Affordable Housing

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The New Starter Home

By Joe Irvin

To hear Marissa Skarpohl describe it, paying rent felt the same as burning cash in a campfire, one $20 bill after another. No gain, an income drain and payment on someone else’s mortgage.
    For this elementary school teacher in Elk Grove, owning a home was a major goal. “It’s a sign of establishing myself,” says Skarpohl, 30. And she wanted to live in the same suburban community as her students. “My job is stressful enough that I don’t want to tack on the job of having to commute.”
    One hitch: The average price of homes in her community is $450,000. And as with many salaried professionals, her income growth simply couldn’t match the recent run-up in real estate values. Meanwhile, interest-rate increases toyed with the projected monthly payment. It seemed a long shot, at least two years of savings away.
    But why not go ahead, take a look at the market, and crunch some numbers?
    Acting on a tip from a friend, Skarpohl clicked and pointed her way to a surprising opportunity: a new, two-bedroom, 936-square-feet halfplex “with a fenced yard for my dog, Lucy.” Skarpohl would need about $30,000 for the 10 percent down payment, but it would be her very own turf.
    She reviewed the floor plans online, researched the builder’s reputation, heard herself convincing her folks that this was the time and place to help with the down payment, and made an offer. All over the course of a weekend; all without so much as a walk-through.
Continued...

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