As the overall rate of home ownership in the United States is increasing, the rate of home ownership by those in the working class is decreasing, according to the Center for Housing Policy. Here’s the research publication [pdf] and a report on CNN Money.
So what is this “working class?” For this report, the working class family is defined as one having income between $10,700 (minimum wage, full time) and up to 120% of their area’s median income. In the town where I work, 120% of the median income would be $32,295.60 (using 2000 figures, not adjusted for inflation) and in the town in which I live, 120% of the 2000 census-defined median income is $86,516.40.
Is that working class? Wikipedia sheds more light on what we call the “working class” in this country. It’s a nebulous term open to interpretation.
More about the class system at Consumerism Commentary: