In One Eye

Sunday, July 10, 2005
 
I'm occasionally asked what's the biggest problem my hometown faces. Invariably my answer is that those people who grew up here can't afford to buy a house here. This story indicates that this is a problem not unique to the Connecticut shoreline.
The red-hot housing market in booming cities across the country has made the dream of owning a home out of reach, not only for low-income families but also for white-collar professionals.

"Many of the overheated real estate markets throughout the country have become unaffordable for the majority of the population," said Jack McCabe, a housing industry analyst in Deerfield Beach [Florida]. "Many people are paying well over 50 percent of their income for shelter. It leaves no money for savings or sometimes even for recreation."
This is just one more example of the dichotomous nature of the US society. When even "white-collar professionals" are having trouble attaining perhaps the sine qua non of the American dream—owning one's own house—then no one is safe.