Despite Plunge in Home Prices, Ownership Still Out-of-Reach for Many Professions
Monday, May 11, 2009
Although housing prices have declined throughout the country, many of those expected to benefit from the federal stimulus still can’t afford to buy a home, according to the Center for Housing Policy, the research wing of the National Housing Conference. In its new study (Paycheck to Paycheck: Wages and the Cost of Housing in America) the center paid particular attention to those professions helping to build homes—construction managers, carpenters, equipment operators, long-haul truck drivers and construction laborers—and found these workers, except for construction managers, are unable to buy the very houses they’re helping to put up.
The news is even worse for some of these trades when it comes to simply renting a home to live. In examining housing costs and wages in 200 metropolitan areas, the center discovered that construction laborers are struggling to pay rents in 75% of cities. Meanwhile, equipment operators and long-haul truck drivers are unable to afford to rent a two-bedroom apartment in approximately one-fourth of the markets.
-Noel Brinkerhoff
Paycheck to Paycheck 2009 Executive Summary: How Affordable is Housing for U.S. Workers? (Center for Housing Policy) (PDF)
Despite Declining Home Prices, Most Of The Jobs Created Through The Stimulus Do Not Pay Enough To Afford A Home (press release, Center for Housing Policy)
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