The Econ4U Quiz

In general, what is the maximum amount of monthly income that should go towards paying for your home?

12%

28%

45%

50%

Please select an answer.

If you are buying a $200,000 house, how much money will you pay, on average, in closing costs?

$1,700

$3,700

$7,700

$17,000

Please select an answer.

Over the life of a 30-year mortgage, how much will you pay in interest on a $200,000 interest-only mortgage vs. a traditional mortgage?

Same amount

$10,000 less

$10,000 more

$30,000 more

Please select an answer.

If you sell your home after living in it for two years and it increases in value by $100,000, how much will you have to pay in taxes on your profit?

0%

15%

28%

50%

Please select an answer.

In 1973, the average U.S. home was 1,660 square feet. How many square feet is the average new home today?

1,500

2,500

3,000

3,500

Please select an answer.

Since 1996, how much faster than inflation have housing prices increased?

15%

21%

48%

77%

Please select an answer.

If your home is hit by a hurricane, which of the following will your homeowners insurance not cover?

Fire

Wind damage

Flood

All of the above would be covered

Please select an answer.

How many renters don’t have insurance to cover their possessions?

10%

26%

57%

84%

Please select an answer.

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The Econ4U Home Ownership Quiz