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Lack of Affordable Housing A Myth?

According to Becky Breeze, the lack of affordable housing in Bend is a myth, saying that there are lots of homes under $250,000 in Bend. Now, if you do the math and assuming you have good credit and can get a good 30-year rate at 6% (the lowest rates right now are 5.75% and first-time home buyers aren't likely to get that low), that's still a nearly $1500 payment per month, not counting taxes and insurance. I'm fortunate enough that I bought my house years ago and have great credit so that my monthly payment is less than $900 (with taxes and insurance), but considering that most folks here are already not making a living wage, I don't have a clue how anybody could make that kind of payment on a $250,000 home.

So I used her site's MLS search, and from what I can tell (and I don't have raw MLS access, nor am I at an office today with anybody who does, so somebody correct me if I'm wrong here), here is what I see:

  • 30 Homes less than $250,000, but all higher than $185,000 (most over priced, a few in Deschutes River Woods).
  • 35 Manufactured homes between $250,000 and $116,000, many in Deschutes River Woods or in the Sunriver area, so not really in Bend.
  • 24 Condos, priced between $235,000 and $125,000, but many of the lower-end ones are up at the Inn of The 7th Mountain, and those things are pieces of junk.
So yeah, I guess there is cheap housing, but not any that I'd want to live in, and not much of anything under $200,000 in the city limits. And yet somehow the area is full of affordable housing.

I'm just thanking God that I bought my house when I did -- it was a total struggle to make monthly payments when we bought it, but there is no way I could afford a house now.

BendBubble2, am I missing something?

Posted by Jake on 02/26/07 @ 09:52 AM
Posted in Local | Permalink



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