Even though purchase amounts are on the slide (especially near the end of Sept. 2007), most middle class workers can´t afford to take advantage and buy even an average priced home in their local areas. The Center for Housing Policy, part of the National Housing Conference, recently did a study, comparing average salaries with average home prices. They picked 60 common vocations, such as policemen, teachers, nurses, fireman, etc and then analyzed their findings.

A big basis of the study was done in Chicago. According to home records there, the average home sells for $262,000. With a 10% down payment, that is $26,2000. The average yearly salary for the following professions in Chicago are: nurses with $63, 938, retail salesmen with $23, 056, office clerks at $42,411, customer service reps at $39, 876, and food related service workers at $21, 786.

Besides paying the down payment and mortgage payment, these regular people have to think of other bills: car, groceries, electricity, phone, prior debt due to higher education, etc. The numbers do not amount to a workable figure.

Based on the study, a potential buyer in order to buy a medium priced home must earn near $85,589 per year. What does this do for all those wanting/needing to buy? One can only hope that certain standards put into action can swing a change. Recently mortgage rates have experienced a decrease, at Freddie Mac rates were lowered from 6.7% to 5.48%, which is a substantial difference on payments per month.