Economic Statistics that Must Be Kept In Mind (especially for those who are blaming households that are unable to pay their mortgages) |
| Published: September 24, 2008, 6:19 pm |
| Tags: society, housing, income, mortgage crisis, mortgages |
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According to the US census bureau, 15% of American homeowners with a mortgage spend at least half of their income on housing. 31.9% of people making between minimum wage (about $11,000 per year) and 120% of the median income spend at least 50% of their income on housing. These are also the people that have been unable to pay their mortgages. The actual median earnings per household in the United States is presently between $45 and $46 thousand. A household that makes $45,000 year makes a little less than about $865 per week. If they spend about 50% of this money on housing, they have about $433 left for the week. Assume these households spend about $80 per month on utilities, $80 per week on food and $20 per week on transportation and that leaves the surplus money at $313 per week. That total per week is for the median household income, so half of the population makes less. That total is also for the assumption that they’re spending exactly 50% of their income on [ Full article ] |
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