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The Roots of the Crisis

In: Genesis of the Financial Crisis

Author

Listed:
  • Roderick Macdonald

    (Université du Québec à Montréal)

Abstract

The average house costs the equivalent of two to five years of the average person’s revenue, and few people ever save that much cash. Those who do have already been working for more than five to ten years, since they have to spend money to eat, get to and from work, and pay for their shelter during that time. If a couple in their twenties wants to marry and start a family, it may be difficult for them to own their own home, since their expenses will be rising as the family grows, and as parents they will probably not both work outside the home continuously. Yet these are precisely the people who would most benefit from owning a home.

Suggested Citation

  • Roderick Macdonald, 2012. "The Roots of the Crisis," Palgrave Macmillan Books, in: Genesis of the Financial Crisis, chapter 2, pages 37-68, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-02689-7_2
    DOI: 10.1057/9781137026897_2
    as

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