Baltimore area ranks 58th in housing affordabilityBaltimore...

THE BALTIMORE SUN

Baltimore area ranks 58th in housing affordability

Baltimore was the 58th market in housing affordability in a 1996 survey of 75 major metropolitan areas by E & Y Kenneth Leventhal Real Estate Group of Los Angeles. The region moved down one spot from 1995.

The study compares what typical midlevel corporate employees are required to pay for "amenitized housing," a four-bedroom home or luxury two-bedroom rental apartment.

Continuing a trend first observed last year, it is less expensive to own a home than to rent on an after-tax basis in 53 of the 75 markets studied.

In Baltimore, however, the reverse is true. It takes 31.5 percent of an after-tax paycheck to make a mortgage payment on that four-bedroom home as opposed to 28.8 percent for rent on the two-bedroom luxury apartment.

The most affordable urban area was Oklahoma City, where 19.5 cents of each take-home dollar is spent on housing.

Six at Long & Foster complete analysis course

Long & Foster Real Estate Inc. reports six sales associates and managers from Anne Arundel County completed the two-day "Fundamentals of Investment Real Estate Analysis" conducted at the company's corporate office in Fairfax, Va., by the Commercial Investment Real Estate Institute.

The course covered discounting cash flows, calculating taxable income, present value of future payments, tenant representations and the profitability estimation formula.

The students were Janet Hannsz and Kathy Miller, Annapolis office; Gail Lincoln and Antonio T. Parise, Pasadena; Jack Beach, Perry Hall; and Buddy Bohager, Timonium.

News in Brief

GYC Group Ltd. opened for business with offices in Westminster, Carroll County. The company was formed by Gary Clark, president of Ellicott City-based GYC Builders Inc. Clark & Associates, a companion real estate sales company, joined GYC Group at 150 E. Main St.

Long & Foster Real Estate Inc.said Sally Sweet of the Annapolis office was the firm's top Anne Arundel County producer in February with $1.7 million in home sales. Other top sellers were Lee Hosea, Severna Park, $1.4 million; Mary Thompson, Annapolis, $1.2 million; Theresa and Ronnie Stevens, Fort Meade/Odenton, $874,950; Janet Hannsz, Annapolis/Downtown, $636,000; and Kathy Camden, Pasadena/Glen Burnie, $569,700.

Ruppert Landscape Co.was designated as an "accredited quality contractor" by the Associated Builders and Contractors. Ruppert was selected for its "demonstrated commitment to excellence in safety, training, employee benefits and community relations.

Pub Date: 5/26/96

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