Free Republic

he typical American cannot afford to buy a home in a growing number of communities across the nation, according to common lending standards. That's the main takeaway from a new report from real estate data provider ATTOM. Researchers examined the median home prices last year for roughly 575 U.S. counties and found that home prices in 99% of those areas are beyond the reach of the average income earner, who makes $71,214 a year, according to ATTOM.

A psychological milestone is approaching, with its arrival possibly only a month or two away. What happens then remains to be seen. Barring an unexpected downturn in the real estate market, sometime this spring the median price of an existing home in California will top half a million dollars. The income required to buy that median price home has already topped $100,000. Is California pricing itself out of the market? "There's no question we are approaching a milestone," said Jack Kyser, chief economist with the Los Angeles County Economic Development Corp. "We are already seeing corporations that want to move...