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Is a $190K home too expensive to be workforce housing in Panama City?

Is a $190K home too expensive to be workforce housing in Panama City?
Jacqueline Bostick, The News Herald
© MIKE FENDER / THE NEWS HERALD
Construction continues on homes in the Horizon Place subdivision in Glenwood Tuesday, May 25, 2021.
PANAMA CITY A Panama City-run project to create workforce housing in the Millville community offers homes that are too costly for average people, some area residents say.
The price tag on a 1,600-square-foot, three-bedroom, two-bathroom home in the Horizon Park subdivision is $190,900. People connected to the area told city commissioners at a recent meeting that the homes were not affordable and not built with local people and their incomes in mind. ....

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Panama City defends workforce housing project costs

“We’re really setting up those buyers for success,” said Assistant City Manager Jared Jones. “You’re getting an additional $70,000 in savings for a house that typically if you build, that builder would release the house and what it appraises for, it sells for.”
The savings Jones referred to was the $25,000 to $50,000 in down payment and closing cost assistance made available through RehouseBay, which was formed as a response to critical housing needs following Hurricane Michael in 2018. He listed flooring, granite countertops and stainless-steel appliances as an additional $20,000 built-in equity.
“We were able to keep prices steady throughout construction of this, and we’ve really insulated our future buyers against the labor, materials, fuel, everything that has seen drastic increase in prices over the last six months,” Jones said. “This is a really good deal because if you were to appraise them next month, they would be at an even higher ....

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