Dr. Eowyn posted: " Quentin Forttrell reports for Market Watch, June 4,
2014: Over half of Americans (52%) have had to make at least one major
sacrifice in order to cover their rent or mortgage over the last three
years, according to the “How Housing Matters Survey,” wh" Respond to
this post by replying above this line
New post on *Fellowship of the Minds*
<http://fellowshipoftheminds.com/author/eowyn2/> More than half of
Americans can’t afford their rent or mortgage
<http://fellowshipoftheminds.com/2014/06/04/more-than-half-of-americans-cant-afford-their-rent-or-mortgage/>
by
Dr. Eowyn <http://fellowshipoftheminds.com/author/eowyn2/>
[image: elections have consequences]
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Quentin Forttrell reports for Market Watch
<http://www.marketwatch.com/story/over-50-of-americans-struggle-with-home-affordability-2014-06-03>,
June 4, 2014:
*Over half of Americans (52%) have had to make at least one major sacrifice
in order to cover their rent or mortgage over the last three years*,
according to the “How Housing Matters Survey,” which was commissioned by
the nonprofit John D. and Catherine T. MacArthur Foundation and carried out
by Hart Research Associates. These sacrifices include getting a second job,
deferring saving for retirement, cutting back on health care, running up
credit card debt, or even moving to a less safe neighborhood or one with
worse schools.
“Affordability issues are real and a major hurdle,” says Lawrence Yun,
chief economist at the National Association of Realtors
<http://www.marketwatch.com/companies/National_Association_of_Realtors?lc=int_mb_1001>,
an industry group. *Home prices have increased 20% over the past two years
while wages have barely gone up*, he says. “Only by adding more new supply,
via housing starts, can home prices be tamed,” Yun adds. In fact,
construction of housing units has averaged around 1.5 million a year for
the past five decades, he says, but it’s likely to be less than 1 million
in 2014.
What’s more, at least 15% of American homeowners (or residents of 78
counties across the country) were living in housing markets where the
monthly mortgage payment on a median-priced home requires more than 30% of
the monthly median household income — long considered the maximum for
rent/mortgage repayments. Housing costs above that threshold are
“unaffordable by historic standards,” says Daren Blomquist, vice president
at real estate data firm RealtyTrac. *In New York county/Manhattan,
mortgage payments represent 77% of the median income and in San Francisco
County represents 70%.*
Read the rest of the article here
<http://www.marketwatch.com/story/over-50-of-americans-struggle-with-home-affordability-2014-06-03>
.
New York and San Francisco both went full-tilt for Obama.
[image: Suck it up]
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*~Eowyn*
*Dr. Eowyn <http://fellowshipoftheminds.com/author/eowyn2/>* | June 4,
2014 at 5:12 am | Tags: How Housing Matters Survey
<http://fellowshipoftheminds.com/?tag=how-housing-matters-survey>, Lawrence
Yun <http://fellowshipoftheminds.com/?tag=lawrence-yun>, National
Association of Realtors
<http://fellowshipoftheminds.com/?tag=national-association-of-realtors> |
Categories: 2012 Election <http://fellowshipoftheminds.com/?cat=4934384>,
Economy <http://fellowshipoftheminds.com/?cat=17656840>,
Liberals/Democrats/Left <http://fellowshipoftheminds.com/?cat=115894710>,
Obama <http://fellowshipoftheminds.com/?cat=376320>, Obama's America
<http://fellowshipoftheminds.com/?cat=12285619>, United States
<http://fellowshipoftheminds.com/?cat=5850> | URL: http://wp.me/pKuKY-qIf
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