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.
You can comment on the article after the ads and subscribe to the Daily Newsletter here if you would like a quick view of the articles of the day and any late news:
I don’t think the folks in Florida got the email. Some areas of Florida are beginning to see signs of a housing glut. Unfortunately for the sellers who are listing their homes at unreasonably high prices, home sales are no longer getting the high volume of buyers from up north.
Anyone sitting on a 3% mortgage rate surely wouldn’t consider selling and purchasing another house at a 7% interest rate. Inventory has basically dried up thanks to bidenomics. Add to that rising everything else….
Hey just squat in an empty house, Biden said it was okay. Make sure the owner is a Biden voter.
Bound to happen, way over due, an way over inflated property values. You can thank all those bailouts during the Obama administration, is what caused it to unnaturally happen to begin with.
All that funny money thrown into the economy has offset the entire economy to unrealistic values of everything, while weakening all monetary assets.
Spread (remind) the word to every democrat you know . .