle component of household wealth is a house, there is the situation where persons of modest earning capacity could become a a home owner.
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