Most middle class still can't buy a house, many of us are still stuck renting, it's not so much the monthly payment aspect, it's the downpayment. Especially with the current mortgage situation and even here in Toledo where the median home price is much lower.
Although home prices fell in 161 of those markets in the 12 months ending September 30, 2007, according to the study, home costs were still too high for typical working people in most markets.
In Chicago, for example, the median home sold for $262,000. Assuming that a buyer would put 10 percent down and had a spending ceiling of 28 percent of gross income for housing, they'd have to earn $85,589 to buy a home.
But registered nurses earned a median of only $63,938 in Chicago. Customer service representatives grossed a median of $39,876, office clerks $42,441, retail salespeople $23,056 and food service workers $21,786. For these people, home ownership remains far out of reach.
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