Low income families can’t afford even the least expensive homes
A new report from Zillow reveals that home ownership for America’s lowest-income families is worsening. The study shows that the least affluent third of families cannot afford even the least expensive homes as wages have failed to increase despite economic growth. As rents increase families want to be able to buy a home with mortgage payments being less expensive however that bottom third are slipping further away from affordable homes.
For high-earners there are only four markets in the US in which they cannot afford the top tier of home prices; for low-earners they cannot afford the least expensive homes in 77 markets. The report says that in Los Angeles, low-income families would have to spend 85 per cent of their income on home costs even in the least affordable property, effectively locking them out of that market. By comparison middle-income earners would pay 41 per cent of their income and high earners would average 30 per cent. Zillow’s chief economist Dr Stan Humphries warns that the situation is serious: “It is imperative that we find ways to create both meaningful wage growth for all workers, and increase the supply of affordable housing, and soon. If not, we run a real risk of the working class in America running out of affordable housing options, either to rent or to buy.”
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