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Old 04-26-2011, 06:05 AM
 
33,046 posts, read 20,714,185 times
Reputation: 8928

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I just heard a short news item:

26% of (US) renters are paying more than half their pre-tax income for housing (rent plus utilities). This is the highest in over 50 years.

I have been predicting an "affordable housing crisis" of unprecedented proportions, although I thought that was about 3-5 years out from today, so it's getting worse faster than I expected.

Renters tend to be lower income; median renter income is about 40% of median homeowner income.

Some people in this forum have suggested that poor and low income Americans aren't paying enough taxes.

In the context of the high housing costs they face (see above), this is a good place to ask:

Exactly how much should lower income Americans pay in taxes?
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Old 04-26-2011, 06:22 AM
 
Location: Raleigh, NC
20,006 posts, read 15,173,823 times
Reputation: 3739
The days of living alone in an apartment are over. The 18-26 crowd are going to have to find a roomie or get married.
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Old 04-26-2011, 06:22 AM
 
24,843 posts, read 31,246,775 times
Reputation: 11427
Quote:
Originally Posted by freemkt View Post
I just heard a short news item:

26% of (US) renters are paying more than half their pre-tax income for housing (rent plus utilities). This is the highest in over 50 years.

I have been predicting an "affordable housing crisis" of unprecedented proportions, although I thought that was about 3-5 years out from today, so it's getting worse faster than I expected.

Renters tend to be lower income; median renter income is about 40% of median homeowner income.

Some people in this forum have suggested that poor and low income Americans aren't paying enough taxes.

In the context of the high housing costs they face (see above), this is a good place to ask:

Exactly how much should lower income Americans pay in taxes?
In Michigan they can file to get a share of it back in refundable credits and home heating credits.

Just like property taxes.
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Old 04-26-2011, 06:25 AM
 
6,486 posts, read 5,482,591 times
Reputation: 1267
Quote:
Originally Posted by freemkt View Post
I just heard a short news item:

26% of (US) renters are paying more than half their pre-tax income for housing (rent plus utilities). This is the highest in over 50 years.

I have been predicting an "affordable housing crisis" of unprecedented proportions, although I thought that was about 3-5 years out from today, so it's getting worse faster than I expected.

Renters tend to be lower income; median renter income is about 40% of median homeowner income.

Some people in this forum have suggested that poor and low income Americans aren't paying enough taxes.

In the context of the high housing costs they face (see above), this is a good place to ask:

Exactly how much should lower income Americans pay in taxes?


They should pay whatever the market requires. If they can't pay it, rates will go down when landlords can't get renters.

If the gov't stays out of it, it'll level out. If they keep meddling with it, they'll keep it unnecessarily high--causing further damage.
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Old 04-26-2011, 06:35 AM
 
Location: Sango, TN
24,889 posts, read 20,307,565 times
Reputation: 8606
Quote:
Originally Posted by freemkt View Post
I just heard a short news item:

26% of (US) renters are paying more than half their pre-tax income for housing (rent plus utilities). This is the highest in over 50 years.

I have been predicting an "affordable housing crisis" of unprecedented proportions, although I thought that was about 3-5 years out from today, so it's getting worse faster than I expected.

Renters tend to be lower income; median renter income is about 40% of median homeowner income.

Some people in this forum have suggested that poor and low income Americans aren't paying enough taxes.

In the context of the high housing costs they face (see above), this is a good place to ask:

Exactly how much should lower income Americans pay in taxes?
Yes, but where are they living?

Odds are they are living in houses that are to big, and have higher utility bills then their income would warrant spending for.

Now I'm not saying that poor folks don't have a hard row to hoe, but such a vague statistic as the one posted in the OP needs more explanation. I personally believe that all income below 30K for every person should be tax exempt. But I can live really good on 30K in some areas of the country. Its just a matter of how much rent I want to pay.

Many of these folks can find affordable rent, and simply choose not to do so.
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Old 04-26-2011, 06:39 AM
 
Location: Boston, MA
10,898 posts, read 7,712,980 times
Reputation: 5269
Is there a link you can provide?
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Old 04-26-2011, 06:40 AM
 
Location: Long Island NY
420 posts, read 455,893 times
Reputation: 217
In the 1970's, when I got out of the army, I was in the same situation. I had a roomate for about 4 years. He had gotten out of the army at the same time. I would have been independent sooner except for some employment problems (union strike for months, followed by layoffs after our big win!). You have to keep improving your job skills to increase your earnings or move to an area where your income will go futher.
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Old 04-26-2011, 07:02 AM
 
48,893 posts, read 39,381,014 times
Reputation: 30553
Quote:
Originally Posted by summers73 View Post
The days of living alone in an apartment are over. The 18-26 crowd are going to have to find a roomie or get married.
In the early 90's I had 3 roomates so I'd have enough money to save up for my own house, pay off my student loans, having no car and so on.

Seems like a lot of 18-26 crowd would rather stay poor all their lives while drowning in debt with new cars, nice apts and the latest toys. Good luck with that, it's a free country.
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Old 04-26-2011, 07:04 AM
 
33,046 posts, read 20,714,185 times
Reputation: 8928
Quote:
Originally Posted by Driller1 View Post
In Michigan they can file to get a share of it back in refundable credits and home heating credits.

Just like property taxes.

Actually...wow, I just ran the numbers in my head...and the homestead tax credit would actually be impressive. Oh wait...the credit USED to be impressive...I just checked the forms and Michigan's non-homestead property tax changed everything...now I need an accountant to figure out the tax credit.

(Before the non-homestead tax was created, the credit was very easy to calculate, btw it used to be based on 17% of rent, rather than the current 20%.)

The home heating credits are pretty useless to poor people sharing housing with others. I live in a house with four others, nobody has an income above poverty level, and we do not qualify for home heating credits.
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Old 04-26-2011, 07:05 AM
 
Location: Raleigh, NC
20,006 posts, read 15,173,823 times
Reputation: 3739
The neo-progs should be glad. In Europe, there are more people living together as groups. Even many families live in the same house. We can become more like them!
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