The American Pipe Dream: Why Affordable Housing Matters
Thinking of buying a home in Southern California? Think again.
Jed Kolko, the chief economist for the real estate site Trulia, took an in-depth look at homeownership and affordability throughout the country. The results show that homeownership is well within the reach of some people. But for many—especially those living in Southern California or the Bay area—homeownership might just a pipe dream.
For the middle class especially, homeownership has long been regarded as central to economic stability and a cornerstone of the American dream. But Kolko argues that access to affordable housing is not evenly distributed throughout the country. In fact, the disparities between incomes and housing costs continue to grow.
Here in LA, the average LA family can only afford 24% of houses on the LA market. That’s leaves a lot of folks with dwindling housing options. Whether in the San Fernando Valley or a suburb of Chicago, affordable housing and homeownership are important issues. How can a city strive, innovate and provide a good life for working families if the American dream is a non-starter?
Read the full aticle here: http://t.co/ApPDbvPEnW