Biden Raises Your Mortgage
People are unable to live in Biden’s America.
While home prices are finally starting to come down after reaching an all-time high in 2022, the cost to pay mortgage is still higher than ever and some American just can’t afford to pay these insane prices.
According to Fox, the average America household is currently paying $607 more per month for a median home.
The Atlanta Fed’s Housing Affordability Monitor has found that housing affordability today is worse than it was in 2008 when the housing market crashed. In December alone, the median American household was being forced to spend 42.9% of their income to afford to live in their homes.
This represents a share close to the highest recorded since August 2006, when the median-priced house required the median U.S. household to allocate approximately 41.1% of their income towards its affordability.
Furthermore, this share is considerably higher than the 32.6% recorded just twelve months ago. At this pace, the average American homeowner now pays roughly $607 extra per month to possess a home priced at the median, in comparison to the preceding year.
The steep drop in affordability can be attributed to the highest mortgage rates in recent years and the sharp rise in home prices.
This is a real issue that President Biden and the Democrats need to address moving forward. Americans paying exorbitant rates will only make America’s economy worse moving forward.
