Biden's Beatdown of American Dream: Homes "Unaffordable" in 99% of Nation for Average American, Study Shows
A new report says that home ownership is out of reach for anyone living in 99 percent of America’s counties.
The report from ATTOM, which provides real estate data, said that the newest data continues a two-year streak in which home ownership is increasingly out of reach.
The new report comes as Mortgage News Daily reports that mortgage rates have more than doubled on President Joe Biden’s watch, according to Newsweek.
The average rate on a 30-year fixed home loan hit 7.51 percent last week, the first time it has topped 7.5 percent since 2001.
Bidenomics is destroying the American dream of home ownership.
Stop the spending! pic.twitter.com/3hW6YEqbmS
— Shawn Quinn (@ShawnQuinn83) September 19, 2023
As home ownership becomes unaffordable, a political dynamic takes shape, Wendy Schiller, a Brown University political science professor, told the Detroit News.
“It contributes to a general sense that the American Dream is out of reach and that if the Democratic Party promises a middle-class American Dream and it’s failing, then I think those voters are more likely to listen to the Republican Party,” Schiller said.
[firefly_poll]
“The dynamics influencing the U.S. housing market appear to continuously work against everyday Americans, potentially to the point where they could start to have a significant impact on home prices,” ATTOM CEO Rob Barber said, according to ATTOM’s website.
“[W]ith basic homeownership now soaking up more than a third of average pay, the stage is set for some potential buyers to be priced out, which would reduce demand and the upward pressure on prices,” he said.
Now this is the Bidenomics that @POTUS should be acknowledging. Destroying home ownership for an entire generation.
— Matt (@MM_USA_2020) September 21, 2023
ATTOM’s report surveyed 578 counties across the nation and found that on average, major home ownership costs eat up 35 percent of an American’s income, up from 21 percent in 2021.
The report said on a national basis, the median price of single-family homes and condos has hit $351,250.
The report said that in 574 of the 578 counties surveyed, homes are less affordable than in the past, double the number two years ago.
The report found that an annual salary of more than $75,000 is needed to afford a home in 57 percent of the 578 housing markets surveyed.
Here are the facts. Traitor Joe and his minions lie. Every day. Zero facts, just lies.
Any chart will show you the difference between Bidenomics and “Maganomics”.
The American dream of home ownership has died with Traitor Joe in office. pic.twitter.com/ywYrEMAmuu
— Lynnie ❤️ ?? (@LynnieLorenz) September 21, 2023
“The only people who are selling right now are people who really need to move because of a life event — divorce, marriage, new baby, new job, etc.,” Daryl Fairweather, chief economist of Redfin, told CBS, which noted that home owners with existing mortgages do not want to trade them in for higher rates
“First-time home buyers, who are often the most sensitive to interest rates, have had to postpone their home-buying dreams,” said Dan Hnatkovskyy, co-founder of new home construction startup NewHomesMate.
This article appeared originally on The Western Journal.
