This is why we offer Bond Loans

Study: Many Can't Afford to Buy Homes
Forbes (01/11/07)
Many of the nation's civil servants cannot afford to purchase homes and some even struggle to pay rent, said the Center for Housing Policy in a study released on Wednesday. The organization calculated that a working family needed to earn nearly $85,000 a year to be eligible to buy a residence worth $248,000--the U.S. median home price during the third quarter--assuming a downpayment of 10 percent and fixed-rate financing over a period of 30 years. The report found that the median salaries of elementary school teachers, police officers, health care professionals and janitors, among other service providers, however, fall short of that threshold. The findings suggest that communities should be concerned about attracting and retaining employees, said Center for Housing Policy research director Barbara Lipman, who noted that some hospitals and clinics in the 210 markets studies "are having trouble filling their ranks with qualified people, and one reason is that people can't afford to live in these communities."