Lecture Notes (2-10-09) - L ECTURE CLASS AND I NEQUAL ITY I...

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LECTURE February 10, 2009: CLASS AND INEQUALITY IN THE U.S. Today: begin to look at income, wealth, and class inequalities in the U.S. Rich are getting richer – home equity o Attaining the American Dream is harder than ever: o In the 1950’s it was possible for 2/3’s of Americans to buy and own their own home o Y the 1970’s went down to one half o By the 1980’s only 1 in 10 could afford to buy their own home! “Class is the new race” Home ownership differs by race: o Minority working families have struggled the most o Their home ownership rate has stagnated at 45%, far below white families (70%) as of 2003 Home ownership – let’s break it down o Median housing price in LA: $529,000 o Means a monthly payment of $3,519.45 o At one third of your income – that means an income of $10,558.35 a month or $126.700 a year o Minimum wage @$7.50 an hour = full-time pay of $16,640 year Rents o Median rents – o U.S. $602
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o California $747 Wealth o Owning a home is most American’s biggest asset o
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