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J. Scott Harris – MortgageXperts.com

Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them! We close loans every day that Banks would not, or could not approve. NMLS # 375517 – Mobile 214-435-8825

J. Scott Harris – MortgageXperts.com - Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them!  We close loans every day that Banks would not, or could not approve. NMLS # 375517  – Mobile 214-435-8825

Daily Market Update: Low income families can’t afford even the least expensive homes

Low income families can’t afford even the least expensive homes
A new report from Zillow reveals that home ownership for America’s lowest-income families is worsening. The study shows that the least affluent third of families cannot afford even the least expensive homes as wages have failed to increase despite economic growth. As rents increase families want to be able to buy a home with mortgage payments being less expensive however that bottom third are slipping further away from affordable homes.

For high-earners there are only four markets in the US in which they cannot afford the top tier of home prices; for low-earners they cannot afford the least expensive homes in 77 markets. The report says that in Los Angeles, low-income families would have to spend 85 per cent of their income on home costs even in the least affordable property, effectively locking them out of that market. By comparison middle-income earners would pay 41 per cent of their income and high earners would average 30 per cent. Zillow’s chief economist Dr Stan Humphries warns that the situation is serious: “It is imperative that we find ways to create both meaningful wage growth for all workers, and increase the supply of affordable housing, and soon. If not, we run a real risk of the working class in America running out of affordable housing options, either to rent or to buy.”

Full article on MPA

Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them!

We close loans every day that Banks would not, or could not approve.

Mortgage Expert

Mortgage Expert

J. Scott Harris
Vice President – MORTGAGE MIRACLE WORKING
NMLS #375517
Gold Financial Services, Inc.

5055 Keller Springs Road, Suite 500
Addison, TX 75001
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688

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Gold Financial Services, Inc.
is a division of Amcap Mortgage, Ltd. NMLS# 129122

Category: Mortgage News