Housing Crisis Can Drag Down Economy

Neal Peirce comments on an alarming report from the National Housing Conference and worries about the impact of the housing crisis on the economy.

1 minute read

May 7, 2003, 7:00 AM PDT

By Abhijeet Chavan @http://twitter.com/legalaidtech

"Many of the stable "middle class" working folk -- the elementary school teachers and police officers, licensed practical nurses and retail salespeople whom we know are essential to make our communities and entire metro areas tick -- are getting priced out of decent housing. Median incomes for those occupations now fall short of the nearly $50,000 necessary to qualify for a national-average median priced home of $156,000, the Housing Conference reports. In almost half the 60 metro areas included in the survey, families dependent on a police officers salary are priced out of the market. Families dependent on one teachers salary cant afford to buy a home in 32.What's often forgotten is that lack of housing can drag down an entire regional economy. "

Thanks to Abhijeet Chavan

FULL STORY: Housing: Regions Imperiled

Tuesday, May 6, 2003 in Citistates Group

Housing United States

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