9. I don't define home-ownership as what makes someone rich, as
Edited on Sat Nov-17-07 12:51 AM by pnwmom
opposed to middle class -- although the ABILITY to own some kind of home (whether you choose to rent or own) is clearly affected by two things: your income AND the prices of real estate in your area.
The people in my area who rent $500K, 1400 sq. ft., 40 yr. old homes have median household incomes in the range of $60-70K range. Those salaries would go much farther in many rural parts of the country than they go here.
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