Single Family Home Ownership 3-31-25

Home ownership has secured family generational wealth. Over the past 60 years, Home Value Appreciation has allowed home owners to keep all of their mortgage payments and leave enough inheritance to allow their children to pay off their own homes. Renters have no home equity. 

Mortgage lenders have typically used 28% of income as the limit they will lend.

A single person earning $60,000 per year, with no other loans should be able to qualify for a mortgage payment of $16,800 per year or $1400 per month.

A married couple earning a total of $80,000, with no other loans should be able to qualify for a mortgage payment of $22,400 per year or $1867 per month.

Here's a breakdown of the states with the lowest median home prices: 

·       West Virginia: Median home value around $143,000.

·       Mississippi: Median home value around $147,800.

·       Iowa: Median home value around $157,200.

·       Alabama: Median home value around $142,700.

·       Oklahoma: Median home sale price around $148,000.

·       Ohio: Median home sale price around $145,100.

As of January 2025, the median home sale price in the U.S. was $396,900. This includes home prices in and near expensive large cities. 

Home prices are high in large cities on the East and West Coast. Manufacturing jobs will be available in Right to Work States in the South and Midwest.

The median home price by state in 2024 is listed by state on:

https://en.wikipedia.org/wiki/List_of_U.S._states_by_median_home_price

Condos are a bad deal and are difficult to sell because of Condo Association Fees and unstable foundations. A single family home is the best route.

Couples with home improvement skills that allow them to upgrade their homes themselves will make money on the homes they buy and upgrade.

Where we work controls where we live. The locations of reshored employers will produce opportunities for families to move to these locations. Investments to reshore or expand manufacturing are being covered on news channels.

The industries expected to increase jobs include steel, aluminum, pharma, auto, pipeline, oil and natural gas drilling and AI Data centers. Also mining and lumber jobs will add to the list. Improved air filters are enabling the US to resume coal mining.

US Families continue to leave California, New York and other Democrat led States.

Norb Leahy, Dunwoody GA Tea Party Leader