Many Americans hope to earn and save enough money to afford a home.
However in certain parts of the country, home prices are booming while wages are barely inching up and in some instances are contracting.
“Average wages per worker rose less than 1% in 2013 in all but one of the 10 metros with the largest price increases,” writes Jed Kolko at Trulia. “Nationally, asking prices (year-over-year in June 2014) rose faster than wages per worker (year-over-year in 2013) in 95 of the 100 largest metros.”
Interestingly the biggest home price gains are no longer in the west, but in the South and Midwest.