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Middle-Class Misery: Housing Crisis Hitting Cities, Working Americans Harder Than Ever Before
August 19, 2018 Jon Banister and Miriam Hall Ten years after the Great Recession roiled the global financial system and sent the American economy into a tailspin, the U.S. has roared back to boast an unemployment rate below 4% — a figure not seen since the 1960s. Yet, despite the influx of jobs, wage growth…
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Housing affordability falls to 10-year low in Palm Beach County, nation
By Jeff Ostrowski – Palm Beach Post Staff Writer Mirroring a national trend of rebounding home prices and rising mortgage rates, Palm Beach County saw housing affordability fall to a 10-year low in the second quarter of 2018, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. Just 54.9 percent of homes sold in Palm Beach…
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Heavy Housing Burden
Source: Abodo.com Renters always get the same advice: Don’t spend more than 30% of your income on housing. That’s not just an anecdotal recommendation. According to the Department of Housing and Urban Development, households that spend more than 30% of their income on rent are “housing-cost burdened.” And the heavier that burden gets, the more…
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Mortgage Relief Available for Homeowners Hit Hard by Hurricane Irma
Source: Sun Sentinel South Florida homeowners may be able to redirect mortgage payments to cover major repairs in the wake of Hurricane Irma. Borrowers who need help fixing their homes should contact their lenders to request forbearances from payments for up to 12 months, according to the Federal Housing Finance Agency. Read more…
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Boynton’s Plan Gives Developers More Incentive for Workforce Housing
Source: Palm Beach Post Meet workforce housing. It’s been a while. The city has had rules to guide developers interested in building for the workforce, but the program hasn’t been successful. Months ago, Mayor Steven Grant and Commissioner Christina Romelus pushed city staff to redo the rules and make building these units more attractive. Read…
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Christie: Workforce housing is a Millennial problem, but few seem to care
Source: Palm Beach Post How many Millennial-age, first-time home buyers can actually afford that little dream home in Palm Beach County? Answer: Not many. The median single-family home price of $335,000 is out of reach of 75 percent of Palm Beach County households. Read more…
