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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?
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.
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.
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.
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.
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.
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.
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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