Financing Problems - Saving, Borrowing And Paying Back
Description
This section is from the book "The Better Homes Manual", by Blanche Halbert. Also available from Amazon: The Better Homes Manual.
Financing Problems - Saving, Borrowing And Paying Back
The man who has enough cash to pay in full for a home has no worries about financing. Most people, however, can pay only part of the price in cash and are obliged to borrow the rest. It must always be remembered that the more cash one can pay down on a house the better.
Borrowing money to buy a home is no disgrace. On the contrary, it is normal and in many ways desirable. Many families in meeting payments on a loan have learned the habit of saving, and have continued it as a step toward financial independence.
Table I. Home Ownership In The United States: Percentage Of Families Owning Their Homes By Divisions And States, 1900, 1910, And 1920
[Figures from the Bureau of the Census]
Division and State | Per Cent of Families Owning Their Homes | Decrease or Increase from 1900 to 1920 | ||
1900 | 1910 | 1920 | ||
United States............... | 46.1 | 45.8 | 45.6 | 0.5 |
Geographic divisions: | ||||
New England................. | 42.0 | 39.7 | 39.8 | - 2.2 |
Middle Atlantic............... | 36.3 | 35.5 | 37.2 | + .9 |
East north central............. | 53.9 | 52.8 | 52.3 | - 1.6 |
West north central............. | 58.2 | 58.2 | 50.4 | - 1.8 |
South Atlantic................ | 40.1 | 40.9 | 42.0 | + 1.9 |
East south central............. | 42.0 | 42.3 | 42.7 | + .7 |
West south central............. | 44.1 | 42.9 | 42. 2 | - 1.9 |
Mountain................. | 57.6 | 58.5 | 55.2 | - 2.4 |
Pacific................................... | 49.7 | 53.0 | 47.9 | - 1.8 |
New England: | ||||
Maine............................ | 64.5 | 62.3 | 59.6 | - 4.9 |
New Hampshire.................. | 53.5 | 51.0 | 49.8 | - 3.7 |
Vermont...................... | 60.1 | 58.4 | 57.5 | - 2.6 |
Massachusetts.............................. | 34.9 | 33.1 | 34.8 | - .1 |
Rhode Island.................. | 28.6 | 28.3 | 31.1 | + 2.5 |
Connecticut................... | 38.9 | 37.2 | 37.6 | - 1.3 |
Middle Atlantic: | ||||
New York.................... | 33.1 | 30.9 | 30.7 | - 2.4 |
New Jersey................... | 34.2 | 35.0 | 38.3 | + 4.1 |
Pennsylvania | 41.1 | 41.5 | 45.2 | + 4.1 |
East north central: | ||||
Ohio......................... | 52.4 | 51.2 | 51.6 | - .8 |
Indiana.................... | 55.9 | 54.7 | 54.8 | - 1.1 |
Illinois................•....... | 44.9 | 44.0 | 43.8 | - 1.1 |
Michigan........................... | 62.0 | 61.6 | 58.9 | - 3.1 |
Wisconsin................................. | 66.2 | 64.4 | 63.6 | - 2.6 |
West north central: | ||||
Minnesota........................ | 63.0 | 61.7 | 60.7 | - 2.3 |
Iowa............................ | 60.5 | 58.4 | 58.1 | - 2.4 |
Missouri.......................... | 50.5 | 50.9 | 49.5 | - 1.0 |
North Dakota....................... | 79.2 | 75.1 | 65.3 | - 13.9 |
South Dakota....................... | 70.9 | 67.9 | 61.5 | - 9.4 |
Nebraska...................... | 56.6 | 59.0 | 57.4 | + .8 |
Kansas..................... | 58.9 | 59.1 | 50.9 | - 2.0 |
South Atlantic: | ||||
Delaware..................... | 36.2 | 40.6 | 44.7 | + 8.5 |
Maryland....................... | 39.7 | 43.9 | 49.9 | + 10.2 |
District of Columbia.............. | 24.0 | 25.2 | 30.3 | + 6.3 |
Virginia................... | 48.2 | 51.2 | 51.1 | + 2.9 |
* How To Own Your Home, p. 3.
The above table shows that in 1900, out of every 1,000 families in the United States, 461 owned the homes they lived in, while in 1920 the proportion had dropped to 456 out of every 1,000 families Twenty states and the District of Columbia showed an increase in percentage of home ownership, while the re-maining 28 States showed a decrease. The 10 leading States in respect to home ownership in 1920 were, in order, North Dakota,Wisconsin, South Dakota, Idaho, Minnesota, Montana, Utah, Maine, New Mexico, and Michigan.
Division and State | Per Cent of Families Owning Their Homes | Decrease or Increase from 1900 to 1920 | ||
1900 | 1910 | 1920 | ||
South Atlantic - Continued | ||||
West Virginia................. | 54.1 | 49.2 | 46.8 | 7.3 |
North Carolina................ | 46.0 | 47.0 | 47.4 | + 1.4 |
South Carolina................ | 29.9 | 30.6 | 32.2 | + 2.3 |
Georgia...................... | 30.0 | 3° 4 | 30.9 | + .9 |
Florida....................... | 46.1 | 43.7 | 42.5 | - 3.6 |
East south central: | ||||
Kentucky..................... | 51.2 | 51.4 | 51.6 | + .4 |
Tennessee..................... | 45.8 | 46.7 | 47.7 | + 1.9 |
Alabama...................... | 33.9 | 34.9 | 35.0 | + 1.1 |
Mississippi.................... | 34.2 | 34.0 | 34.0 | - .2 |
West south central: | ||||
Arkansas..................... | 47.2 | 46.4 | 45.1 | - 2.1 |
Louisiana........................ | 31.0 | 32.0 | 33.7 | + 2.7 |
Oklahoma.................... | 54.0 | 45.4 | 45.5 | - 8.5 |
Texas.................. | 46.3 | 45.1 | 42.8 | - 3*5 |
Mountain: | ||||
Montana..................... | 56.0 | 59.3 | 60.5 | + 4.5 |
Idaho........................ | 70.7 | 67.3 | 60.9 | - 98 |
Wyoming..................... | 53 9 | 54.1 | 51.9 | - 2.0 |
Colorado..................... | 46.3 | 51.3 | 51.6 | + 5.3 |
New Mexico.................. | 68.0 | 70.3 | 59.4 | - 8.6 |
Arizona....................... | 56.8 | 48.9 | 42.8 | - 14.0 |
Utah......................... | 67.5 | 64.6 | 60.0 | - 7.5 |
Nevada....................... | 65.8 | 53.3 | 47.6 | -18.2 |
Pacific: | ||||
Washington................... | 53.9 | 57.1 | 54.7 | + .8 |
Oregon....................... | 58.1 | 59.7 | 54.8 | - 3.3 |
California..................... | 46.0 | 49.4 | 43.7 | - 2.3 |
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