Budget Expenseses: Single Family Living

Essay by EssaySwap ContributorUniversity, Master's February 2008

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Over the past few years the homes in Southern California have gone up tremendously to the point that it makes the prices seem ridiculous. For many, buying a first time home can be very difficult especially when you have children. As stated in UCI annual survey, “Orange County residents are paying more for housing, with 29 percent of renters-up four points from 1999-and 49 percent of homeowners paying more than $1,000 per month for housing. While the proportion of homeowners paying more than $1,000 is unchanged from 1999, one in four homeowners now pay more than $1,500 per month, a six-point increase from 1999” (Johnson).

As housing costs increase, the American dream of home ownership continues to elude many Orange County ethnicities. Statistics show, only “35 percent of Latinos own their own homes, compared with 72 percent of non-Hispanic whites and 63 percent in the county as a whole. Latinos also are less likely than non-Hispanic whites to live in single-family homes (35 percent to 58 percent) “(Real Estate).

Buying a home can be one of the most significant investments in one life. Not only is person choosing his dwelling place, and the place in which he will bring up his family, but he are most likely investing a large portion of his assets into this venture. Homeowners need to prepare themselves before buying their home for the first time. As a result this can eliminate some of the more overwhelming and chaotic processes of purchasing a home. It is wise for a first time homeowner to go over a financial budget plan to see if they are able to find a home that would meet their qualifications and needs.

Wilber 2 As a family with two boys, we have selected a home that met everyone’s needs and wants. The home...