Average American cannot afford to buy a Home in 25 States
The housing crisis is far worse than we have been led to believe – if this data is correct. If that was not scary enough, the data shows that most of the nation is now in a real estate bubble.
If How Much’s data is correct the American dream of universal home ownership is dead. Most Americans now live in areas where they cannot afford to buy the average home with an ordinary mortgage.
There were 31 states in which the income needed to buy a home exceeded the median household income, Simplepost calculated. That means there are 31 states in which the average resident cannot afford to buy the typical home.