How affordable is REALLY affordable?
Affordable housing is defined as no more than 30% of the household income goes towards a house payment; this includes the principal, interest, taxes, and usually the utilities as well. The household brings in about $3000 a month and no more than $1000 of that should be spent on housing.
So, when we're talking about affordable housing in Wenatchee is all relative to the household income. A lender is the best one to discuss all the ins and outs of a mortgage payment each month. They can tell you almost exactly how much your property tax will be, any insurance that will be attached onto the mortgage payment, principal and interest. Affordable housing is not limited to single-family homes as you can have a manufactured home, condominium or town home as well. It's all relative depending on your household income. If you make about $5000 income a month you can go up to about $1500 a month for your total house payment.
Extra Fees and Costs:
Other costs involved in a typical mortgage payment which includes the principal and the interest and your taxes and insurance. Taxes for the Wenatchee area can run anywhere from $1000-$3500 a year which split up into monthly payments can be anywhere from an extra $100-$300. Insurance is also a factor which can run about $700-$2000 a year. Many times homeowners will split this up into 12 payments and add it to the mortgage payment as well. All in all, when it comes down to the actual mortgage payment you should be looking at about 20% of your total household income so the remainder 10% can be used for taxes, insurance, and utilities.
In the Wenatchee area there are several affordable homes priced under $250,000. They provide spacious layouts of 2000 to 2500 ft.² and 2 to 4 bedrooms. For example: if you were to purchase a $250,000 home and you had about $10,000 down payment you would be looking at about $1400 month mortgage payment. This would include insurance and taxes as well. This is based on about a 4% interest rate. This would be very affordable for a family that brought in anywhere from $4000-$5000 total income month.
Give me a call if you're interested in learning more about affordable housing and homes for sale in the Wenatchee area. I specialize in helping first-time homebuyers, investors, and anyone looking for a home or primary residence in Wenatchee Washington.
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As your Wenatchee Realtor it is not only my job but my passion to help you find and purchase the right home for your needs. Weather it be in Wenatchee, Leavenworth or other areas of Chelan and Douglas Counties. I love helping to bring buyers and sellers together over the right house at the right price. My areas of service include but are not limited to, Wenatchee, East Wenatchee, West Wenatchee, Cashmere, Entiat, Orondo, Sunnyslope, and Rock Island Washington. Please feel free to call or email us anytime. For JoAnn: 509-421-4378 For Dewayne: 509-421-4377 | firstname.lastname@example.org. We want to be your complete source for all Wenatchee real estate.
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West Bend Realtor says
Great job at explaining the details of affordable housing.. most people have no idea.