Owning Your Own Home: Reality or Myth
When you see the headlines in the news everyday one begins to wonder whether the ability to obtain the American Dream, the power to buy your own home, is real or a myth. Here are some of the cold hard facts: Between the years 2000 to 2006 the median housing price in the United States increased 54.8% and in New Hampshire it increased approximately 90%. During the same period of time the median household income in the United States increased only 15.4% and in New Hampshire is increased only 20.7%. The percentage of people in New Hampshire spending more than the recommended 30% of gross income on housing related costs rose from 28.3% in 2003 to 39.0% in 2006. In 2002, 96.7% of current renters could not qualify to purchase the median priced house in New England. The percentage of working families with children in the United States that owned their own home dropped by 6.6% between 1980 and 2001. The focus of this presentation will be to highlight the housing challenges that people in the New England region and in the United States face. Affordability, sustainability, people needs, societal needs, environmental needs, economic incentives and impact of government policies are just a few of the topics that will be explored. This program was developed as a part of the University Dialog Program.