The Center for Housing Policy released a few weeks ago (and several of the news outlets reported on it again today), the revised and updated version of its online, interactive database Paycheck to Paycheck. The database allows you to select any of 210 metropolitan areas and 64 middle-class professions and compare median housing prices with median incomes. Their analysis reveals that despite the downturn in the housing market and falling housing values (and their data does not yet include 4Q07), in most metropolitan areas, the American Dream of home ownership remains just that - a dream - for most of the middle class.
For example, looking at median incomes and median housing prices for Washington, DC:
This again highlights the need for a long-term economic strategy for America beyond a "I'd go buy a hamburger" stimulus package and further demonstrates the Bush Administration's mismanagement of our economy. Hopefully, the next President will address the needs of our 21st century economy. For some of our proposals check out Simon's post: "On the mortgage crisis, immigration and the need for a new economic strategy for America" as well as the work of our Globalization Initiative.
To check out another metropolitan area and other professions just visit the Paycheck to Paycheck site.
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