Friday, November 24, 2006

'Wealth Gap' Hits Florida West Coast

Naples, Florida is typical of second-home communities suffering from the "wealth gap." Says an article in USA Today, "investors and vacation-home buyers helped drive up the median home price to $446,900, second-highest in Florida after the Keys." Prices are dropping but not enough for people who work in the region. More than 80% of the workforce is employed in the four lowest-paying industries: construction, retail, agriculture and services (pool cleaners, for instance, and golf instructors). Median income for a family of four: $66,100. That would qualify you for only about a $350,000 house, nearly $100,000 below the median.

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