Is Mesquite Affordable?
With the average single family home last quarter (2006) selling for just under $360,000, what does it take to buy a home in Mesquite? If you put 10% down ($36,000) and finance $ 324,000 at the current rate of 6.5% on a fixed rate for thirty years, (PITI plus mortgage insurance)your house payment will run about $2400 per month. Using standard 28% and 36% debt to income ratio numbers, your GROSS income will need to be around $100,000 a year, or about fifty dollars an hour. So I made a call to the local Chamber of Commerce to inquire about fifty dollar an hour jobs in Mesquite, they laughed! Lack of affordable or work force housing is an issue for employers. If ignored it likely will depress local economic and population growth and increase vacancy rates. Is Price Per Square Foot a Fair Way to Compare Properties? It is if we are comparing apples to apples, let’s break it down for real estate. Since we can’t see inside the walls lets assume the following; slab, rough-in plumbing, wiring, f
