Can you afford that House ? - consult the HTA Index
The Housing and Transportation Affordability Index (HTA index) developed by the Center for Transit Oriented Development Index is "an innovative too that measures the affordability of Housing".
Unlike the traditional and simplified measurement which takes a mortgage as a percentage of income, the HTA Index "takes into account not just the cost of housing but the intrinsic value of place as quantified through transportation cost".
Transportation cost is defined as auto ownership, commute, number of cars per household, availability of mass transit and other data. and use. For a more (detailed description of the methodology used to develop the HTA Index ).
Before you buy your next home here in Maricopa County (Phoenix, Scottsdale, Tempe , etc) , I recommend you take a look at the HTA Index website which offers information on 52 metropolitan areas and the sub-communities and neighborhoods with detailed information on travel, public transportation and average amount of family's spending on transportation.
When it comes to buying a home in Arizona, take the time factor in commuting and/or transit costs, don't forget taking kids to schools, related activities, food shopping and other errands.
Do your best to measure and factor in the costs.
Clearly, transportation, not just to work, but errands, and other family related activities are a large portion of a families income. With skyrocketing gas prices, this is becoming an even larger portion of disposable income and must be factored into a buyer's decision on whether or not one can afford the monthly loan payment comfortably.
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Copyright © 2008 By James Wexler, All Rights Reserved. *HTA Index - tells us "can you afford that house"*
Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs
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