A Nation of Homeowners?

Last night, outside under the stars, I was the beneficiary of the company of fascinating conversationalists. Our conversation was wide ranging, but one topic we discussed was affordable housing. While there is great discussion about the benefits and costs of home ownership, home ownership is out of the question for those with low salaries. Nationwide, one needs a $61,732 salary to be able to buy a house. Looking at the national median household income, 50% of US households make below $50,221 and 50% of US households make above this amount. In general (disregarding regional house price differences, generational differences, etc.), home ownership is not possible for 50% of US households.

Based on a completely unverifiable online calculator, I found out that to buy a house at the Ward 6 median sale price ($535,000, 50% of the houses sold at prices below this, 50% sold at prices above this) one would have to have a $168,000 salary. The data on jobs is from another online service, so who know how accurate it is, but you get a general view of salaries. (I don't know why NeighborhoodInfo reports average household income and not median.) No matter the calculation, home ownership is out of the question for those with such full-time jobs as receptionist, home health aide, and so on, as well as for the unemployed (DC's 10% unemployment rate, Ward 6's 9.4%, and Ward 7's 20.7%).

Nationwide

Median Household Income (2009)	$50,221
Annual Income Needed to Buy House (2008)	$61,732
Hourly Wage Needed for 2-Bed. Rental	$ 17.85
Home Ownership Rate (2009)	67%

Ward 6

Avg Household Income (2005-9)	$120,526
Median House Sale Price (2010)	$535,000
Estimated Income Required for Median House	$168,000?
Home Ownership Rate (2009)	47%

Full-Time Salaries of Selected DC Jobs

Hair Dresser	$26,000
Line Cook	$26,000
Security Guard (unarmed)	$27,000
Cashier	$28,000
Home Health Aide	$29,000
Receptionist	$34,000
School Bus Driver	$36,000
Auto Mechanic	$37,000
Administrative Asst.	$41,000
Paralegal	$54,000
Police Officer	$55,000
University Professor	$64,000
Lawyer	$104,000
DC Council Member (part-time)	$130,538
Chief Executive (national)	$167,280
Surgeon (national)	$219,770
Transocean Pres. (2010)	$1.1 million

OK, so the Transocean president is not a DC resident, but it is just there for comparison. If people wish that we were a nation of homeowners, what might we do to realize this? Or is home ownership the wrong goal?