Making the transition from urban to suburban living
Posted on Friday, December 23, 2011 at 4:07:37 PM
Cities are often for the young. It offers an allure for those looking for a variety of resources all within walking and public transit distance. However, usually around the time kids come into the equation, a family's needs change and suburbia beckons.
Residential financing for homes in some suburban locations is abundant because of the wealth of opportunity they provide consumers in the middle or upper middle class. The average annual income for middle class families ranges from $51,000 to $123,000. However, it is important to note the definition does change with geographic location.
Approximately 42 percent of suburban residents give their neighborhoods high marks concerning some key factors, such as employment opportunities, schools, safety, a good place to raise children, cost of living, shopping, recreational activities and the ability to make friends in the same phase of life (married, children, etc).
These positive features of suburban living make the idea of considering residential lending to finance a move from urban to suburban easier to consider for first time home buyers.