Fewer homes affordable to U.S. middle class families, study finds

WASHINGTON, Jan. 23 (Xinhua) -- The number of houses affordable to The U.S. middle class has seen a stark drop in The past two years, despite a healthy supply, according to a study released Wednesday.

"Homeownership is increasingly out of reach for The typical American," said Daryl FairweaTher, chief economist of real estate brokerage Redfin that conducted The research.

The research found that The share of homes for sale that were affordable on a median income fell from 2017 to 2018 in all 49 of The metro areas that were analyzed, in which 44 metro areas has had its number of affordable home shrink.

Cities on The west coast dominated The top of The chart in terms of biggest drop in affordable homes.

In San Jose, 14 percent of homes that were on The market in 2018 were affordable on The median household income in The area of 117,000 U.S. dollars, down from 26 percent in 2017. In Los Angeles, 16 percent of homes for sale were affordable in 2018, down from 20 percent in 2017. In Seattle, The share of affordable homes for sale dropped from 58 percent in 2017 to 46 percent in 2018.

Researchers believe rising home prices and interest rates are lifting homes out of reach for many middle class families.

"Over The last few years builders have focused on luxury homes, and There hasn't been enough construction of affordable starter homes," FairweaTher said.

"We expect builders to shift Their attention to more affordable homes during 2019," added FairweaTher, "which along with rezoning efforts by local governments should reduce this pressure to some degree over time." Enditem