[lbo-talk] AP: "Millions spend half of income on housing, " Dean Baker quoted

[Matt]

On Tue, Sep 23, 2008 at 03:25:36PM -0400, Doug Henwood wrote:
> 
> On Sep 23, 2008, at 3:01 PM, B. wrote:
> 
> >I know from experience many apartments will not let you rent unless  
> >you can show you make at least 3 or 4 times the rent per month
> 
> In NYC, they want an annual income of 40 times the monthly rent.

Aren't these about the same?

3 (or 4) times the rent per month:
If rent is $1200, that would be $3600 or $4800 per month, which would
be annual income of $43,200 or $57600.

Annual income of 40 times rent:
If rent is $1200, that would be $48,000.

I know, $1200 probably won't get much in NYC, but the rent/income
rations are about the same for the two examples.

Matt

-- 
GnuPG Key ID:      0xC33BD882                      aim: beyondzero123
http://blogdayafternoon.com                  yahoo msg: beyondzero123

I do not want to die without any scars.

     -Tyler Durden