Monday, May 15, 2006

Wages Not Keep Pace of Orlando Real Estate

Prices have rose in past couple of years that have priced the middle class from home ownership. Buyers who say their combined income of $75K is still not enough for find home ownership. Even condos can eliminate home ownershio after condo fees are added. The median price of household income rose 16% since 2000 and median price of a home rose 138%. The affordability problem is being faced by major employers in the Central Florida Region such as Progress Engery, Public Schools, and Disney who say the housing affordiability problem and damped recruitment. People do not want to have long commutes from areas outside Orlando that offer more affordable housing. One option from affordablility expert is to build greater density in which homes are built up, offering shorter commutes. Courtesy of Orlando Sentinel 5/14/06.