Zillow median home value: $100,900
Month-over-month change: +1.07%
Avg monthly mortgage payment: $490.16
Mortgage payment as % of income: 13%
Unemployment rate: 7.1%
Cost of living: 88.40
In upstate New York, Utica has seen five consecutive months of significant monthly appreciation, with the most recent month-over-month increase above 1%. Both cost of living and the unemployment rate are much lower than the national average, while median home values stand at just over 55% of the national average
Not only is Utica among the best in price, buyers can look forward to the value of their homes appreciating as well!
So WHY, then, does the Utica Master Plan propose to require "affordable housing" in all new housing developments . . . and propose to construct "affordable housing" in neighborhoods that are not currently low to moderate income tracts?
WHO would benefit from such requirements? WHAT AGENDA is being pushed?
3 comments:
Strike, it's real simple ... sorta.
Notwithstanding the admitted profits to be made by housing developers, as well as the balderdash to be thrown about by politicians ... if one views the bottom of a wage listing of local workers (and non workers), a comparison of their number and the amount of housing affordable to their pocketbook can be made. In most New York State locations, there is a shortfall of affordable housing for those with low and even medium paying jobs. I can't cite documentation off the top of my head, but I'd be surprised if you weren't aware of it.
If we want to pay people low wages, we have to find housing for them. Of course, they can all congregate somewhere else, like a ghetto, if that's what society wants.
The Master Plan element noted is n contrary to sound market planning and development. One suspects it was inserted as a typical feel good, centralized planning dream to create perfectly balanced neighborhoods; perfect defined by some academic tilt to equality. The way housing prices are right now falling here, it won't be long when all houses will be affordable to anyone. That translates into significant equity and economic loss. In other words, more decline. Finally a starter home is only a plus if one has a job.
If homes are appreciating in value, then why have I been getting emails from Zillow informing me that my home's value has DEPRECIATED? In Sept, Aug.,July, & June of this year my home's value has depriciated according to Zillow on average 1% for each month. The story is a lot of hogwash. And if the unemployment rate around here is 7.1%, I'll eat my hat.
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