Most middle class still cant buy a house

[flippinout]

NEW YORK (CNNMoney.com) -- Despite the housing slump, most middle income workers still don't earn enough to buy a median-priced home in their hometowns, according to the Center for Housing Policy.
The center, an arm of the affordable housing advocacy group of the National Housing Conference (NHC), compared housing costs in 201 metro areas with the median wages in those areas for 60 major vocations, such as police, firemen and teachers.
Although home prices fell in 161 of those markets in the 12 months ending September 30, 2007, according to the study, home costs were still too high for typical working people in most markets.
In Chicago, for example, the median home sold for $262,000. Assuming that a buyer would put 10 percent down and had a spending ceiling of 28 percent of gross income for housing, they'd have to earn $85,589 to buy a home.

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[thohome]

Yes and without most of these people where would we be.. Police, Fireman, Nurses, Teachers, regular store personal. We Need all these people and more yet they are the least underpaid workers in America.. It is a sad day.. that they can't even afford a decent home of there own.

[badmomma]

The cost of the home isn't so much the issue as the payments are I think. The economy and lack of jobs it putting middle class folks down to poverty level where I live. It doesn't show on paper but people are living like paupers. No choice with gas prices and such the way they have risen.

[hometowngrl53]

You are right there is no middle class anymore it either upper class or lower class and nothing in the middle any more and the lower class is the poverty level but then again the cost of living is so high that it takes two people working just to be in the lower class any more and thats what they use to call the working class

[flip4u]

I couldn’t agree with you more hometowngirl53 there is no middle class it’s either upper or lower class and even with two incomes it’s hard to make ends meet let alone make a mortgage payment. I keep telling my husband I work to pay for gas to go to work. LOL