Home ownership is increasingly out of reach for America’s middle class.
In just one year, the percentage of all homes for sale considered affordable for the middle class has fallen from 62% in 2013 to 59% in 2014.
That’s the finding of a new report by Trulia, an online residential real estate site for home buyers, sellers, renters and real estate professionals.
Mail Online reports, Nov. 21, 2014, that Trulia defines an affordable city as one in which the “total monthly payment, including mortgage, insurance, and property taxes, is less than 31% of the metro area’s median household income.”
By that definition, owning a home is increasingly hard to do for most middle class families.
Other findings in the Trulia report:
- Most of America’s most affordable cities are around the Great Lakes.
- Ohio is the state with three cities in the top ten most affordable cities.
- The two cities where a middle class income is most likely to find you a home are Dayton, Ohio, followed by Rochestor, New York.
- The least affordable cities tend to be on the coasts, with six on that list being in California.
Trulia economist Jed Kolko said the dream of owning a home is falling out of reach of many Americans: “Homeownership is getting less affordable for the middle class. Unless incomes increase substantially, home ownership will slip further beyond the reach of many households.”
I’ve been meaning to ask this question to those who had reelected Obama to the presidency in 2012, in particular voters who are in business or in the military or are Christians:
Do you honestly think that if the pro-business and business-experienced, pro-military and military-supported, and Mormon Mitt Romney — who is not perfect — had been elected president, America’s economy, military, and Christianity would be in the sorry state they are today?
And do you honestly think that a President Romney would now be enmeshed in one scandal after another — IRSgate, Grubergate, Benghazigate, VA hospital-gate, Amnestygate, ad nauseum?
Stop being blindly partisan. Try and be honest, for once in your life.
- Mitt Romney, good for business and a true leader
- Christian evangelist Billy Graham endorses Mormon Mitt Romney
- “Romney to America: Vote for Love of Country” [vs. Obama’s “vote for revenge”]
- 359 U.S. generals and admirals support Mitt Romney
- 500 retired U.S. generals and admirals endorse Mitt Romney
- President and Commander In Chief Barack Obama missed 6 of 10 daily intelligence briefings
- 70% of active military oppose ground troops in Iraq because they distrust their commander-in-chief
- Decline of America’s middle class threatens U.S. global power