165 townhouses to be added in Stapleton priced at less than $200,000 each

[emm74]

Originally Posted by Greentea323

Probably very low debt! I'm not sure what the HOAs are either,, but I can imagine if they're much over $200/month it would make it harder for those people.

Most of Stapleton doesn't have a secondary HOA, just the $40 master association fee which covers the community as a whole including your pool pass. The houses on courtyards have a separate HOA, I think usually in the 150-200 range, and of course townhouses/condos do. I am responsible for all of my own outside maintenance, landscaping, snow removal, etc. and don't have any HOA. I obviously don't have enough info to know about the income qualified homes this thread started with, but there's a good chance they will have only the $40 per month master assn fee.

[DFDNY444]

Originally Posted by denverian

It seems to me like the income restriction is too low. Something like $55K?? You couldn't have a single bill other than mortgage and regular expenses, for sure.

200k house would be roughly a $600(and that's probably high)mortgage extremely doable on even less than 55k. I wonder how those who make 55k can afford to live in one bedrooms that are now going for 1000-1300 a month. I guess when you make boat loads of money or don't actually earn money and have things handed to you, you can be a little out of touch with the average Joe's reality.

[Greentea323]

Originally Posted by emm74

Most of Stapleton doesn't have a secondary HOA, just the $40 master association fee which covers the community as a whole including your pool pass. The houses on courtyards have a separate HOA, I think usually in the 150-200 range, and of course townhouses/condos do. I am responsible for all of my own outside maintenance, landscaping, snow removal, etc. and don't have any HOA. I obviously don't have enough info to know about the income qualified homes this thread started with, but there's a good chance they will have only the $40 per month master assn fee.

That would definitely be something for someone looking at them to consider!

[denverian]

Originally Posted by DFDNY444

200k house would be roughly a $600(and that's probably high)mortgage extremely doable on even less than 55k. I wonder how those who make 55k can afford to live in one bedrooms that are now going for 1000-1300 a month. I guess when you make boat loads of money or don't actually earn money and have things handed to you, you can be a little out of touch with the average Joe's reality.

First, a mortgage on a $200K home is over $900, depending on down payment. Second, I don't have things "handed to me", and I am very aware of the "Average Joe". I don't know who you are, or if you even live in Denver. I work for a living, and it took a long time to work my way up from min. wage (what I earned after putting myself through college) to get to above average wages. I also grew up lower middle class, so trust me, I know what "average Joes" go through.

[hawkbill]

Originally Posted by DFDNY444

200k house would be roughly a $600(and that's probably high)mortgage extremely doable on even less than 55k. I wonder how those who make 55k can afford to live in one bedrooms that are now going for 1000-1300 a month. I guess when you make boat loads of money or don't actually earn money and have things handed to you, you can be a little out of touch with the average Joe's reality.

You are pretty far off.

200k house with 20% down (40k) would look something like this:

$764 mortgage payment, assuming 20% down and 4% interest rate.
$166 property tax (monthly)
$40 HOA fee

970/month before utilities, house/lawn maintenance, insurance etc.

I also find it to be pretty unlikely that many people would have that 40k down payment amount, which makes the mortgage payment go up both because of the amount taken out and because of PMI for having less than 20% equity. 10K down immediately puts the mortgage payment up to $907/month.

I think all of this is do-able, but there are a lot of 'hidden' costs to owning a home that I don't think people take into account when comparing owning vs renting.

[emm74]

Originally Posted by emm74

Most of Stapleton doesn't have a secondary HOA, just the $40 master association fee which covers the community as a whole including your pool pass. The houses on courtyards have a separate HOA, I think usually in the 150-200 range, and of course townhouses/condos do. I am responsible for all of my own outside maintenance, landscaping, snow removal, etc. and don't have any HOA. I obviously don't have enough info to know about the income qualified homes this thread started with, but there's a good chance they will have only the $40 per month master assn fee.

I was obviously not thinking too clearly when I posted this because these are going to be townhomes, and as such, I presume they will in fact have an HOA fee above and beyond the master assn fee.

This is a different income qualified townhouse, the HOA fee here is $110 per month. That's on the lower side from what I've seen so perhaps they also have ways to keep the HOA fees a bit lower for the income qualified homes.

7789 E Martin Luther King Jr, Denver, CO 80238 | MLS 5532305 | Listing Information

[headingtoDenver]

Originally Posted by headingtoDenver

Bring on the, 'It's still not good enough. We want single family detached homes' crowd.

I was half joking about my post on page 1, but imagine that, sub $200,000 housing and people still complain. I seriously think some of you complain just to complain.

[DFDNY444]

Originally Posted by hawkbill

You are pretty far off.

200k house with 20% down (40k) would look something like this:

$764 mortgage payment, assuming 20% down and 4% interest rate.
$166 property tax (monthly)
$40 HOA fee

970/month before utilities, house/lawn maintenance, insurance etc.

I also find it to be pretty unlikely that many people would have that 40k down payment amount, which makes the mortgage payment go up both because of the amount taken out and because of PMI for having less than 20% equity. 10K down immediately puts the mortgage payment up to $907/month.

I think all of this is do-able, but there are a lot of 'hidden' costs to owning a home that I don't think people take into account when comparing owning vs renting.

My apologies, my numbers were definitely off. I'm glad we agree its still doable and their cost of home ownership should be on the low side with small lots, no landscaping etc.

[Teckeeee]

I guess they really want Montbello to move right in not enough they are a stones (bullets) throw away.