Friday, June 29, 2018

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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