More Homes Beyond Reach Of Middle Class, Study Says

(Undated) -- Owning a home is beyond the reach of middle class Americans in a growing number of cities. A new study by the real estate research firm Trulia reports that in 20 of the 100 biggest metro areas, most homes for sale are too expensive for middle income buyers. The least affordable market is the San Francisco Bay Area, where only 14 percent of homes on the market fit into a middle class budget. Trulia says rising home prices and interest rates, along with modest pay increases, have hurt affordability over the past year.