Study: Homes still unaffordable for many - MSN Money

Many Americans cannot afford a home, and a large number of those who own a home struggle to pay their mortgages.

[They cut] health care and transportation…[T]he cost of housing is the major reason families lack health insurance.

Other ways families cope with high housing expenses is to work longer hours or extra jobs, or by crowding in more income producers.

How much does someone need to earn to afford a home?

The study said an annual income of nearly $85,000 was needed to afford the median-priced U.S. home.

In the New York area, a $500,000 median-priced home required a $171,000 annual salary. The median-priced home in San Francisco, the most expensive U.S. market, was $759,000, requiring income of $260,000. In less expensive Chicago, the median-priced home cost $254,000, requiring an $87,000 salary.

On the opposite end of the spectrum, Mansfield, Ohio, homes cost a median $85,000, requiring $29,118 in income.