I think you'll find it refers to 42% of mortgage holders. They say home owners to sensationalize the point.
The actual numbers that I've reviewed say that at around a 6.5% mortgage rate, the top 10% most indebted would be very close to default territory. They'd be looking at an average of 60% of their income just toward mortgage payments. The top 1 to 5% would likely be forced to downsize.
The fact is if 60% of your income goes toward your mortgage, you're going to have a very hard time pushing forward with life's various expenses.
