For all the talk about an economic and housing recovery, homeownership remains out of reach for a third of Americans, a new report from real estate data firm Zillow found.
Increased home prices have far outpaced wage growth amongst Americans in the bottom third of income over the last 15 years. Home value has grown 41% since 2000, as opposed to a 15% increase in wages for U.S. workers at our below the 33rd percentile of wages.
Zillow said in its report that the problem of affordability had become exacerbated over the last two years, but did not provide specific numbers. Still, the problem appears to be confined mainly towards those in the lower tiers of income.
"Low interest rates and still-recovering home values makes homeownership more affordable than renting for those who make median to high incomes," the company said in its report.
