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Interesting. Unfortunately, it makes sense when woman still make less than men in so many occupations.

home-buying-tips-for-single-income-women

SEATTLE – April 23, 2018 – Real estate website Estately recently conducted a study showing how America’s gender wage gap affects home affordability and ownership for women.

http://www.floridarealtors.org/NewsAndEvents/

To find out, Estately used 2016 U.S. Census data to compare men’s and women’s median salaries in the 50 most populated U.S. cities. Based on those salaries and assuming a monthly mortgage payment of 28 percent of the gross monthly income, the site used a mortgage calculator to determine the maximum home price each salary could afford.

Armed with this information, Estately reviewed the homes currently for sale in major cities across the country and identified the percentage of homes men versus women could afford.

The results in some urban centers were bleak. Seattle, for instance, has the biggest wage-based housing gap. Men can afford nearly 150 percent more homes than women.

Colorado Springs, Miami, San Diego and San Jose also topped the list with significant gaps. For instance, in Colorado Springs men can afford 122.5 percent more homes than women, while further down the list in San Diego, the difference is still a significant 68.5 percent.

With these results in mind, we asked real estate and personal finance experts to share their top tips for single women seeking to purchase a home.

Don’t let the down payment scare you away
Coming up with the funds to make a down payment on a home can often seem impossible, particularly when so many Americans have sizeable student loan bills and more.

Andrina Valdes, division president at Cornerstone Home Lending, urges buyers not to let this part of the process discourage them.

“Over and over again, potential home buyers report saving for the down payment as the biggest hurdle to homeownership. When you’re relying on one income to save up for it, the problem can seem insurmountable,” says Valdes.

The good news is there are all kinds of down payment assistance programs that can help individuals get into a home for less money down.

The Federal Housing Administration loan is popular among first-time and single-income home buyers thanks to its 3.5 percent down payment requirement. There are also programs offered by the Veterans Administration and also USDA loans that may require no down payment at all, says Valdes.

Line-up a guarantor or co-purchaser
The reality is that many single income households, whether they’re run by men or women, need assistance in buying a home in today’s market.

Experienced agent Julie Gans of Triplemint suggests lining up a qualified guarantor, co-purchaser or someone who might be able to gift money for your home purchase.

Consider a fixer upper
A growing trend among home buyers with limited means has been buying older properties and rehabbing them, says Ralph DiBugnara, president of Home Qualified.

“There are a few mortgage products in the market right now that make that easier,” said DiBugnara. “Fannie Mae has a loan called Home Style and FHA has what’s called a 203k loan. They both allow you to not only finance the purchase price but also construction costs in the loan to help your home look new.”

Look at homes well below your means
Real estate analyst Julie Gurner, of FitSmallBusiness.com, says it’s critical that single income households buy properties that are well below the amount they’ve been pre-approved for.

“You see that gorgeous home at the top of your range? Pass on it, and you’ll be glad you did,” said Gurner. “Single women and single income families have to be especially mindful to buy a home below their means … It gives them an additional expense cushion every month. Things come up. Doctor visits, your car breaks down, or your furnace breaking can be a big financial hit if you don’t have the ability to absorb it. On months where nothing goes wrong, you have the ability to save.”

As a single income earner, it’s important to protect yourself financially and be able to provide the necessities that make life stable. Having a home below your means can give you both and a great place to live.

House hunt during the right season
When it comes to finding an affordable home, time of year can make a big difference.

That means shopping during the right seasons, when prices traditionally are more negotiable and inventory is better, says Valdes.

Recent data from Trulia shows that there’s a 7 percent spike in starter home inventory during the fall, making it an ideal time to find a good deal. On the flipside, starter home inventory drops by more than 20 percent during the summer, making the warmer months a less appealing market.

Minimize credit card debt
As you embark upon your housing search, it’s critical that you reduce existing debt. This helps on a variety of levels.

For instance, not only does it make you a better mortgage applicant, it will also help once you’re in your new home dealing with a whole host of new expenses.

Gans, of Triplemint, suggest tackling credit card debt in particular.

“Pay off all credit cards prior to purchase to lower your income to debt ratio,” advises Gans. “This reduces your liability and makes you look more appealing to a seller.”

http://www.floridarealtors.org/NewsAndEvents/

Copyright © 2018 North Jersey Media Group Inc. This article originally appeared on Credit.com.

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Listed here are just a few things to do and see to celebrate this Labor Day weekend in the St Petersburg area. Enjoy!

Friday, September 1st, 2017

St. Pete Shuffleboard Club  7pm    559 Mirror Lake Drive N, St. Petersburg.

Family-friendly shuffleboard with all equipment provided. Instruction available. Well behaved dogs welcome.

Lil Wayne, A Milli and Fireman rapper   Jannus Live  7:30pm

200 First Ave. N, St. Petersburg, Starting at $75.

An Evening of Improvised Music  Studio@620, 620 First Ave. S, St. Pete

Featuring St. Petersburg‘s Sean Hamilton, Infinite Third and Crux. $10.

Maxwell-Mahaffey Theater, 400 First St. S, St. Pete 8pm

R&B and soul, $45-$300.

Bourbon and Bluegrass-Renaissance Vinoy Resort & Golf Club 9pm

501 Fifth Ave. NE, St. Pete. The third annual dinner and concert series features five dining stations, full bar, bourbon and live music, through Sept. 9. $38 prix fixe menu.

Saturday, September 2nd, 2017  

License-Free  Saltwater Fishing Day    12:01am       Skyway Fishing Pier State Park

4905 34th St. S, St. Pete. Free fishing day providing an opportunity to introduce everyone to fishing. License requirement waived for all recreational anglers. All other rules apply.

Morning at the Museum  9:30am

Dali Museum, 1 Dali Blvd. (Bayshore Dr SE & Fifth Ave SE), St. Pete

Families with children ages 6 to 12 can privately explore the galleries before the museum opens. Reservations required and regular admission applies.

Canopy Tree Climbing  10 am, 1310 22nd Ave. S, St. Pete

Climbers ages 6 and older can climb into the canopy of a live oak tree using harnesses and a rope pulley system. $10.

The Holocaust & the Book of Fire, Florida Holocaust Museum,

55 Fifth St. S, St. Petersburg

Opening day for an exhibit of paintings, drawings, prints and artist’s books. Remains on display through Dec. 31. Included with admission. $16, $14 seniors, $8 ages 7-17, military/USF students/ages 6 & younger free.

St Pete Indie Market, State Theatre, 687 Central Ave., St. Pete  11am

Indoor market with more than 50 artists selling their artistic creations.

CraftyFest at ARTpool Gallery (Saturday and Sunday) 11-5pm
Crafty Fest Market is ARTpool’s buy local, handmade & vintage fabulous monthly event! ARTpool Gallery, 2030 Central Ave.

Brocante Market (Saturday and Sunday)  9am
St. Pete’s first permanent monthly vintage market. Housed in a 15,000 square foot former piano factory. Open the first weekend of each month. 9am-7pm Saturday and 9am-5pm Sunday. Brocante Market, 2200 2nd Avenue South.

2nd Annual Crab and Music Festival at Albert Whitted Airport 1-10pm
Live music and all the crab and seafood you can eat hosted by 95.7 The Beat’s Queen ‘B’ and BET Comicview and Atlanta’s Own ‘Tiny.’ Tickets are $20. Albert Whitted Airport, 480 Bayshore Dr SE

September 5th, 2017


The Melting Pot Presents Uncorked 2017

Five notable wines made by women who are making their mark on the wine industry today. September 5th. The Melting Pot, 2221 4th St N.

Originally International Women’s Day was called International Working Women’s Day. It is celebrated on March 8th every year. The first time it was celebrated was In New York on February 28, 1909, YES 1909!!, to remember the 1908 strike of the International Ladies Garment Worker’s Union in New York City.

In August 1910, an International Women’s Conference was held in Copenhagen, Denmark. 100 women from 17 countries met to promote equal rights. The following year on March 19, 1911 International Women’s Day  was celebrated by over a million people in Austria, Denmark, Germany and Switzerland. Women demanded that they be given the right to vote and to hold public office. They also protested against employment sex discrimination. (Well, some things haven’t changed). For many years it was predominately celebrated in socialist & communist countries. Hmmm…

Not until my generation was it embraced by the USA & much of the world. In 1975 The United Nations began celebrating International Women’s Day because it was also International Women’s Year. 1975!! Then in 1977 the United Nations invited its member to declare March 8th as the United Nations Day for women’s right and world peace.

“Here’s to strong women. May we know them. May we be them. May we raise them.” – Happy International Women’s Day!

San Diego Air & Space Museum 7

Annalisa Weller, Realtor®, Certified International Property Specialist

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