Michael Klacik's blog

Wishing You A Wonderful Holiday Weekend!

Parents & Sellers Chip In For First-Time Home Buyers

When it comes to purchasing your first home, one of the biggest challenges you may face is saving enough money for the down payment and closing costs.

The good news is that many loan programs allow these costs to be paid by others.  So, don't put off your dream of owning your own home just because your savings account is a little low.  

There are two very commonplace ways to get the funds needed to own your own home:

What Does Youngstown Have in Common With Limerick, Ireland? This Will Surprise You!

According to the 11th Annual Demographia International Housing Affordability Survey: 2015 Youngstown tied four other markets — Limerick, Ireland; Rockford, Ill.; Terre Haute, Ind.; and Utica, NY — as the world’s most affordable housing market, with a 2.0 affordability ranking.

The study calculates affordability by dividing the median house price by the gross annual median household income.  Youngstown's median home price is $84,500, and it's median household income is $42,800 . . . thus the "World's Most Affordable" 2.0 ranking.

Detroit tops the ranking of most affordable major metro markets (with a 2.1 rating), while Hong Kong is the least affordable with a 17.0 rating.

This is a good thing!  You can buy a great house with a great yard and live a good life here on a modest income!