Stapleton Realty & Appraisal

We took different income examples of certain careers and what they could afford a month. In Oconomowoc right now there isn't enough homes available to these people. It is not low income, it's teachers, retirees, and our own police force. We are trying to acheive a place for these people to live that is close to they're job or close to they affordability range.

• Example 1 -Teacher at the new Silver Lake Intermediate School and a young professional at a local bank.

Income: Teacher $36,200 according to the OASD

Banker $36,000 according to local trends

Combined $72,200 / yr

__X .3 (housing ratio mortgage, taxes and insurance)

$21,600 / yr = $1,805 / month

Expenses: Hazard Insurance $25 / month (average estimate)

Property Taxes $248 / month (based on current tax rates)

Mortgage (P&I) $1532 /

Interest Rate 6.125% - current rates

Term 30 year fixed

MORTGAGE $252,135

• Assuming the use of a First-Time Homebuyer program (3% down), this would mean this couple could purchase of a home worth: $259,933.

• According to Multiple Listing Service (MLS), between the price range of $250,000 - $275,000 there are currently:

16 single family homes

3 Condominiums for sale in Oconomowoc.

• Example 2 -Teacher at the new Silver Lake Intermediate School or retired individual

Income: $36,200 according to the OASD or retiree $35,416 US Census Stats

X .3 (housing ratio mortgage, taxes and insurance)

$10,860 / yr = $905 / month

Expenses: Hazard Insurance $20 / month (average estimate)

Property Taxes $225 / month (based on current tax rates)

Mortgage (P&I) $905 / month (left over from original $905)

Interest Rate 6.125% - current rates

Term 30 year fixed

MORTGAGE $108,600

• Assuming the use of a 20% down payment, as is common, this would mean the purchase of a home worth $135,750.

• According to Multiple Listing Service (MLS), between the price range of $130,000-140,000 there are currently:

1 single family homes

2 Condominiums for sale in Oconomowoc

• Example 3 – City of Oconomowoc Police Officer as sole income earner for household or an empty nester.

Income: $50,670 according to the City ($24.36/hr at 2080 hrs/yr)

X .3 (housing ratio mortgage, taxes and insurance)

$15,201 / yr = $1,267 / month

Expenses: Hazard Insurance $25 / month (average estimate)

Property Taxes $175 / month (based on current tax rate)

Mortgage (P&I) $1012 / month (left over from original $1,267)

Interest Rate 6.125% - current rates

Term 30 year fixed

MORTGAGE $175,600

• Assuming the use of a 20% down payment, as is common, this would mean the purchase of a home worth: $219,500.

• According to Multiple Listing Service (MLS), between the price range of $190,000 - $225,000 there are currently:

29 single family homes

14 Condominiums for sale in Oconomowoc.