Mortgage And Real Estate News

Sunday, December 28, 2014

Why areas with good jobs have hard-to-afford homes

WASHINGTON –It's the new career trade-off:

Around the country, areas with the strongest job markets increasingly have some of the costliest homes. And areas with the most affordable homes lack a solid base of middle-class jobs that attract workers.

College graduates and younger families have been clustering in coastal cities such as New York, San Francisco and Seattle, where incomes are generally ample and solid middle-class jobs plentiful. Yet studies and government data show that homes in these areas have become prohibitively expensive — driven up in part by demand from the very residents who find homes there too costly.

Read more... http://www.azcentral.com/story/money/business/2014/12/13/areas-good-jobs-hard-afford-homes/20373463/

Reuters: Business News

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