Affordable Housing: How far can my dollar go?

Although more than 60% of all homes in Sarasota and Manatee counties are single-family structures, buying a house in the area is unrealistic for many earning less than the region’s median income.

A two-person household making $45,400 — 80% of area median income — could afford monthly payments on a $197,000 mortgage, assuming they had a 20% down payment. In September, there were a total of 303 homes listed in both counties available for less than $200,000, or 7.2% of the available inventory.

For even lower-income residents, the challenge is more daunting: The inventory of homes available for less than $150,000 represents less than 2% of all homes on the market in Sarasota-Manatee, and many are “teardowns.”

Realtor Wanda Martinetto of Premier Sotheby’s International Realty says some cheap homes are available but offers this evaluation:

“It’s not going to be a desirable area,” she said. “I am having the same problem with my mom, who is trying to live close to me. The homes we can find [for $150,000] is not where I would want her to live.”

By the time dilapidated homes are excluded, potential buyers have little to choose from. For those priced out of buying a home, finding an apartment for $900 a month or less is almost as rare as finding a home for $150,000 or less.

Apartment List statistics say the national median for a one-bedroom rental is $958. The thriving home sales market in the Sarasota region, though, makes it even harder to find an affordable rental. Here, the average one-bedroom unit rents for $1,086 per month.

“The sale and rental markets are intertwined,” said Chris Salviati, a housing economist for Apartment List. “You have a tight inventory of starter homes here. … There really is nothing on the market, so people turn to rentals, and that puts a strain on the rental market.”