Study: Home Ownership Out Of Reach For Many Americans

CBS Boston

BOSTON (CBS) – A new study by researchers at Harvard University finds it’s getting harder and harder for Americans to own a home. WBZ business reporter Jeff Brown takes a look at a fading American Dream.

It used to be you’d grow up, get a job, grow a family and buy a house, with a white picket fence.

But that apple pie American Dream is turning into a nightmare for many. So what happened?

WBZ NewsRadio 1030’s Jeff Brown reports
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“The median household is only making as much as it did back in 1995,” says Chris Herbert, managing director of the Joint Center for Housing Studies at Harvard University.

He says income stagnation presents another problem.

“The ability to get a mortgage has become more restrictive,” Herbert says.

And not just for first time buyers:

“Even credit worthy borrowers are having a hard time getting a…

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