As we strolled through Vittum Park yesterday, it seemed every street had at least one house for sale. David Puma, a sales agent for Puma Realty Group at 5438 S Archer Ave, confirmed our snap impression that homeowners in the area are having a hard time unloading their properties. He attributed slow home sales in the neighborhood to a slow housing market nationwide. “It’s not that people would rather live somewhere else,” he said. “There are a lot of sellers, but no buyers.”
Puma said the average homebuyer in the area is between 35 and 50, and generally makes between $35,000 and $70,000 per year. The neighborhood is populated almost entirely by families and older residents, and is very culturally diverse, he added.
Puma estimated Vittum Park’s median home price to be around $250,000.
Puma said the average homebuyer in the area is between 35 and 50, and generally makes between $35,000 and $70,000 per year. The neighborhood is populated almost entirely by families and older residents, and is very culturally diverse, he added.
Puma estimated Vittum Park’s median home price to be around $250,000.
———–
Which shows that the median is too high. This is why there is a surplus, because people cannot afford it.
If the median income is 30-70g’s then the median home should be betwen 90,000 to 210,000 using the traditional, non-bubble, non-teaser-morgage-rate 3x income model.
If a family that only makes 30,000 want to buy a median priced home they would bave to spend 8.33x their income!!!!!!!!!
Anyone else think Chicago is OVER-PRICED??!!
[…] YoChicago » Blog Archive » The real estate surplus in Chicago’s Vittum Park neighborhood The real estate surplus in Chicago’s Vittum Park neighborhood Posted 6/15/2007 by Andy Anderson […]