CAPE GIRARDEAU AREA HAS STRONG HOUSING MARKET

The Cape Girardeau area's housing market is strong and, most likely on the heels of recent announcements of industrial expansions, can be expected to strengthen substantially. Figures on home ownership in the city and county are interesting: Fifty-five percent of the families living in the more than 16,000 residential units in Cape Girardeau own their own homes. In the county, the figure is higher: 62.6 percent ownership of the more than 25,000 residential units.

Compared to a nearby city of comparable size and to national averages, the area fares well in these categories. The home ownership rate in Paducah, Ky., is 58 percent. Unlike Cape Girardeau, Paducah isn't home to a four-year institution of higher learning. The presence of the university here and in other college towns increases the number of rental units. And there are more seasonal vacancies during the summer months as most students depart before returning in the fall. Nationally, the rate of home ownership has increased over the last two years to 65.4 percent.

Real estate companies report a strong market in housing sales, and they expect this market to gather strength during the rest of the year. One realty company reported its sales were up 50 percent in May over April, and the increases continued into June.

Homebuilding continues strong too. Thus far this year, a total of 25 single-family permits have been issued in the amount of $3.5 million, an average of $140,000. These numbers suggest more reasons for us all to be grateful for the quality of life we enjoy in the area.