Its tough to buy a home by oneself in Juneau’s current housing market.
On average it takes more than one-and-a-half incomes to purchase a home in Juneau as of 2011, according to the Alaska Department of Labor and Workforce Development.
In comparison, the state-wide average is one-and-one-third incomes to buy a home. Alaskans who live in the Mat-Su Valley and work in Anchorage enjoy the most affordable housing at just a sliver over one income needed to afford a home.
Interest rates for home loans in Alaska averaged 4.46 percent in 2011.
Home prices statewide have fallen to levels not seen since 2003, well below the 2007 high of around 1.6 incomes per single family home.
State-wide home prices have leveled out after a steep rise from as early as 2001 through 2006. While homes across Alaska are becoming more affordable compared to wages, and at the same time interest rates have fallen, potential home-buyers face greater hurdles when seeking a loan, Department of Labor Economist Rob Kreiger said in the Department of Labor’s December Economic Trends publication. Many banks require 20 percent down payments or home buyers face mortgage insurance penalties and other added costs.
Comments (12)
Add commentWah, Karla.
Wah, Karla. They can also have land, grow gardens, have livestock, basic cost of living is way lower, they dont have webbed feet....
Empire, this isnt news for those of us that live here...
Missing the obvious
If interest rates were at their historic "normal" levels, then almost nobody would afford a home.
Hmmmm
Karla - didn't you have family build your home ?
Are you a republican now too ?
So basically your problem
So basically your problem with an article stating facts about juneaus high housing costs is what? It's a fact juneaus housing is more expensive. Regardless if they compared it to that city or the next one over.
Karla you are wrong
Juneau is quite capable of five and ten acre lots with room for livestock. Really, you ever hear of Old Dairy Road?
Building codes change constantly. I have a 2007 building permit and there have been three electrical code changes since then and the benefit relative to the cost is non-existent.
Frankly, today's trailers and modular homes are very affordable relative to stick frame construction in Juneau.
Karla, you have no clue to what you are talking about, simply pushing your religious/fanatic environmental political beliefs.
"affordable" housing
"affordable" housing is often subsidized by the feds, or others, often requiring certain criteria to be met before one can be eligible. in essence, you have to be pretty poor.
it wasn't long ago that one could put one's self through school on a single minimum wage job, without financial assistance. however, that is clearly not the case anymore.
the cost of everything has increased dramatically, while wages have struggled to make even meager improvements.
this effectively shrinks the "middle-class."
the only way to grow a middle class is to make the money that "they" do have go further.
this can be done by making products more affordable, either by creating more efficient means of production, or by attaining building materials at a substantially lower cost. yada, yada, yada.
And to all those who will come back with partisan comments of one kind or another, i offer this:
poor people can't employ anybody, so be nice to the rich folks. trickle up poverty is for the birds.
Karla
What does population have to do with the vacant, undeveloped and under utilized land owned by the CBJ? Nothing! Matter of fact, Juneau has nearly doubled the population and barely moved the inhabited boundary. Juneau needs to expand, accommodate multiple land use lifestyles. Not having land that is farmed in Juneau creates an unnecessary dependence on imported food. Not having livestock such as pigs, chickens, dairy cows, meat cows, rabbits in Juneau is not a good thing for the community long-term or short.
You are correct Karla and I
You are correct Karla and I apologize for being defensive and going on the attack. I need a refresher on opening my mind and remembering people come across one way and might have ment it another.