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Thread: Millions of U.S. families can't afford their homes

  1. #1

    Millions of U.S. families can't afford their homes

    More than 40 million American families can't afford their homes, new data shows. Typically, housing is considered unaffordable when the mortgage or rent consumes at least 30 percent of a household's income. And by the end of 2012, that applied to 35.3 percent families around the U.S., according to a report from The Joint Center for Housing Studies at Harvard University.
    Although that figure is down slightly from 2010, it represents a jump of 9 million households from 2002 who are spending a large share of their income on housing. Of those families, meanwhile, nearly 6 million are severely burdened, devoting more than 50 percent of their income to keeping a roof over their head.
    Renters and homeowners are in somewhat different boats.
    "For renters, this is indeed a crisis of affordability," the report notes. Since 2000, the percentage of renters spending a large share of their income on housing has steadily increased. As of 2012, with the U.S. economy supposedly in recovery, upwards of half of renters paid more than 50 percent of income on housing.
    Share of households paying at least 30 percent of income for housing
    The number of homeowners living in unaffordable housing crested in 2008, at 30.4 percent, up 6 percentage points from 2001. By the end of 2012 it was down to 27 percent. The rate began to fall in 2011, in part because many people were able to refinance their mortgages at much lower interest rates. However, it also dropped because the number of owners with mortgages fell by 2.7 million between 2007 and 2011 as a result of the foreclosure crisis.
    The poorer a household, the more likely it is to struggle affording housing. Among those earning less than $15,000 a year -- about the annual earnings at the federal minimum wage) -- 82 percent paid more than 30 percent of income for housing in 2012.
    Compared with households living in affordable housing, severely cost-burdened low-income households spend 39 percent less on food each month and 65 percent less on health care. "These cutbacks seriously undermine the basic well-being of low-income households," the report says.
    Minorities are especially burdened by housing costs. In 2012, 27 percent of black households, 24 percent of Hispanic households and 21 percent of Asian households paid more than half their income for housing, compared to 14 percent of white households. Between 2002 and 2013, the number of black and Hispanic households paying more than 50 percent of their income for housing rose 5 percent, as opposed to 3 percent for white and Asian households.
    Millions of U.S. families can't afford their homes - CBS News



    The 2008 crisis has never ended!
    Those who can make you believe absurdities can make you commit atrocities.

    Voltaire


  2. #2
    The main flaw with this is the misconception that the economy has been in recovery. The only reasons it appears to be in recovery is due the phoney numbers concocted by the Obama administrations.

    Taxpayer money continues to flood the economy and artificially prop up GDP. This offsets the very poor numbers in business and consumer spending. Each actually should be looked at as separate recessionary factors. The Obama administration recently changed the way GDP is calculated in order to make the numbers look stronger. Despite that, one of the most recent GDP growth ratings was only 0.5%.

    The real unemployment rate is still upwards of 13% with up to 75% of new jobs reported each month classified as part-time jobs. More than 10 million people have been removed from the calculation and there are over 8 million fewer jobs than when Obama took office. The real measure of job growth should be the actual number of jobs available, broken down by actual full and part time.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


  3. #3
    I think today the worse is the destruction of the people buying power, you can see the numbers going down dramatically. But in contradictory, we are still have millions for the never ending wars for crude oils and petrodollars.

    I guess it is where the ruling elite and the wish of The People (Who are mostly peaceful) have different interests, and on the top of that it doesn't bother them to put the tab to our throat.

    I am not going into details because it will take a long time, just take a look at the scheme and the keywords: Gov, Federal Reserve, Oligarchs, Cronyism, Wars, Money for Multi National Corporations = Destruction of the people buying power aka inflation, Taxes, and the most important is that anytime the country is at wars, the budgets are toward military expenditures rather than infrastructure, education, etc

    I wish to live in a world more peaceful but the way it goes, it isn't going to happen unfortunately.
    Last edited by Franc Tireur; 27 June, 2014 at 18:06 PM.
    Those who can make you believe absurdities can make you commit atrocities.

    Voltaire


  4. #4
    We do need another revolution and a major overhaul of the system, The Constitution is sound and a reliable source for guidance; however, the people in charge of enforcing it are not.

    I predict the revolution will not come until people are starving. As long as people can eat, they are mostly passified. The elitists may know the collapse is coming, which is why the government is militarizing almost every branch of government and stockpiling weapons and ammunition. They know that people will want to want to put the heads of the politicians on platters very soon after they drive the economy off the cliff.

    Most of our problems can be solved by simple common sense, but that is a rarity in Washington DC.
    Last edited by TopDogger; 27 June, 2014 at 20:21 PM.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


  5. #5
    I don't know about another revolution, I know that the Americans did their revolution for less than what happening right now. I know that today in France we are in the pre revolution, because our elite act like French monarch. Their European new religion, the EU put millions of our people out of work. and our people start to get hungry. Like the French monarch, Holland is more concerned to screw any girls close to him, single or married than to lead our country and our people, that is the sad truth. Look at the next July 14th 2014 defile on the Champs Elysees, the last one was like this video Hollande hué au défilé du 14 juillet 2013 sur les Champs Elysées - YouTube You can hear: Demission, socialists dictature, etc Besides with 3% of favorable opinion, this guy and his gang should leave!

    Remember that the gangsters elite will always loot the country before it collapses.
    Those who can make you believe absurdities can make you commit atrocities.

    Voltaire


  6. #6
    Marie Antoinette had the solution for people who are hungry. "Let them eat cake." Perhaps the French people should respond the same as they did with her.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


  7. #7
    Quote Originally Posted by TopDogger View Post
    Marie Antoinette had the solution for people who are hungry. "Let them eat cake." Perhaps the French people should respond the same as they did with her.
    Lol, Marie Antoinette is a good example on how the monarch solidified their power with foreign monarch, marriage for political interests. As far as what she said, it was how the aristocrats and bourgeoisie have disdain toward the people, the queen became a hated symbol of the decadent monarchy and fueled the revolution. Some people advise to read the Jean-Jacques Rousseau autobiographie 'Confessions' about the people hunger during the Marie-Antoinette reign and how the people thought about her: the French people eventually came to dislike her, accusing "L'Autrichienne" (which literally means the Austrian (woman), but also suggests the French word "chienne", meaning bitch) of being profligate, promiscuous.

    Not all the time our leaders were respected by the people, most of the time once they were in power they screw us with wars and special interests.

    Does it sound familiar?
    Last edited by Franc Tireur; 28 June, 2014 at 03:07 AM.
    Those who can make you believe absurdities can make you commit atrocities.

    Voltaire


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