There is wonderful, optimistic news on the Cape about an uptick in the market. I certainly see it in my business at every price point. The slowest segment, however, is that which congress had hoped to stimulate most: first time home buyers. However, few who live on the Cape, and work here, are able to take advantage of the tax credit. The Housing Assistance Corporation reports:
The yearly income needed to purchase a median-priced home on Cape Cod is
$105,0001 and yet the median yearly income for a four-person household is only
$66,8002 — a deficit of nearly $40,000.
In the last few years, the average home price has increased 97 percent, while wages
have increased only 19.8 percent.
Cape and Island residents overwhelmingly feel (91 percent) that the cost of housing
prevents young families from living in the community in which they grew up.
Approximately 41 percent of Cape and Island residents found that their monthly
housing payment made it difficult for them to make ends meet.
Some employers take advantage of housing programs as part of compensation packages, and this is smart. If you are an employer, and want to know how to participate in this valuable recruitment program, contac HAC.
If you are a renter and want to know just how much house you can get into with prices and interest rates down in combination with incentives, give me a call! You may be surprised that you can own a home this Summer!