« Bloggers Leaving, Getting Real Jobs | Main | MySpace Refused Anti-Media Consolidation Ad »
January 10, 2007
Today's Housing Bubble Post - Still Not Affordable
-- by Dave Johnson
Americans struggle to afford housing,An annual income of about $85,000 is needed to afford median-priced homes; salaries have not seen modest gains, according to a study.
U.S. home prices may have dipped over the past year, but many American workers would still struggle to afford a median-priced home in major cities, a new study said Wednesday.
"American workers are really not gaining ground and they're so far behind in the first place," said Barbara Lipman, research director for the nonprofit Center for Housing Policy, which conducted the study.
While the median home price in the 202 largest metropolitan areas declined 2 percent from a year ago to $248,000 in the third quarter of 2006, mortgage rates rose enough over the year that homes actually became less affordable as pay did not keep pace.And other news:
Posted by Dave Johnson at January 10, 2007 8:37 AM
Trackback Pings
TrackBack URL for this entry:
http://www.seeingtheforest.com/cgi-bin/mt/mt-t.fcgi/2626
Comments
That's great about buying a house, but how much income do you need to FLIP a house?
Newest episode of Flipper Nation is online now (I'm particularly funny in it, in an accountant-type way).
-dk
Posted by: David Kimball at January 11, 2007 8:14 AM
Post a comment
Thanks for signing in, . Now you can comment. (sign out)
(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)
