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Housing costs are well below the typical U.S. price, and earnings are only 8% less than the national median. The typical homeowner in Louisiana spends just over a quarter of their salary on their mortgage. That reasonable amount is due to the cheap housing, as incomes in this state are 25% lower than the U.S. median.
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Check out our favorite affordable listings in Staten Island, NY
Its median income may be 24% less than the nationwide median, but it also has the lowest typical house price and average mortgage payment. The median income (24% more than the national median) hasn't been able to match home prices in Utah. That makes home ownership difficult for many residents because of high average mortgage payments. Tennessee’s lower-than-average housing costs isn’t enough to compensate for incomes 19% under the national median. This resulted in one of the biggest seller's markets in history, although that may be changing as mortgage rates increase and housing supply expands. Now, let's take a deeper dive into what average house prices are like across the country.
Owner-occupied housing accounts for 67.81% of Staten Island's homes, and 58.18% have either three or four bedrooms, which is average sized relative to America. Single-family detached homes are the single most common housing type in Staten Island, accounting for 34.25% of the borough's housing units. Groceries are a sneaky necessity that can strain a family’s budget. Fortunately, Staten Island groceries average just above the national average at 115 on the cost of living index. The child care shortage translates to an economic crisis for families as 3 in 4 Staten Island families cannot afford care without assistance, and assistance is limited. If you can find a spot, it costs over $21,000 to put an infant in center-based care.
Taxes on Staten Island
Kansas is another state that combines cheap housing prices with a median income around the national median (8% above), which makes it affordable to buy a home there. West Virginia has the cheapest home prices according to Zillow at 40% of the typical U.S. price. Mortgage payments there take up 16.5% of the state's median income on average, the lowest rate in the nation. Neighborhood appreciation rate data are based on transactions involving conforming, conventional mortgages. Only mortgage transactions on single-family properties are included. Conventional means that the mortgages are neither insured nor guaranteed by the FHA, VA, or other federal government entity.
Realtors say that while Staten Island prices are high, homes in other boroughs are higher. Carmine Masullo, broker/owner of the Bulls Head-based Homefinders of Staten Island, said the majority of his buyers are looking to purchase homes for between $350,000 and $600,000. A low inventory of housing stock has made homes across the borough a hot commodity. Another obstacle for first-time buyers is that there are many "cash buyers" and investors with large down payments in the marketplace. Putting 20% down means you don't need to pay private mortgage insurance. The Zillow Home Value Index isn't an average, but it represents the typical home value in a given area.
Commercial Transactions in Staten Island
You may also be interested in single family homes and condo/townhomes for sale in popular zip codes like 10314, 10312, or three bedroom homes for sale in neighboring cities, such as New York, Manhattan, Brooklyn, Queens, Bronx. The typical home price keeps mortgage payments affordable, even with high mortgage rates and a median income 5% lower than the nationwide median. Here are the typical home prices in all 50 states, the typical value of a single-family home, and the average mortgage rate as of early August 2021. In addition, we've calculated how much an average mortgage payment in each state would cost in comparison to its median income. Recently sold homes in Staten Island, NY had a median listing home price of $659,000. There were 3066 properties sold in Staten Island, NY, which spent an average of 78 days on the market.
Our data are built upon median house values in each neighborhood, and combine data from the United States Bureau of the Census with quarterly house resale data. The data reflect appreciation rates for the neighborhood overall, not necessarily each individual house in the neighborhood. In 2007, the median household income in Staten Island was $68,1352. Home affordability guidelines suggest that no more than 30% of household income be spent servicing a home loan. For the median Staten Island household, this would have meant that a monthly mortgage payment should not have exceeded $1,703 using the 2007 average mortgage rate of 6.34%3.
When you think of food and Staten Island, Italian may first come to mind, and rightly so. Denino’s Pizzeria is a Staten Island staple but far from the only place to get pizza. Sri Lankan, Mediterranean, and seafood restaurants all add to the dining scene on the island; residents have no fear of going hungry. The free ferry between Staten Island and Manhattan is both a tourist attraction and a vital transportation method for Staten Island residents.
That's why many people are considering purchasing a foreclosed home as a viable path to homeownership. In Staten Island, NY, there are some fantastic foreclosed home options available. If you have been finding it difficult to find a home in your price range in Staten Island while saving for a down payment, a foreclosed home could be just the option for you. Foreclosed homes offer the opportunity to get into a home at a reduced price in exchange for potentially needing to make repairs and otherwise fix up the home.
Investors are flocking to Staten Island, partly because the North Shore waterfront is exploding with development. Even though the NY Wheel project is indefinitely delayed, projects like Empire Outlets, Lighthouse Point and Urby are drawing investors, who are buying all that's for sale in order to cash in on the North Shore boom. "My biggest obstacle is lack of good houses to show them -- meaning dirty homes, homes with too much furniture, etc..." said Masullo. "Also, people see that 'other people on the block' are getting crazy numbers for their house so their home is worth much more. That is not true most of the time."
Over 60,000 people ride the ferry per day, and no roads directly connect the island to Manhattan. Click on the risks below to learn which exist in Staten Island today and how they’ll change by 2050. School service boundaries are intended to be used as reference only.
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