By Lee W. Geiser, President, Greater St. Louis Savings and Loan League. Reprinted in The Paper from the St. Louis Post-Dispatch, Sunday, April 18, 1976, Section 1-36E.
City housing is an increasingly important alternative for the St. Louis homebuying public and should not be overlooked. City homes offer a wide variety of architectural styles not often found in newly constructed homes and their central location has made them convenient to cultural and recreational activities as well as to the downtown business district.
The nationwide resurgence of city property has been spurred by several factors. Uncertainty about the cost and availability of fuel for transportation have caused many to question the long drive to work from outlying suburban locations. The availability of public transportation within the city areas has also emphasized the desire to “move closer in”.
Inflationary pressure and environmental considerations involving the construction of new homes have prompted many to look at existing homes, which, in many cases, are less expensive. Although the spiraling costs of housing has moderated in recent months, the high cost of construction and building materials remains a very important factor in determining affordability of a newly constructed home. The environmental restrictions necessary to maintain the high quality of newly developing areas also add upward pressure to the cost of a new home.
The introduction of new office buildings in downtown St. Louis has made the city increasingly attractive to professional and office workers. A recently conducted nationwide study indicated that families most often returning to the city areas were characterized by incomes in the middle to upper ranges and working in white collar professions and business occupations.
In St. Louis, as well as in other [damaged wording in source] families are purchasing homes [damaged word in source] in historic districts. The districts. which are generally confined areas, provide a small neighborhood atmosphere and are often protected from foreign construction or development. Families in such neighborhoods have the opportunity to enjoy a home from a recognized architectural period and to make an important contribution to the preservation of our community’s history.
Savings and loan associations encourage home-buyers to consider a home situated within the city. Area associations have the necessary funds to help families finance a city home. For individuals who have difficulty securing credit from a savings and loan association, the industry has developed a special $10,000,000 housing fund.
The housing fund plus the continuing rehabilitation of city homes have considerably, broadened the housing [damaged word ending in source] for St. Louis homebuyers.
Originally published in The Paper, May 1976.
Read this article in the original newspaper issue.
Archival transcription note: Damaged wording in the second column is explicitly marked rather than guessed; printed period housing claims retained.
Original source: SD_Times1976_05.pdf, printed page(s) 2; PDF page(s) 2.
