While we know that Louisville, KY is not one of the hot spots of real estate, there are studies that show that as homes appreciate it becomes difficult for individuals to afford purchase prices on only one income. Quoting a recent article in the Louisville Courier-Journal, for a potential homeowner to afford the median home price of $142,500 (2006) they would need to make an average of $48,000. However the median income for a worker in the metro area in '05 was $28,000.
While this may seem to indicate that homeownership is out of reach. It is not as far as it may seem. For instance, there are many affordable and convenient areas of Louisville for a first time homebuyer below the $142,500 price point.
In addition, a first time homebuyer is often eligible for government loans/grants, such as an FHA loan. Or a first time homebuyer may request the seller to pay a portion of their closing costs and prepaids.
There are affordable methods of placing yourself in a home. To find out more information contact us. Read more about Prices Out-Pacing Pay
While this may seem to indicate that homeownership is out of reach. It is not as far as it may seem. For instance, there are many affordable and convenient areas of Louisville for a first time homebuyer below the $142,500 price point.
In addition, a first time homebuyer is often eligible for government loans/grants, such as an FHA loan. Or a first time homebuyer may request the seller to pay a portion of their closing costs and prepaids.
There are affordable methods of placing yourself in a home. To find out more information contact us. Read more about Prices Out-Pacing Pay
Louisville Home Prices
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