FSA Stable Housing Resources

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CITY OF BLOOMINGTON HOUSING AND NEIGHBORHOOD DEVELOPMENT

The City of Bloomington’s Housing and Neighborhood Development enhances the quality of life for Bloomington residents by developing programs, services, and partnerships to preserve community character, promote affordable housing, and encourage neighborhood vitality. Services include code enforcement, inspection of rental housing, affordable housing, neighborhood services, and historic preservation.

Contact Info:
401 N. Morton St.
Bloomington, IN 47404
(812) 349-3420

 

INDIANA LEGAL SERVICES

A nonprofit law firm that provides free civil legal assistance to eligible low-income people. ILS helps clients who are faced with legal problems that harm their ability to have basics such as food, shelter, income, medical care, or personal safety. ILS handles cases concerning family law, housing, consumer law, tax problems, access to health care, and access to government benefits.

Contact Info:
214 S. College Ave.
Bloomington, IN 47404
(812) 339-7668

 

Rental Assistance and Shelters: visit https://bloomington.in.gov/housing for more information regarding rental assistance and housing services.

 

To Rent or Buy: That is the Question (adapted from Business Insider)

Here’s a quick list of things to take into consideration when deciding whether to rent or buy.

  • Location: Get to know your local market. Find out what areas are the best investment for home buying.

  • Longevity: Renting is ideal for someone who plans to live in an area for fewer than five years. If you plan to say for longer though, buying a house is likely to offer a good return on your investment.

  • Price to Rent Ratio: This ratio takes the price of a house for sale divided by the annual cost of a similar house to rent. A price to rent ration above 20 generally means that the cost to own exceeds the cost to rent.

  • Annual Family Income: Most families can live comfortably in a house that costs 2.5 times their annual income. Make sure, though, that you are not spending more than 30% of your budget on housing.

  • Maintenance: Before buying, you also need to be ready to pay higher insurance and maintenance costs on a home than you would on a rental. If you’re not ready to pay out of pocket when your fridge is on the fritz, go with renting.

  • Upfront Costs: If you’re guying, these costs include the down payment and other inspection and closing costs. If you’re renting, these costs typically include a down payment of at least one month’s rent and a security deposit, which you can recoup at the end of your lease if no damage is done.

  • Choices: Whether you want to keep your pet indoors, paint the walls hot pink, or upgrade to energy efficient windows, these are all decisions that you get to make when you own instead of rent.

  • Resources: Weigh the pros and cons of buying here and check out this tool that compares the costs of renting vs. buying.