Real Estate Watch

REAL ESTATE WATCH

July 17, 2005|By Jamie Smith Hopkins

Rising home costs cause stress beyond mortgage payments

The true price of rising home costs goes far beyond ballooning mortgage payments, a poll by the Homeownership Alliance finds.

The Washington-based group said last week that more than half the residents surveyed worry that home costs will prevent them from sending their children to decent schools. Nearly half are considering whether to leave their communities in search of affordable, desirable housing. And almost a third have someone in the family who commutes at least an hour to work.

About half the minority residents surveyed said high costs forced them to rent instead of buy, compared with a little more than a quarter of whites.

"The high cost of housing is placing enormous stress on families, affecting every aspect of their lives," said Rick Davis, president of the alliance, a coalition of organizations such as the Consumer Federation of America, Fannie Mae and the National Association of Realtors.

- Jamie Smith Hopkins

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