Madison
Madison has long been subjected to soaring housing costs and rent prices. When prices climb while salaries stagnate, as is happening from coast to coast, there is a problem.
According to the most recent census, the median income in Madison is $41,941. Additionally, the U.S. Housing and Urban Development website states that up to 10 to 20 percent of the entire price of a home may be required as payment to receive a home loan. Together, this means that to buy a $200,000 home, a Madison resident would need to spend his or her entire year's salary simply as a down payment. This, of course, assumes that an individual is living at the median income level.
To ensure that those with lower incomes are able to find quality homes, the Housing Affordability Subcommittee of the City of Madison Housing Committee is facing the challenge. The committee has been dealing with building manufacturers that work in the affordable-housing sector, such as the Alexander Company.
\We specialize in retail development ... particularly here in the Metro Dane County area. We've been doing affordable housing since 1985,"" said Natalie Bock, a representative of Alexander Company.
The Alexander Company is currently working with Madison officials to construct a housing project in the Basset District that will be saved for those who live at 80 percent of the median income.
""Affordable housing is something that is personally important to me,"" Bock said.
With these efforts, Madison may effectively deal with increasing real estate prices while still constructing quality structures that fit into Madison's beautiful city layout.
Madison
Madison residents will pay more for water if the state Public Service Commission approves a 12 to 15 percent rate increase next week.
The increase, proposed by Madison Water Utility, would raise the average homeowner's water bill by as much as $10.35 every six months.
This change comes after rates increased 3 percent in July 2005 and 12 percent in 2002.
However, Madison Water Utility Manager David Denig-Chakroff said another increase is necessary to cover rising costs of labor, electricity, materials and gasoline.
City Council President Paul Van Rooy said he did not see problems with the potential increase because Madison has relatively inexpensive water costs compared to other Wisconsin cities.
Danig-Chakroff said Madison's average bill is only approximately two thirds of the average Wisconsin homeowner's.
Now, Madison's average water bill is $191 every six months.
