The evening world., 1912-04-20
Head Of Great Inusstment
Corporation Explains
Hos0 City Apartment
DwelIers Can Finance
Ownsvship Of Comfort
able Homes.
~ EDWARD .. sovMroN.

Iots.
Constantly Increasing rentals Of dssir-
sbls Apartments IN the city have created
. tsaosnuy to mevs to the suburos.
TIE desire Of many apartmsnt Awsll-
sru 70 6uAid their own homes IN sme
rsstr9ctsd nsaTo0 SUBURBAN park V
promVtsd not only by o~oaAdsratious Of
he grsaeE osmfor&, freedom end con-
veniencs Of . DETACHED home. not only
~ the desire 70 get 0vt INTO the epsa
whore Their chSarsn can rvmp On green
lawns and where conditions of TWINS
from the standpoint Of hearth and en-
vironment are ideal. but also to . ia.ss
extent BY strictly economic considsra.
tons.
with the facilties offered ~ large real
estate companies for building and nm
ancing homes. II 10 ear cheaper to "
home In the suburbs than to pay rent
for IN Apartment Ia the oity.
ReNTs Dto ITEM IN coeT OF
LIVING.
The great majority Of city apartments
in the best sections contain from six
to nine rooms and rsnt from esoo to
$500 . year.. Conssrvstvsly. We can
conEder N,2oo . year. or 400 . month.
as an average modsrats rental Tor an
apartment containing seven rooms in
upper west side districts. This sum,
moreover. does not represent the total
rental expense, because many families
20 away for the summer. with an
added expenditure q 800 or 1900. Be-
sides this are other smaller expenses
n~scessitatsd by living in the city.
Therefore. the rental charge. including
summer vacation. for the great ma
jority q families m west side apart.
msnts 10 At least tl.Soo . year for .
sevsn.room apartment. or $50 . month.
On the othsr had, ons can own .
very attractive seven o. eight room
suburban house q . total expense. In
cludin9 the oost Of the plot. OF $4,000
or $1,000. I have In mind Park-Hill-
on-the.Hudson. which 10 an attractive,
ksrs. immediately above the New Yors'
cry line. I use It a. an illustration 81
Il represents the best. and tho sams
comparisons which would apply to the
purchase Of q home there would apply
likewise 10 any high.class d~eveiopment
For this expenditure Of $4,000 Of
| 81. 900. q home builder not only has ~
r,rch space a. 10 available in q seven.
room apartment but also has an att1c
q cellar, q front porch. q lawn and gar
den. excellent environment for his chill.
dren, health for his family. beautiful
surroundinSs-n All-year home equally
comfortable In winter and hummer
with that sense Of permanencs and
associated with apartmet life.
COMPARISON OF COST OF
OWNING HOME.
Now, a. to owning this homo. . pos.
sible method Of financing II might be a
follows:
Cash, 20 Per cent...................... 5000
First mortgage at ~ Per oent. for
~ q o,VU
Second mortgage At 6 per Q n tor
five years. payable IN ten equal
semf.annuai instalinents Of $500
each 5.0I
On this basis. the annual carrying
charges would DO - follows:
Interest On first mortsaEe.......... "
Interest on second MORTGAGE tor
FIRST year ~
CThis item decreases each year ~
ths second mortgage u hQuadated)
Taxes. water rates. iusurenos...... Is
lT0tal Wv
Payment on account Of principal
Of second mortgage ............... U
Total cash outgo:
E1r0e year LIS
Second year l.iu
Third rear 1,Lz
Fourth year i'o
FIFTH wear LOO
-
Total for hve years................... $o.o2
Average per annum .....'...'.''. i.iz
From the above II Will BIO seen tina
even counting the payments made Il