Morning Business Report: Home ownership still out of reach for many

As of December, the median American household would have to spend about 43% of their income to afford the median-priced house. Meanwhile, Goldman Sachs says home prices are set to fall. The company identified a few major cities with more supply than demand. They say Austin Texas, San Francisco, Phoenix, and Seattle are the most vulnerable housing markets.

New options are emerging for people who are at risk of heart attacks and strokes but can’t take or benefit fully from widely used cholesterol drugs. As many as 30% of people prescribed the popular cholesterol-lowering pills, known as statins, don’t take them or have to limit their doses. These patients say they can’t tolerate the muscle pain that sometimes comes as a side effect. Merck says it is working on an oral drug to address these complaints. the pharmaceutical company’s new drug showed it lowered idle cholesterol and was well tolerated.

The DOW is on a four day winning streak. Stocks rallied ahead of the Federal Reserve Chair’s testimony on the economy at Capitol Hill today.

JetBlue is trying to take over Spirit in a 3.8 billion dollar deal. The company proposed a merge with Spirit Airlines. However, it is widely believed that the JetBlue-Spirit merger will be rejected. The Justice Department believes the elimination of Spirit would increase ticket prices and decrease options for travelers, according to Bloomberg.

Millennials are the most likely generation to have more credit card debt than emergency savings, according to Bankrate. About 45% of millennials and 44% of Gen Xers report owing more on their credit cards than the amount of money they have saved up for potential emergencies.