Sunday, July 10, 2005

Everything Luxury

Another article about the middle-class being priced out. I don't think anyone, no matter how little they make, wants to appear that they are at best middle-class, so they spend all of their money on their most conspicuous asset, which is their house.


"That's because virtually all of the new apartments and houses are "luxury" units aimed at professionals with big-city salaries and empty-nesters with generous retirement accounts and houses to sell. The equivalent of 22 times the number of units in midtown Manhattan's Trump Tower will be built in coming years across the northern suburbs.

Yet, this next wave in housing shows a distinct mismatch with the needs of the vast majority of people living here. Only one in five households in the northern suburbs earns the $130,000 or more needed to afford the new housing. Two out of five make $60,000 or less."



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