Home prices are rising faster than wages
Home prices are rising faster than wages in most of the United States, making home ownership increasingly difficult for average Americans in some of the most populous areas of the country, according to a report released on Thursday.
- Home price growth exceeded wage growth in nearly two thirds of the nation’s housing markets so far this year.
- Home prices in 9 percent of the U.S. housing market are now less affordable than their historic norms.
- Home buyers need to spend more of their incomes on housing, leaving less money for other purchases.
- Home prices to wages are above historic norms in 99 percent of housing markets in 2006.
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