Nation’s Workers Priced Out of Homeownership and Rental Units
The Center for Housing Policy released its new Paycheck to Paycheck: Wages and the Cost of Housing in America study yesterday, and each year, I’m always surprised at how many of the nation’s workers are priced out of homeownership and rental units.
Even as home prices and interest rates have dropped over the past year and the income needed to purchase a median-priced home has dropped in 93 percent of the 208 homeownership markets studied between 2008 and 2009, many workers are still unable to buy a median-priced home. And these are people our communities depend upon: Police officers can’t afford to buy a median-priced home in 86 of the 208 markets, elementary school teachers in 83, licensed practical nurses in 146, janitors in 202, and retail salespeople in 207.
On the rental side, the rent for a two-bedroom apartment rose in 89 percent of the 210 markets studied. Retail salespeople are priced out of every market, and janitors can afford a two-bedroom apartment in only one of the 210 rental markets. Licensed practical nurses are unable to rent a two-bedroom apartment in 55 of the markets, police officers in 12, and elementary school teachers in 11.
Housing affordability continues to be a struggle for many Americans, and it doesn’t seem to be improving much year over year. Learn more about the difference between wages and housing prices at http://www.nhc.org/chp/p2p_2009_q4/.
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The low-income housing tax credit industry can breathe a little easier this year: Freddie Mac is not actively pursuing a sale of its tax-credit portfolio.
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For many American workers, a median-priced home remains unaffordable even as home prices and interest rates have dropped over the past year.
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