First-time home buyers who have a 10 percent down payment will no longer qualify for a mortgage on a median-priced home this year, and by 2007 repeat buyers who have a 20 percent down payment will not qualify for a mortgage on a median-priced home, according to a Fannie Mae Foundation study on "Homeownership Affordability in Urban America: Past and Future." This study gauged trends in the affordability of homes for median-income working Americans, focusing on 1990-2003 statistics and projected 2004-08 trends for the nation as a whole, for 11 selected metropolitan areas, and for schoolteachers, nurses, firefighters and police officers. Median-income workers are already priced out of four of the metropolitan markets studied: Boston, Los Angeles, New York, and San Francisco. In these areas, first-time home buyers must have an income at least twice the area's median-income level to afford a median-priced home. In these four metro areas and in Washington, D.C., many two-inco...
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