Minority Health Archive

FROM POVERTY, OPPORTUNITY Putting the Market to Work for Lower Income Families

Fellowes, Matt Brookings Institution (2006) FROM POVERTY, OPPORTUNITY Putting the Market to Work for Lower Income Families. Project Report. UNSPECIFIED.

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Abstract

In general, lower income families tend to pay more for the exact same consumer product than families with higher incomes. For instance, 4.2 million lower income homeowners that earn less than $30,000 a year pay higher than average prices for their mortgages. About 4.5 million lower income households pay higher than average prices for auto loans. At least 1.6 million lower income adults pay excessive fees for furniture, appliances, and electronics. And, countless more pay high prices for other necessities, such as basic financial services, groceries, and insurance. Together, these extra costs add up to hundreds, sometimes thousands, of dollars unnecessarily spent by lower income families every year. Reducing the costs of living for lower income families by just one percent would add up to over $6.5 billion in new spending power for these families. This would enable lower and modest-income families to save for, and invest in, income growing assets, like homes and retirement savings, or to pay for critical expenses for their children, like education and health care.


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Item Type: Report Document or other Monograph (Project Report)
Additional Information: Access to full text is subject to the publisher's access restrictions.
Uncontrolled Keywords: lower income families, poverty, higher than average prices, costs of living, market dynamics, market abuses,
Subjects: Practice
Health
Related URLs:
    Depositing User: Users 141 not found.
    Date Deposited: 02 Apr 2011
    Last Modified: 27 May 2011 13:42
    Link to this item (URI): http://health-equity.lib.umd.edu/id/eprint/647

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