The Impossible American Dream

A Baltimore Sun study finds that a first-time home buyer would have to spend 71 percent of his or her income toward monthly mortgage payments.
March 19, 2006, 11am PST | David Gest
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"Housing prices have risen so much faster than wages in Maryland that the average home is out of reach of the average worker -- and, in many cases, even two-earner families.

In an analysis, The Sun found that a first-time home buyer would have to spend 71 percent of his or her income to cover the monthly payments, based on statewide averages. A two-worker household with average salaries would spend 35 percent -- still more than the 30 percent maximum traditionally recommended by the financial industry."

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Published on Sunday, March 12, 2006 in The Baltimore Sun

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