Fewer Residents Can Afford to Buy Homes
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If owning a home is the American Dream come true, three out of every four residents are still dreaming. Only 25% of them can afford to purchase one.
At a recent Eureka City Council meeting, Richard Dorn of the Humboldt Assn. of Realtors said the number of residents who can afford to buy a home in town has dropped from 49% in 1999 to 25% today.
Home prices in Eureka have skyrocketed because the county’s 1984 General Plan has not been enforced, he said. That plan calls for maintaining experimental building techniques, mixing residential and commercial zones and streamlining the permit process.
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