Neighborhood Description Do Not Reference Income

[J Grant]

I have never described an area by resident's income, whether very wealthy or poor or in between.

 

[bnmappraisal]

I have never described an area by resident's income, whether very wealthy or poor or in between.

Me neither, but I don't think the OP has done anything wrong in his comments

 

[The Warrior Monk]

"Middle Income" sounds subjective, which is likely why it was brought into question. There is nothing wrong with reporting objective, factual income data, such as Census or other similar data. "Middle Income" could be acceptable terminology if it objectively defined by, say, the Census Bureau. Citing the source and definition of "Middle Income" by a government (or similar) source should solve most problems.

 

[CANative]

Me neither, but I don't think the OP has done anything wrong in his comments

The syntax of the "offending" phrase sounds like the OP is describing the people instead of the objective factors that describe a neighborhood.

 

[Michael S]

I pretty much always reference income in my neighborhood description. Here's part of the conclusion from a neighborhood analysis in my most recent appraisal.

"As shown, the subject’s neighborhood has remained stable in both population and households over the past 15 years. It is projected that the neighborhood will continue to be stable due to the fact that it is built-out, and well established. The neighborhood currently has an upper-middle-income demographic profile with a 2015 median household income of $70,031 within a one-mile radius."

Middle income is somewhat vague. I generally stick to median or average household income and reference whether the surrounding area is below, in-line, or above the rest of the city. Now, this is for commercial appraisals but income demographics are a fact that can easily be looked up. Household income typically correlates with home prices. Not a lot of households with $40k average income live in neighborhoods with homes selling for $300,000.

 

[JTip]

Rewind back to '08 and I bet that 'middle income' neighborhood was filled with non-working entitled leeches enjoying 100% financing and free down payment assistance.

 

[Riick]

The syntax of the "offending" phrase sounds like the OP is describing the people instead of the objective factors that describe a neighborhood.

How does "Subject property is located in a stable middle income area..." get construed as describing people instead of neighborhood.
I other words, if I wanted to make sure it was understood as the generalized income level in the neighborhood, how would you say that?

 

[J Grant]

How does "Subject property is located in a stable middle income area..." get construed as describing people instead of neighborhood.
I other words, if I wanted to make sure it was understood as the generalized income level in the neighborhood, how would you say that?

Why say it at all? If instead you say, houses range between 300k and 400k, that implies a professional level income to support those houses. I don't know what a middle income is but why even speculate on the people's income? A neighborhood of 150k-200k needs a certain income to buy, as do homes ranging from 800k to a million. A reader would assume people buying the houses within a price range have the income needed to purchase, and that the neighborhood has the amenities or location that attract people of the income level .

If a reader wants to find out income levels, they can look up the census tract listed on report.

The neighborhood description in residential reports is expected to be about the neighborhood, not the neighbors. If I describe a neighborhood of estate type houses with a yacht club nearby with properties ranging from a million to two million $, that paints a picture of probable income levels.

 

[Deleted member 80407]

Over the years, I have learned not to argue with underwriters. Just cut & paste the what the underwriter is requesting, put the request in an addendum page and remove the requested statement from your report. You are covered. Believe me, this fight is not worth getting the underwriter p...s off in that he/she puts a magnify glass on all your reports.

 

[Mr Rex]

Change the word income to IQ.