According to this report, 28% of young workers in UK can’t afford to buy first property. The reason? High mortgage cost and home price (even after the market has softened recently).

The report might try to paint a dim picture, but looking from the other side of the coin there are 72% of people who are able to afford a home, which doesn’t sound too bad. Homeownership is expensive no matter how cheap a house is. Adding all the mortgage payment, insurance, property tax and maintenance, it could be a major expense for one household.

Not sure if there is any stats available for United States. I’ll see if I can find it and publish it here.

This entry was posted on Wednesday, June 4th, 2008 at 9:28 am and is filed under News and thoughts. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.