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Home ownership will remain out of reach for millions of Americans, despite slumping house prices, unless low-income wages grow faster, according to a national housing study released Monday.
A record 37.3 million households, or one in three, were paying a "moderate cost burden" of 30 percent of their income toward housing in 2005, according to The State of the Nation's Housing 2007. The study said the number of households with that cost burden had risen roughly 20 percent since 2001, when interest rate cuts helped spark a U.S. house price boom.
Home ownership too costly for many Americans: study - Yahoo! News
A record 37.3 million households, or one in three, were paying a "moderate cost burden" of 30 percent of their income toward housing in 2005, according to The State of the Nation's Housing 2007. The study said the number of households with that cost burden had risen roughly 20 percent since 2001, when interest rate cuts helped spark a U.S. house price boom.
Home ownership too costly for many Americans: study - Yahoo! News