Connecticut Residential Construction Ramping Up
many borrowers to renovate or raze existing properties and rebuild.
The land crunch also is exerting pressure on prices, which have climbed to a median of roughly $489,000 in lower Fairfield County. The U.S. Bureau of Labor Statistics estimates that seven of every 10 local employees don't earn the $127,781 annual income needed to purchase a single-family home at the median price, based on a 5 percent downpayment and a 30-year mortgage at 6 percent interest.
Source: Stamford Advocate (10/13/04)
The land crunch also is exerting pressure on prices, which have climbed to a median of roughly $489,000 in lower Fairfield County. The U.S. Bureau of Labor Statistics estimates that seven of every 10 local employees don't earn the $127,781 annual income needed to purchase a single-family home at the median price, based on a 5 percent downpayment and a 30-year mortgage at 6 percent interest.
Source: Stamford Advocate (10/13/04)
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