Word: medians
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Nurses at least can plead poverty: their average income is only $15,000. By contrast, the median income for doctors in private practice is $84,000. Notes Senator Charles Percy of Illinois, who chaired the hearings: "According to a General Accounting Office sample of delinquent doctors and dentists, most are well established in their practices and perfectly capable of paying these loans back on time. Seventy-three percent had excellent credit ratings in the private sector." One Harvard University Medical School graduate has a $19,000 car loan, $2,000 in department-store charges and $13,000 in other outstanding...
These statistics may reflect lower expectations among the elderly. In Harris' sample the median household income for all Americans was $20,000, while for the elderly it was only $8,600. Further, the Harris poll found that while elderly men had a median household income of $11,000, the median for women was $6,700, for blacks $5,000 and for Hispanics $5,600. Harris' poll especially pointed up the problems of women, who represent a disproportionate 78% of the unfortunate group with incomes below $5,000 a year...
...inflation has not exactly devoured the dream, it has taken a painful bite out of it. Good, even splendid houses are still built; America is not suddenly being driven out into hovels and Hoovervilles. But the number of Americans who can afford first-class housing is dwindling. The median price of a new home has gone from $20,000 in 1965 to $70,000 in 1981. The traditional budget formula said that a family should spend no more than one-quarter of gross income on housing. If they obey that rule, less than 10% of Americans can afford a median...
...workers closest to the President is the Professional Air Traffic Controllers Union, which in fact endorsed Reagan as a candidate. The PATCO employees, along with workers in such heavy industries as steel, automobiles, petroleum refining, mining, construction, and most defense-related industries have annual incomes significantly above the U.S. median. The gap in wages and benefits between these workers and those in lighter, more labor-intensive industries such as textiles, furniture, jewelry, and all sorts of non-professional service has increased steadily since the Second World War. In 1950, the typical ladies' garment worker's wages were 67 per cent...
...variable rate mortgages and shared appreciation between the bank and the buyer. But creative financing has become necessary for many would-be homeowners, contends Willard Sprague, an economist at San Francisco's Wells Fargo Bank. Says he: "Only about 10% of California households can afford to buy the median-priced home [$105,800 in California] with conventional financing...