On average, middle-income families direct 30 percent of their kid-related expenses toward housing, according the 2013 U.S. Department of Agriculture Expenditures on Children by Families Report. The housing costs are twice as much what middle-income families spend on food and transportation for their children.
The USDA factored in the cost of additional bedrooms for kids to come up with the housing figure and assumed that in a two-child household, each kid would have his or her own bedroom.
For a society that likes shiny new things, the latest research could foreshadow a surprising trend — homebuyers choosing older homes over new construction.
Why? The prices and operating costs can vary widely. In August 2014, the median sales price of new homes sold was $275,600, while the median price of older homes was $219,000. Taxes and insurance may cost less for an older home.
Too often, housing that targets "empty nest" and "life after work" buyers is still set up for "drop out of the mainstream" and "end of purposeful life" living that can dead-end people financially and socially in the future.
These condominiums and developments seem set on housing residents for a handful of quiet retirement years after age 65, instead of the active, involved decades that stretch into continually-changing futures with age 100 no longer a big deal. Flexiblity of design, form, and function is essential when considering what "home" needs to be for those decades of change ahead.
When we see rich people, either in our daily lives or in the media, we have assumptions about them. The monikers of wealth – designers bags, expensive sunglasses and luxury vehicles – usually help us identify the status of that individual and make seemingly logical assumptions about their lifestyles.
The thing is, not every wealthy person is a big spender with an immaculate financial history. In fact, being wealthy doesn't mean you necessarily have any clue how to manage your personal finances. Here are eight stereotypes about rich people and names you know who break the mold.
If you’re looking to sell your home quickly and for top dollar, there are some lesser-known words that match the importance of the famous real estate phrase "location, location, location."
Those all-important words? Curb appeal.
As the saying goes, "You don’t get a second chance to make a first impression." When people drive up and first see your house, you want them to think of it immediately as a home that has been maintained and well cared for.
How much should your condominium association maintain in reserves? Is your association's insurance sufficient to protect unit owners faced with some kind of disaster? What role does the Federal Housing Administration, Fannie Mae or Freddie Mac play when lenders are deciding whether to make you a loan to purchase or refinance a condo unit?
There are no easy answers to these questions. But these and many other issues are discussed in detail in the new online Community Association Fact Book, which provides a lot of useful information for homeowners governed by HOAs.