Rich people get richer? Maybe, but I think the point is these “rich” people aren’t “richer” per say, if they are competing with dual income families, are they?

I do agree the HUGE losers in the system is lower income single income families, they are getting the dirtiest end of the stick, and there needs to be more help for them to be able to have a more “comfortable” life.

The clothing statement is interesting, does that mean the spouse at home runs around naked and bare foot (ok, bad joke, and yes “business” attire is more expensive).

As I said, if you want to put together a posting about this, send me an e-mail bigcajunman at gmail.com

According to the OREB website the average sale price of homes in 2005 was $244,531. For ease I’ll jut say 245K. I used this date because I found the 2005 median income stats at http://www.statcan.ca/Daily/English/070529/d070529e.htm for both dual and single income families. The median income of dual families was $86,100, and single was 36,100.

The payment on a 245K mortgage with 24500 down over 25 years at 5.75% would be 1,378 per month (using the OREB calculator). In order for that to be affordable at 32% for just the mortgage cost alone you would need a gross income of around 4300/month, or 51600 per year. This means that the median single income family in order to buy a median home will have to have both people work just to buy the place. This doesn’t even take in to consideration that they will now need to pay for daycare costs, extra transportation, an extra work wardrobe, and the list goes on and on and on.

The reality is that dual incomes is required to live in todays age, unless you have a single income WELL above the median. The tax rules are set up in such a way as to help people live, not rich people be more rich.