Housing ‘affordability has just totally collapsed,’ economist says.
According to CNBC, “Would-be homebuyers need to earn $113,520 a year to afford the typical house in the U.S. — 35% more than what the typical household earns annually, which is $84,072, according to a new analysis by real estate site Redfin.
“February 2021 was the last month when the typical household earned more money than they needed to afford the median home. They’ve been in a deficit ever since, said Chen Zhao, a senior economist at Redfin.”
“That deficit hit a peak in October of 2023,” she added. “The reason why it hit a peak then is because that’s when mortgage rates peaked as well.”
Let’s see, when did Bidenomics begin? Oh, right, January 2021. That’s when figurehead Joe Biden took office and the unaccountable Marxists running around the Oval Office with direct lines to Barack, Hillary, Bernie, and George put Bidenomics in place.
“Since the pandemic, affordability has just totally collapsed,” said Chen Zhao, a senior economist at Redfin.
The pandemic was not coronavirus — it was the lockdown Democrats.
“The average household fell short $29,448 to afford a home in February, according to Redfin. In October 2023, households were short by $40,810. At that time, buyers needed an average income of $120,500 to afford a home.”
It’s narrowed as interest rates went down slightly.
Bidenflation, high Democrat interest rates, Democrat spending, Democrat’s killing energy, and Democrat regulations and taxes on businesses and productive people for the welfare state led to our problems.
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