By analyzing data from the bureaus of Labor Statistics and the U.S. Census, the NAR found that areas with the highest median household income are not the areas with the highest number of households.
According to the NAR, the period of 2005-2013 saw household income increases in one out of four metro areas. Almost all metro areas experienced a decrease of their income in 2009, with 30 out of 50 metro areas having a lower median income in 2009 compared to 2005.
Advertisement
Related Stories
Economics
Shelter Costs Drive Inflation Higher Than Expected in January
January Consumer Price Index data show inflation increased more than anticipated as shelter costs continue to rise despite Federal Reserve policy tightening
Economics
Weighing the Effects of the Fed's and Treasury's Latest Announcements
The upshot of the Jan. 31 announcements is that while mortgage rates will stay higher for longer, they're likely to hold steady
Economics
NAHB CEO Tobin Says 'Housing Renaissance' on the Horizon
Responding to positive housing-related data such as falling mortgage rates and increased homebuyer activity, NAHB's CEO Jim Tobin is optimistic