The Daily Alaska empire Newspaper, April 24, 1936, Page 7

THE DAILY ALASKA EMPIRE. FRIDAY, APRIL 24, 1936. Tns - O 0000 O T “Home of Your Own” INSTITUTIONS ;RECEIVING MORTGAGES ACCEPTED FOR INSURANGE [ e e THE HOUSING FORUM ARE )2 AS DANGEROUS 54 BATTLEFIELD/ INCT ) 34,500 AMERICANS ~ # OVER HALF THE NUMBER WORLD WAR~WERE ACCIDENTALLY KILLED LAST YEAR /N THEIR OWN HOMES ! FAULTY HEATING, RICKETY STAIRS, DANGEROQOUS INSULATION ARE UNNECES- SARY HAZARDS. TODAY OLD HOMES CAN Can I afford {o buy a home? Is it better to rent er buy? How much can I pay? There are two schools of thought on ownihg property — one says: “None but the wealthy can afford to own his own home.” The other is expressed in the widespread “Own Your Own Home" campaigns, which urge everyone to buy a house As is usually the case with flat dictims and slogans, neither is wholly correct. Many who are in the very small income class cannot only afford to own their own homes but are better off financially, so- cially, and spiritually for so doing. It depends largely on the business of the bread winner, the make-up of the family, and the locale. If the family income is derived from a steady job that seems perm- anent, if the family interests are centered in the locality, and if the ing to move within a short time a real one; if the family interests are widespry and the family to disintegrate through e I of the young from the nest; or if the neighborhood in which one lives is in the process of flux from resi- dential into that nondescript period when business has infiltrated but has not yet taken over, then own- ing a home is more likely t6 be a liability than an asset. And now how much should we pay? If we rent, we should not pay over 20 per cent of our income; if our family life is simple and our expenditures, other than the usual living expenses, are small, we might stretch a point and pay 25 per cent. And if we buy, we should not pay more than a sum equal to two and one-half times our annual income. On this basis under the long-term amortization plan instituted by the house can be acquired by monthly NATIONAL BANKS @wmic Banns & TRUST COS. BUILDING & LOAN ASSNS. INSURANCE COMPANIES MORTGAGE COMPANIES SAVINGS BANKS BB wonoaces mermance - MORTGAGES FOR NEW CONSTRUCTION ALL OTHERS BE MADE SAFE ~MODERN HOMES CAN BE BUILT~ ON EASY MONTHLY TERMS / ASK ANV APPROVED BANK ABOUT MODERNIZING YOUR HOME OR BUILDING A NEW HOME ON THE CONVENIENT FHA PLAN L neighbrohood is & reasonably stable Federal Housing Administration the one, then the wise thing to do is payments over a period of years. to buy. In most cases such payments are On the other hand, if the income less than the rent would be on a is uncertain, the bility of hav- house of similar accommodations. D e R N { { { { N ! N { N { % { OF U.S. SOLDIERS KILLED DURING THE ; { % This chatt, furnished by the Federal Housing Administration’s Division of Economies and Statisties, shows the percentage of distribution of the amount of mortgages accepted for insurance, through December 1935. National banks hold 39.2 per cent of these mortgages, according to the chart, and of this amount 41.1 per cent is for new construction and 38.3 per cent represents refinanced instruments. State banks and trust companies, however, which hold 32.1 per cent of the total. shaw 92 & ner cent for mew construction and 33.6 per cent for refinanced mortgages T A T L R S O 11100 4 2 e DA FOR $13.37 PER MONTH— A August Sieber, of Louisville, Kentucky is paying for his cotrage, appraised at $2200. At the end of 19 years, Mr. Sieger will own his home outright. . This small monthly sum, no greater than rent, not only covers interest and repayment of prin- cipal, but also includes taxes and fire insurance. 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