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(2), <br /> <br />units rent±ng for $1,200 to $1,799 per year <br />or owner occupied units valued at less than <br />$9,600 are predominately located in areas <br />identified as target areas or potential problem <br />areas; <br /> <br />(3) <br /> <br />the major'ity of single family (detached) dwelling <br />units and planned unit development units constructed <br />and sold since 1970 are included in housing expen- <br />diture ranges above $3,600 annually (units valued <br />at more than $28,800); and <br /> <br />(4) <br /> <br />multiple units constructed and rented sin6e 1970 <br />are usually .conta±ned.in rental ranges of $2,400 <br />or more per year (including expenditures for <br />utilities). <br /> <br />OPTIMUM HOMEOWNERSHIP LEVELS: <br /> <br /> The table which show th~ relationship between income and <br />housing expenditures (Tables V-15) strongly suggest that <br />homeownership is not suitable for everyone, at least not at~ <br />a given moment in time, and at least not as long as condominium <br />or cooperative housing is not a readily available alternative. <br />In addition, the position in'the life cycle is a relevant, · <br />consideration. Since there is always a distribution of persons <br />at different points'in the life cycle, there is always a <br />reservoir of persons n6t desiring to undertake the obligations <br />involved in homeownership. Students and military households <br />are examples of highly mobile households which are not usually <br />interested in homeownership. <br /> <br /> In addition to'groups which are readily identifiable <br />as having high incidences of mobility, there are many other <br />households where mobility strongly influences their housing <br />decisions. It is generally agreed that it is not financially <br />advantageous to purchase a home if the home must be soldin. <br />a relatively short period of time, such as two years, except in <br />time periods or locations characterized by high inflation rates <br />in property values. <br /> <br /> There are a number of other factors influencing the <br />decision to buy or to rent. THe akailability of suitable <br />accommodations in appropriate locations is especially relevant. <br />Taking the ca~e of the elderly Will illustrate this. Among <br />the elderly there are many persons whose physical mobility <br />has become limited. Because they'may no longer be able to or <br />wish to drive a car, they may choose to locate themselves <br />conveniently to public transportation and community <br />services. The only housing avail~ble in suit- <br />able locations is commonly apartments, rather <br />than single family homes. Ownership of units <br />in multifamily structures is still virtually <br />unavailable as an option in these circumstances. <br /> <br />000092 <br /> <br /> <br />