It may be hard to believe given all we have heard about the mortgage problems in New Haven and across the country but June is National Homeownership Month. Here are some facts, figures and useful information:
If you want to understand the credit crisis that was generated by the mortgage crisis here is an engaging layperson’s explanation: http://www.thislife.org/Radio_Episode.aspx?sched=1242. (I guarantee you will understand how we got in this mess, even if you do not know how to balance your own checkbook.)
President Bush on homeownership in 2008: http://www.whitehouse.gov/news/releases/2008/05/20080529-7.html
What is the alternative to homeownership in Connecticut?
- On average a person must earn $21.11 an hour to afford a modest 2-bedroom apartment
- A person earning the state’s minimum wage must work nearly 3 full-time jobs to afford the statewide fair market rent of $1,098 per month for a 2-bedroom apartment
- A CT household must earn $43,911 a year to afford a typical 2-bedroom rental
More information at: http://www.nlihc.org/oor/oor2008/data.cfm?getstate=on&getmsa=on&msa=1080&state=CT
Submitted by Lee Cruz, lcruz@cfgnh.org
