Young Americans are not able to buy homes in ever-increasing numbers. The rents are way too high and hurt their ability to save. The price of homes and inflation will also keep them from the American Dream. This will fit nicely with The Great Reset that Joe Biden has bought into fully and unequivocally. His Bidenomics fits right in. A theme of The Great Reset is you will own nothing and be happy, but they’ll own plenty.
Homeownership is a key component of the American Dream. Young people can’t have it in growing numbers.
STATISTICS VIA CNN
Nearly 70% of millennials, according to a 2019 study from the rental platform Apartment List, say they cannot afford a house due to rising prices, and a recent study by the Federal Reserve Bank of St. Louis Center for Household Financial Stability found that millennials have almost 35% less wealth than would have been predicted from the experience of earlier generations at the same ages.
Most millennials are renters, and nearly half of people 18 to 34 are rent-burdened — meaning 30% or more of their income goes to rent.
A recent Unison report showed that nationwide it takes nearly 15 years to save up for a 20% down payment on a median-priced home if you have a median income. In Los Angeles, someone must save for 43 years; in New York City and Miami, it’s 36 years; and San Diego, 31.
Basically, at 26 at my median-income job, I’ll be 69 when I have enough money for a down payment in LA, or, I could head for San Diego when I’m 57.
STEVE CORTEZ HAS SOME FIGURES
Joe Biden slams the door shut on home ownership, especially for young Americans.
See the numbers in a new Cortes #ChalkTalk https://t.co/bWsWVOZTgM pic.twitter.com/KXvlGiLInI
— Steve Cortes (@CortesSteve) April 19, 2022
CNN’S SOLUTION IS BIG GOVERNMENT
CNN reports: It is past time that the federal government — which has largely avoided this discussion — step in. There was a comprehensive affordable housing plan at the start of 2018 from Massachusetts Sen. Elizabeth Warren proposing the construction of three million new housing units, a down-payment assistance program, and limits on investor purchases of single-family homes.
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Their solution is always more big government and Warren-style communism. The better solution is to stop spending money we don’t have, and make energy and food cheap again with policies that work. We might also demand an end to free money to colleges.
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