The cost of homeownership has risen significantly under President Joe Biden’s leadership, as the average American now officially needs to make around $115,000 per year in order to afford a home.
“Latest data from real estate company Redfin has revealed that prospective homebuyers need to earn a salary of $114,627 – up 15 percent from a year ago and up more than 50 percent since the start of the pandemic,” wrote the UK’s Daily Mail.
“This is about $40,000 more than the income of a typical household. The average worker’s salary was around $75,000 in 2022 – the most recent US Census Bureau data available.” (Poll: Is Bidenomics Helping Americans? VOTE)
“The typical US home sold for about $420,000 in August, up 3 percent year over year and about $12,000 shy of the all-time high hit in mid-2022, according to Redfin,” the outlet added.
The news comes as poll after poll has revealed that “Bidenomics” has turned out to be a complete failure.
Interest rates are skyrocketing as well, making it extremely difficult for new buyers to enter the housing market.
“In a homebuyer’s ideal world, rising mortgage rates would push demand and home prices down enough to make up for high interest payments,” Redfin’s Chen Zhao stated. (Trending: Devastating New Poll For Joe Biden)
“But that’s not what’s happening now: Although new listings are ticking up slightly, inventory is still near record lows as homeowners hang onto their low mortgage rates–and that’s propping up prices,” she continued, saying, “Buyers – particularly first-timers – who are committed to getting into a home now should think outside the box.”
“Consider a condo or townhouse, which are less expensive than a single-family home, and/or consider moving to a more affordable part of the country or a more affordable suburb.”
A Marquette University poll revealed that former President Donald Trump has a 23 point lead over Biden regarding voters trust in the handling of inflation, the economy, and security at the border.
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