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.
"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
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