Affordable Homes Remain Out of Reach for Many
Home prices have been falling the last few months, thanks to the subprime mortgage crash. But, even though home prices are down, for many Americans affordable homes remain out of reach. Inman New reports on a study released by a national housing research center:
“Even registered nurses … are unable to purchase a median-priced home in 108 of the markets,” which represents a slight improvement compared to 114 unaffordable metro area housing markets in 2006. Registered nurses were the highest paid among the five high-growth occupations.
Customer service representatives, who were next on the list, cannot afford to buy a home in 185 of the studied markets. Retail salespersons and food preparation workers, meanwhile, are priced out of every housing market studied, while office clerks are priced out of buying a home in 196 of 201 markets studied.
Most middle class working Americans still can’t find affordable homes to buy. On top of this, those that can afford to buy a home may have difficulty getting approved for a home mortgage loan, thanks tighter lending standards.
So, even though it’s a buyer’s market, the difficulty remains in finding buyers.
Tags: buyers market, affordable homes, home mortgage loan, mortgage blog,
subprime mortgage, mortgage financing, home prices
February 28th, 2008 at 7:17 am
[…] Affordable Homes Remain Out of Reach for Many Affordable Homes Remain Out of Reach for Many By Miranda Marquit | February 4th, 2008 Home prices have been falling the last few months, thanks to the subprime mortgage crash. But, even though home prices are down, for many Americans affordable homes remain out of reach. Inman New reports on a study released by a national housing research center: “Even registered nurses … are unable to purchase a median-priced home in 108 of the markets,†which represents a slight improvement compared to 114 […]