The American dream of home ownership has become drastically less affordable for many working families in Southwest Florida, new figures show.
A trio of reports released this week say the cost of real estate is drifting further out of reach for potential buyers earning median salaries — with general housing expenses rising well beyond stagnant worker wages.
With rents in the area also escalating, families in Sarasota and Manatee counties are now dedicating a greater portion of their earnings to basic housing than what is considered financially stable.
These new measures of the lack of affordability come as a stark turnaround from just three years ago, when home ownership during the Great Recession on a percentage of income basis was among the least expensive in state history.
Housing has recovered regionally faster than the general economy, spurred by strong demand from investors and affluent retirees. Together, those groups have sparked steep price hikes nationwide.
Economists warn the trend could eventually shut out an entire generation of young Americans and disrupt a cycle of move-up purchases that the housing industry depends on for growth.
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http://www.heraldtribune.com/article/20140220/ARTICLE/140229970/2416/NEWS?p=1&tc=pg
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