Housing Crisis Can Drag Down Economy

Neal Peirce comments on an alarming report from the National Housing Conference and worries about the impact of the housing crisis on the economy.
May 7, 2003, 7am PDT | Abhijeet Chavan
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"Many of the stable "middle class" working folk -- the elementary school teachers and police officers, licensed practical nurses and retail salespeople whom we know are essential to make our communities and entire metro areas tick -- are getting priced out of decent housing. Median incomes for those occupations now fall short of the nearly $50,000 necessary to qualify for a national-average median priced home of $156,000, the Housing Conference reports. In almost half the 60 metro areas included in the survey, families dependent on a police officer’s salary are priced out of the market. Families dependent on one teacher’s salary can’t afford to buy a home in 32.What's often forgotten is that lack of housing can drag down an entire regional economy. "

Thanks to Abhijeet Chavan

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Published on Tuesday, May 6, 2003 in Citistates Group
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