Homeownership increasingly difficult for average Americans: report

Homeownership increasingly difficult for average Americans: report

The report found that home price growth exceeded wage growth in nearly two thirds of the nation's housing markets so far this year, with urban centers like San Francisco and New York City among the least affordable. Home prices in 9 percent of the U.S. housing market are now less affordable than their historic norms, the report by RealtyTrac found. "While the vast majority of housing markets are still affordable by their own historic standards, home prices are floating out of reach for average wage earners in a growing number of U.S. housing markets," said Daren Blomquist, senior vice president at RealtyTrac, which monitors housing market trends.

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