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Oregon Road Conditions & Cams Email Story to a Friend August 18, 2005 Katy Wigelsworth of Medford, 21, has been searching for an affordable home to buy since 2003. Mail Tribune / Jim Craven ‘Out of reach’ ? The high price of homes By DAMIAN MANN Mail Tribune Katy Wigelsworth fully expected a $25,000 down payment would be enough to leverage her into a nice home somewhere in the Medford area. Last summer the 21-year-old Medford woman was one of the first to bid on a $150,000 house, only to lose out to another buyer who came in just before her. The buyer’s offer was followed by a third from an out-of-town investor offering cash at more than the asking price. Like other Jackson County residents, Wigelsworth and her husband, Brian, have seen their dream of a home grow ever dimmer in the hottest real estate market in recent memory. "It’s so stressful," said Wigelsworth, who is in the nursing program at Rogue Community College and has been searching for a house since 2003. "It’s getting higher and higher and higher, and it’s almost out of reach." Advertisement A recent study by Ferrarini and Associates Inc. of Oregon City shows just how unaffordable housing is becoming for people who work in Jackson County. Prepared for developers wanting to build an affordable housing complex on Highway 62, the study shows that based on income levels, this area is the least affordable place to buy a house among metropolitan areas in the Northwest. Last year, only 15 percent of the housing stock was selling for less than $150,000, according to the study. By 2015, the study predicts only 2 percent would be available at that price based on the assumption that prices won’t continue to escalate as dramatically. Cal Martin, project manager for the proposed housing complex, said that with house prices in California double and almost triple the median price in Jackson County, the real estate boom could continue into the future as more people move or invest here. "It is not a bubble," he said, urging Jackson County commissioners on Wednesday to consider his affordable housing proposal for northeast Medford. "It is a wave coming at us." Tentatively named the North-East Plan, the development calls for 1,350 houses and condominiums on 400 acres in a buffer zone between White City and Medford. It also would include an elementary school, neighborhood parks and bike paths. About one-fourth of the area would be zoned commercial. The Ferrarini study found that housing prices are higher than other areas, but the average salary for a single worker in Jackson County is only $30,000. In Oregon as a whole, it is $36,000, and in the Portland area it is $41,000. For a family of four, the median income locally is $52,125. Steve Ferrarini, who prepared the study, said he was surprised at the numbers, particularly the higher house prices here. In the Medford area, the median price is $281,000 compared to $269,000 in Portland. "You guys have a very tough market," he said. Prices in Jackson County are ratcheting up, in part, because out-of-town investors are buying almost one out of four homes, according to a recent report prepared by First American Title Co. The real estate market has gotten so hot that it’s too much even for those with higher incomes. Commissioner Dave Gilmour, who is a doctor, said a surgeon recently turned down a job offer at Providence Medford Medical Center because of the cost of housing. One of Gilmour’s patients, who works in White City, has chosen to live in Cave Junction because it’s cheaper to buy a house there. "The crisis is not in the future," said Gilmour. "It’s here now." Commissioner C.W. Smith said, "Our valley is heading for an economic train wreck." Wigelsworth’s Realtor, Bill Allen of Keller Williams Realty of Southern Oregon, said it has been difficult finding his client a house for around $150,000 because there just aren’t that many in her price range, and if they do come available they get snatched up immediately. "There’s a whole lot of people not looking now because they can’t afford it," said Allen. Checking the Multiple Listing Service Wednesday, Allen found the cheapest house in Medford, other than town homes or manufactured homes, is a 768-square-foot house on a lot that’s less than a 10th of an acre on North Columbus Avenue. Built in 1929, it’s selling for $148,000. For clients such as Wigelsworth, Allen said it has proved frustrating finding an affordable house. "She has suffered," he said. Wigelsworth said she plans to keep looking and thinks she might have to go as high as $180,000. With a no-interest loan for three years, her payments would be $700, she said, about what she’s paying at her apartment. She is also widening her search, even considering raw land. "We’re still looking and hoping," she said. Reach reporter Damian Mann at 776-4476, or e-mail �Out of reach� ? The high price of homes ">[email protected] . Mail Tribune Home | Local News | Sports | Business | Obituaries | Life | Opinion AP News | Archives | Site Map | Community | Classified Copyright © 1997-2005 Mail Tribune, Inc. All rights reserved. Privacy Policy | Terms & Conditions | Website Feedback www.bingo.com Home Security Systems Trunks, Footlocker dvd-r Distance Education Computer Security Ztech Media Hosting Sports Equipment Online Casino Reviews Student Loans tcg student loan consolidation Online Pharmacy online casino Myspace Home Equity Loans Windermere Van Vleet Rogue Valley Travel Reservationstogo Hotel Reservations Southern Oregon Loans Online Casino News Natto Kinase Nattokinase Casino Gambling Sites Budget Website Templates Investments & Loans Advertisement s