Tuesday, September 23, 2008

Report from the front lines

AP reports that more than 7.5 million people pay 50 percent of their income for housing. Thirty-eight percent of homeowners with a mortgage--that's 19 million people--pay more than 30% of their income for housing; 30% is the level at which the government believes housing becomes a burden.

And the bailout that Congress is now considering won't put more than a small dent in those numbers, at least not directly, and any beneficial effect will be many months away.

Oh, and the election is six weeks from today.

1 comment:

Leanderthal, Lighthouse Keeper said...

My Dad told me when I started out on my own that I should not spend more than 25% of my income on a roof over my head.

Ah, the times, they have changed.