New data on home-buying is daunting
The data found that it would take 3.19 firefighters earning the median salary to purchase a house priced at $599,000. It would take 3.63 elementary school teachers earning the median salary of $39,596 to buy that same house. As recently as eight years ago, people earning the median salary or less in dozens of occupations could afford to buy a median-priced house in Honolulu -- which then cost $295,000 -- on two incomes or less, according to data that developer Chuck Wathen prepared for the nonprofit group Housing Hawaii, and presented to a recent meeting of the Hawaii Economic Association.
Publication: pacific.bizjournals.com
Date of Publication: May 9, 2008
Article URL: http:/ / pacific.bizjournals.com/ pacific/ stories/ 2008/ 05/ 12/ story2.html?b=1210564800^1633415
