Millions spend half of income on housing | WHAT REALLY HAPPENED


Millions spend half of income on housing

Traditionally, the government and most lenders consider a homeowner spending 30 percent or more of their income on housing costs to be financially burdened. But that definition now covers almost 38 percent of American homeowners with a mortgage — 19 million of them.

The data underscore the serious affordability problems in this country and highlight how the slightest financial problem — from a lost job to higher gas prices or insurance premiums — can put a family behind on their mortgages and into the realm of foreclosure.

Webmaster's Commentary: 

Welcome to one of the myriad ugly facets of the Bush legacy!

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