President Obama Pitches Homeownership to the Middle Class

The American dream may be changing as fewer people believe it?s important to own a home.
1:31 | 08/06/13

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Transcript for President Obama Pitches Homeownership to the Middle Class
Today the president said he wants to tackle the problems of middle class families in america, including the cost of owning a home. So we wondered who is officially middle class tonight and what is the central concern. Abc's linsey davis has that. Reporter: Today the president made a sales pitching directly to the middle class. As any middle class family will tell you we're not yet where we need to be. Reporter: Who exactly is he speaking to? There are many definitions of the middle class. A teacher in michigan makes around $63,000 a year. That's considered middle class. On average he or she spends about $74 a week on groceries, $50 a week eating out and $1400 a month on housing but the president's attempt to encourage those who want to buy their first home may have been a arrest maej that no longer resonates with this crowd. 20 years ago 70 percent thought it was important to own their own home. Now it's just 45%. What two-thirds believe is important is health insurance. As for getting ahead, one study found that your location has an impact. If you live in the northeast, you're upward mobility is likely better because of a wider range of jobs that pay a bit more, while in the south you're hurt by less education and career opportunities. The american dream still alive, changing. Linsey davis, abc news, new york.

This transcript has been automatically generated and may not be 100% accurate.

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