Industry News

Home ownership out of reach for many, despite rising affordability

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The income required to buy a median-priced home has dropped in many markets, though high housing costs have put home ownership out of reach for many workers in high-growth occupations, according to a study released this week by a housing research center. Workers in the five highest-growth occupations -- including registered nurses, retail salespersons, customer service representatives, food preparation workers and office clerks -- cannot afford to buy a typical home in most of the 201 metro areas studied, according to the Center for Housing Research. The center, which receives financial support from Bank of America, the Fannie Mae Foundation, Freddie Mac, Merrill Lynch Community Development Co. LLC, and other organizations, is an affiliate of the National Housing Conference. The "Paycheck to Paycheck: Wages and the Cost of Housing in America" study examines housing costs and wages for workers in 60 occupations. "Even registered nurses ... are unable to purchase a median-pr...