Houses in the United States are less affordable than at any time in the country’s history, with the average monthly price of home payments increasing from $1,787 to $3,322 per month since Joe Biden became President in January 2021.
The average monthly mortgage payment is 52 percent higher than the average cost of renting an apartment. In metropolitan areas and cities, such as Seattle, Austin, and several Californian cities, the figure increases to a staggering 175 percent.
Someone taking out a mortgage on a house costing $430,000 with a ten percent initial payment is forced to pay $3,200 every month: 60 percent more than three years ago.
As a result, the average age of a “first-time buyer” is n0w 35, three years older than under Donald Trump’s presidency. The number was even higher in 2022 at 36 years old. One-third of house purchases were made by first-time buyers, far below the average of 38 percent.
“There is a lot of shadow demand for homes, with a bunch of first-time buyers waiting on the sidelines for the payment-to-paycheck calculation to work for them,” Odeta Kushi, deputy chief economist at First American Corporation, recently explained.
Meanwhile, jobless claims are on the rise under the Biden government, and more Americans are being forced to break into their life savings.
