New National Data Reveals Annual Salaries for 5 Vital Community Occupations Fall Short of $50,000 Necessary to Own Home 5/5/2003
From: Michele Anapol of the National Housing Conference, 202-466-2121, ext. 226; E-mail: manapol@nhc.org Web: http://www.nhc.org WASHINGTON, May 5 -- None of America's elementary school teachers, police officers, licensed practical nurses, retail salespersons or janitors would qualify to purchase a median priced home based on median income, according to a compelling new study from the National Housing Conference (NHC) entitled Paycheck to Paycheck: Wages and the Cost of Housing in America. Compiled by NHC's research affiliate the Center for Housing Policy, findings for the nation as a whole reveal that the median annual salaries for each of these five occupations fall short of the nearly $50,000 necessary to qualify for the median priced home of $156,000, with the earnings of licensed practical nurses, retail sales persons and janitors lagging by substantial margins. Of particular concern, families dependent solely on the salary of a janitor or retail salesperson pay in excess of what is considered affordable for a two-bedroom apartment in all of the 60 individual metropolitan areas studied. While at the national level the data reveals that on average homeownership is out of reach for many working families, the 60 metropolitan area findings offer insight into concerns within specific communities. For example, the data show that families dependent on a police officer's salary are priced out of almost half, or 28, of the 60 areas studied, while households dependent on one teacher's salary alone cannot afford to buy a home in 32 localities. In addition, licensed practical nurses cannot afford to buy a home in all but three of the areas. Janitors and retail salespersons require more than double their salaries in many of the metropolitan areas. "Although there is a growing understanding of the housing challenges we face as a nation, this new data prompts us to take an even closer look at the affordability concerns for working families, as well as the related social and financial implications for our communities," said NHC Executive Director Conrad Egan. On the rental side, the data also indicates that in all but two of the 60 metropolitan areas studied, both janitor's and retail salesperson's are unable to rent a one-bedroom apartment based on the accepted standard of 30 percent of their income. Although it is out of both choice and necessity that many working families have more than one wage earner to keep them from serious housing stress, in some of the hottest West Coast markets, as well as metropolitan areas as diverse as Boston, Mass., Dallas, Tex., Washington, D.C., West Palm Beach, Fla., and Middlesex, N.J., typical rents require more than 30 percent of two such salaries. For details on the national and 60 individual metropolitan area data for this new study, please go to http://www.nhc.org. ------ Formed in 1931, the National Housing Conference (NHC) is the nation's oldest public policy and housing advocacy organization. A coalition of affordable housing experts from the public and private sectors, it is an essential source of broad, nonpartisan information concerning national housing policy. | |