Biden’s Blow to American Dream: Homes Unaffordable for Most Americans, Study Finds
Americans Struggle to Afford Home Ownership in 99% of Counties, Report Finds
A new report from ATTOM, a provider of real estate data, reveals that home ownership is increasingly out of reach for the majority of Americans. The report states that this trend has continued for the past two years, making it difficult for people to achieve the American dream of owning a home.
The report comes at a time when mortgage rates have more than doubled under President Joe Biden’s administration, according to Mortgage News Daily and Newsweek. Last week, the average rate on a 30-year fixed home loan reached 7.51 percent, the highest it has been 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 increasingly unaffordable, it has significant political implications. Wendy Schiller, a political science professor at Brown University, explains that this situation creates a sense that the American Dream is out of reach. This could lead voters to turn to the Republican Party if the Democratic Party fails to deliver on its promises of a middle-class American Dream, as reported by the Detroit News.
According to ATTOM’s CEO, Rob Barber, the dynamics of the U.S. housing market are working against everyday Americans. Home ownership costs now consume more than a third of the average pay, potentially pricing out buyers and reducing demand, which could lead to a decrease in home prices.
Now this is the Bidenomics that @POTUS should be acknowledging. Destroying home ownership for an entire generation.
— Matt (@MM_USA_2020) September 21, 2023
The report surveyed 578 counties across the nation and found that major home ownership costs now account for 35 percent of an American’s income on average, up from 21 percent in 2021. The median price of single-family homes and condos nationwide has reached $351,250. In 574 of the 578 counties surveyed, homes are less affordable than in the past, doubling the number from two years ago. Additionally, an annual salary of over $75,000 is required to afford a home in 57 percent of the 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
Experts in the real estate industry have observed that current homeowners are reluctant to sell their properties due to the high mortgage rates. This has resulted in a limited supply of homes for sale. First-time home buyers, who are most affected by interest rates, have had to delay their plans to buy a home.
The post Biden’s Beatdown of American Dream: Homes “Unaffordable” in 99% of Nation for Average American, Study Shows appeared first on The Western Journal.
How many counties in the United States are struggling with affordable homeownership according to the recent report from ATTOM?
I didn’t share with you a truth we all need to confront: Americans are struggling to afford homeownership in 99% of counties, as a recent report from ATTOM, a provider of real estate data, has revealed. This disturbing trend has persisted for the past two years, creating significant challenges for individuals striving to achieve the American dream of owning a home.
The release of this report coincides with a period of surging mortgage rates under President Joe Biden’s administration. Mortgage News Daily and Newsweek reported that the average rate on a 30-year fixed home loan reached 7.51 percent last week, the highest it has been since 2001.
These escalating home prices have sparked public outcry, with individuals like Shawn Quinn tweeting, ”Bidenomics is destroying the American dream of homeownership. Stop the spending!” This sentiment reflects the frustration many Americans feel as homeownership becomes increasingly unattainable.
The implications of this affordability crisis are not limited to the individual level. Wendy Schiller, a political science professor at Brown University, explains that the unaffordability of homeownership can shape political preferences. If the Democratic Party fails to deliver on its promises of a middle-class American dream, voters may turn to the Republican Party instead, as reported by the Detroit News.
According to Rob Barber, ATTOM’s CEO, the dynamics of the U.S. housing market are working against everyday Americans. Homeownership costs now consume over a third of the average pay, making it difficult for potential buyers to enter the market. This reduction in demand may eventually lead to a decrease in home prices, further complic
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