From 1971 through mid-2007, the nominal national s

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Affordability of Homeownership to Middle-Income Americans: A Reprint from the “Economic Review”

Our Price: $20.00

By Jordan Rappaport (au)
Year: 2009
Pages: 30
Binding Paperback

Product Code: 1437914209

Description

From 1971 through mid-2007, the nominal national sales price of housing grew almost eightfold. As sales price rises accelerated in 2003 and crested in 2006, homeownership was portrayed as the “unattainable” American dream. But, homeownershp actually rose beginning in the mid-1990s and in 2004 attained its highest level ever. The more recent surge in foreclosures suggests that many households purchased homes they could not afford. Still, this does not necessarily imply that housing has become unaffordable to middle-income households. Instead, it may be that defaults resulted from specific households purchasing specific houses whose location, size, and other attributes made their sales price too high relative to the purchasers’ financial resources. Illus.

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