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Average net worth of homeowners vs. renters

August 4th, 2010 7:02 AM

Why Rent When You Can BUY?

Yup, the cliché’ is true: Buying a home is one of the smartest financial decisions most people will ever make. Don’t take our word for it. Take the Federal Reserves.

Its Survey of Consumer Finances has consistently found a huge gap between the wealth piled up by homeowners and that accumulated by renters.

Home ownership builds wealth in two ways: through the forced savings of paying down a mortgage, and through appreciation -- the rise in the homes value over time.

The earlier you get in the game, the quicker you can get that appreciation working for you. The longer you wait - well, the consequences can be stiff....

Average net worth of homeowners vs. renters

Annual income

Owners

Renters

$80,000 and up

$451,200

$87,400

$50,000 to $79,999

$194,610

$25,000

$30,000 to $49,999

$126,500

$10,600

$16,000 to $29,999

$112,600

$4,240

Under $16,000

$73,000

$500

Source: VIP Forum, Federal Reserve Board

Posted by Leslie Hutchison on August 4th, 2010 7:02 AMPost a Comment (0)

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NEW REAL ESTATE TAX RATES for Northern Virginia as of July 1st…

July 26th, 2010 4:16 PM

NEW REAL ESTATE TAX RATES as of July 1st…

Arlington County $0.953*
City of Fairfax $0.96
City Of Alexandria $0.978
Town of Clifton $1.105*
Fairfax County $1.105*
Prince William Co $1.236
City of Falls Church $1.24
Loudoun County $1.30
Town of Vienna $1.3498
Town of Herndon $1.3725
City of Manassas $1.472
Manassas Park $1.65

* Includes sanitary district & stormwater fee

Posted by Leslie Hutchison on July 26th, 2010 4:16 PMPost a Comment (0)

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100 years ago.....

July 21st, 2010 8:57 AM

It May Be Hard to Believe That A Scant 100 Years Ago...
• The average life expectancy in the United States was 47.
• Only 14 percent of the homes in the United States had a bathtub.
• Only 8 percent of the homes had a telephone. A 3 minute call from Denver to New York City cost $11.
• There were only 8,000 cars in the US and only 144 miles of paved roads.
• The maximum speed limit in most cities was 10 mph.
• Alabama, Mississippi, Iowa, and Tennessee were each more heavily populated than California. With a mere 1.4 million residents, California was only the 21st most populous state in the Union.
• The tallest structure in the world was the Eiffel Tower.
• The average wage in the U.S. was 22 cents an hour. The average U.S. worker made between $200 and $400 per year.
• A competent accountant could expect to earn $2000 per year, a dentist $2500 per year, a veterinarian between $1500 and $4000 per year, and a mechanical engineer about $5000 per year.
• More than 95 percent of all births in the United States took place at home.

Posted by Leslie Hutchison on July 21st, 2010 8:57 AMPost a Comment (0)

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3 open houses today!

July 18th, 2010 9:30 AM

1949 Leonard Rd - Falls Church - $895,000

1976 Hopewood Dr - Falls Church - $580,000

4501 Arlington Blvd #219 - Arlington - $299,000

Posted by Leslie Hutchison on July 18th, 2010 9:30 AMPost a Comment (0)

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Tax Credit for Service Members Extended

July 17th, 2010 5:01 PM

While the $8,000 home buyer tax credit for most of us expired on April 30th, members of the US Military, Foreign Service and intelligence communities have an extra year to claim the tax credit! As long as the qualified member has been on extended duty outside the U. S. for 90 days or more, he or she has until April 30th 2011 to sign a sales contract, and until June 30, 2011 to close.

Posted by Leslie Hutchison on July 17th, 2010 5:01 PMPost a Comment (0)

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30 Year Mortgages Hold Steady....

July 17th, 2010 4:58 PM

Thirty year mortgage rates held steady this week at an all-time low according to numbers from Freddie Mac. Money for refinances and purchases is cheap if you can qualify under today's tighter lending standards.

30 year fixed rate: 4.57%
15 year fixed rate: 4.06% (a new all-time low)
5 year adjustable rate: 3.85%

Posted by Leslie Hutchison on July 17th, 2010 4:58 PMPost a Comment (0)

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Granny Pods...

July 17th, 2010 4:47 PM

Granny Pods... GREAT idea to care for aging parents! It's a 288 sf modular home that is self contained and can be installed on private property, superseding local ordinances. This is a fabulous alternative to expensive assisted living. Call me for more information or go to http://www.medcottage.com/

Posted by Leslie Hutchison on July 17th, 2010 4:47 PMPost a Comment (0)

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