Industry News

Middle-income households still struggle with affordable housing

Study finds affordability gap still wide open in many markets
Published on Jan 31, 2008

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 and policy, Homes for Working Families. "The study shows that the prohibitive affordability gap middle-income families face will continue to threaten their ability to access safe, good-quality homes in ...