News release: "Despite declining home prices, many of the jobs created through the federal stimulus package do not pay enough to afford a home, according to Paycheck to Paycheck: Wages and the Cost of Housing in America. This new study compares housing costs in more than 200 U.S. metropolitan areas with the wages earned by workers in 60 occupations and was released today by the Center for Housing Policy, the research affiliate of the National Housing Conference. In particular, the study takes an in-depth look at housing affordability for five construction-related occupations that may see a boost from the stimulus package, including construction managers, carpenters, equipment operators, long haul truck drivers and construction laborers. For all of these occupations except construction managers, homeownership remains unaffordable, even after the recent drop in home prices. Construction laborers also struggle to pay rents in three out of four markets studied, while equipment operators and long-haul truck drivers are unable to afford rents in approximately one-fourth of the markets."
U.S. Metropolitan Area Rankings - Homeownership and Rental Affordability Findings for More Than 200 U.S. Metropolitan Areas:
- Fact Sheet – Most to Least Expensive Homeownership Markets in 2007 and 2008
- Fact Sheet – Most to Least Expensive Rental Markets in 2007 and 2008
- Fact Sheet – Changes in the Qualifying Income Needed to Purchase a Home from 2007 to 2008
- Fact Sheet – Changes in Florida Rental Market Rankings from 2007 to 2008
- For all the details on this new study, and to look up housing affordability in your area, please go to the Paycheck to Paycheck online, interactive database.
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