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Home Affordability: Myth or Reality?

For many young couples, the idea of owning their own house just like their
parents is an attractive idea, but it’s not very realistic. A recent poll
conducted by the Associated Press and America On Line Real Estate showed
that 80 percent of respondents believe that it is hard for first-time
buyers to afford a home. A majority of those polled – 59 percent – also
said that they believe it is harder to buy a home now than it was five
years ago.

Taking a closer look at the poll reveals that young adults and those that
classify themselves as minorities consider the affordability of homes a
bigger problem now than five years ago, compared to those over the age of
50 and those that identify themselves as white.

Broken down by region, almost 70 percent of those living in the western
United States and almost (more…)