08-18-2006, 04:41 AM
O.K., I took a time out to cool my jets, and now have some numbers to offer that are at least a little more on the thread topic. (Sorry to detract from the interpersonal drama, as much as it entertains me. LOL)
According to the U.S. Census, the median household income in Puna for 2003 (last year I could find) was $34,715. (Unless one is fortunate enough to be in the building trades, chances are income has not gone up all that much.) According to FannieMae's mortgage qualification worksheet, a couple making that much money with only $300 of non-mortgage monthly debt payments would qualify for a mortgage of $174,200. That $300 figure is probably way low, given the fact that the payment on a modest car is usually more, but I wanted to stretch the affordability to the max. It should also be noted that the worksheet did NOT have a cost of living differential component to account for BI consumer prices.
Also, remember, the median is the number above which half the households fall and below which half the households fall. Given that fact, nearly half the families in Puna could not afford that $174,200 house, if they could find or build it. I don't know what the median home price in Puna is, but I am sure it is way, way more than that.
Aloha,
Jerry
According to the U.S. Census, the median household income in Puna for 2003 (last year I could find) was $34,715. (Unless one is fortunate enough to be in the building trades, chances are income has not gone up all that much.) According to FannieMae's mortgage qualification worksheet, a couple making that much money with only $300 of non-mortgage monthly debt payments would qualify for a mortgage of $174,200. That $300 figure is probably way low, given the fact that the payment on a modest car is usually more, but I wanted to stretch the affordability to the max. It should also be noted that the worksheet did NOT have a cost of living differential component to account for BI consumer prices.
Also, remember, the median is the number above which half the households fall and below which half the households fall. Given that fact, nearly half the families in Puna could not afford that $174,200 house, if they could find or build it. I don't know what the median home price in Puna is, but I am sure it is way, way more than that.
Aloha,
Jerry