Jan. 13, 2007 - Americans struggle to afford housing

Salaries have not seen modest gains, according to a study

CNN/Money Magazine reported this past Wednesday how Americans are struggling to afford housing.  This does not come as earth shattering news to any active Realtors and real estate agents, here in the Somerset/ Middlesex/Hunterdon areas. Nor is it news to first time buyers.

While the median home price for the third quarter of 2006 in the largest 202 metropolitan areas was reported to be $248,000; I reported, earlier this month, that for December 2006 the average Franklin Township home sold for $322,679.  Barbara Lipman, research director for the nonprofit Center for Housing Policy,  was quoted in the article saying, "American workers are really not gaining ground and they're so far behind in the first place."

Read more about it here