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The Middle Class Squeeze: HUD's Easy Fix
Yesterday the Pew Research Center published an article:
The American Middle Class Is Losing Groundshowing the middle class in our country is now NOT the largest class of people in this country.  To be considered middle class your average income would need to be between $42,000.00-$126,000.00 for a household of three.  In 1971, 62% of the American public was considered middle class, today the number is down to 43%.  The only good news out of this report is that we have a higher amount of Americans now above middle classes standards prior to 1971. However,  we have more people getting left behind.  How can we still help all Americans who want a piece of the American Dream (home-ownership)?
Well one option is for HUD to fix an ongoing issue with FHA financing.  With more millenniums coming out of college with debt and few good paying jobs, a lot of people are rethinking home-ownership.  Most Americans do not want to rent.  The American dream is still real.  It is the affordability that hampers this dream.  Having 1st time home buyers purchase condominiums could be a huge move in making the dream of home ownership possible.  However financing a condo can be a nightmare for 1st time ... more

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