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by CareyBot

Affordable homes will continue to remain out of reach for middle-income households in some cities, even as home prices are falling at the national level, according to a study of select metropolitan areas released today. The study, conducted by Moody's for the nonprofit Homes for Working Families, examines housing affordability challenges facing middle-income households -- households earning between 60 percent and 120 percent of area median income -- against the backdrop of falling home prices. In most markets, working families earning the median income include teachers, retail workers, police officers, office workers and others. "These findings paint a grim picture for middle-income households struggling to purchase or keep their homes," said Amy Hosier, director of research an...