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Monday, February 23, 2026

Tag: American Dream
June 18, 2024
Wake Up Right
Economy

Home Foreclosures Are on the Rise.

Home foreclosures were on the rise across the United States in May as Americans struggled with higher living costs.

The details: According to a report from real estate data researcher ATTOM, 32,621 properties had foreclosure filings in May, a three percent jump from the prior month.

  • Rob Barber, CEO at ATTOM, said the data “highlights nuanced shifts in the housing market.”

What’s driving the rise? When you buy a home, you lock in a fixed monthly mortgage [in most cases]. But expenses like property taxes, home insurance, energy, and internet service are not fixed – and they’re all rising – putting the squeeze on homeowners.

  • Property taxes now cost Americans an average of $18,118 annually, up 26 percent from four years ago.
  • Home insurance premiums jumped 11.3 percent from last year alone.
  • Electricity prices have risen more than 25 percent since Biden took office
  • Internet service has jumped more than 11 percent since Biden took office.

Zoom in: Nationally, 1 in every 4,320 housing units began foreclosures last month. The states with the highest foreclosure rates were:

  • New Jersey: 1 in 1,939
  • Illinois: 1 in every 2,362
  • Deleware: 1 in every 2,595
  • Connecticut: 1 in every 2,600
  • Florida: 1 in every 2,638

Zoom out: Home affordability is at its worst level in decades, according to Zillow. In 2020, the national average salary required to buy a home was $59,000. Today, it’s $106,500 – a 61 percent increase.

Big picture: As we draw closer to the 2024 election, voters continue to tell pollsters that inflation and the economy are their top concerns—and on both issues, they prefer Trump over Biden by 14 percent.

This story is brought to you with permission from our friends at the WakeUpRight newsletter, a free, 5-minute morning read for people who want the real news, not the perspective of the D.C. establishment. Sign up here.

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Home foreclosures were on the rise across the United States in May as Americans struggled with higher living costs. show more
May 9, 2024
William Upton
Economy

The American Dream is Now ‘Unaffordable.’

The affordability of the “American Dream” is slipping further away for many U.S. citizens, with escalating costs outpacing income gains for most households. A new report indicates that those seeking the “American Dream” must now exceed $100,000 in annual earnings in all 50 states. A staggering 29 of these states require more than $150,000 a year.

Examples of these states include Ohio, where the ideal lifestyle costs $137,842 a year, Texas at $147,535, and Florida at $159,932. The rates climb even higher in states like New York, at $194,067, and California, at a whopping $245,723.

Alarming figures like this put into perspective the financial difficulties under the Biden economy that are suffocating average U.S. households. For example, in Illinois, which ranks 26 on the list, the median home price is $255,278, with total annual costs reaching $78,369. The total cost of the American Dream in Illinois is around $156,739. The cost of living could continue to worsen as the Biden government struggles to bring down inflation.

Across the board, spikes in essential commodity prices and the sharp rise in housing costs have fueled increasing disillusionment among voters. The 81-year-old incumbent, Joe Biden, has struggled to regain his footing in opinion polls with core Democratic demographics, including young voters, Hispanics, and Black voters.

The National Pulse previously reported that concerns about jobs, the economy, and immigration top most presidential opinion polls heading into this November’s election. Voters routinely believe former President Donald Trump is better suited to address these concerns.

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The affordability of the "American Dream" is slipping further away for many U.S. citizens, with escalating costs outpacing income gains for most households. A new report indicates that those seeking the “American Dream” must now exceed $100,000 in annual earnings in all 50 states. A staggering 29 of these states require more than $150,000 a year. show more
October 5, 2023
Jack Montgomery
Economy
News

Bidenomics: Mortgage Rates Surge to Highest in 23 Years.

Mortgage costs have hit their highest level in 23 years under Joe Biden, with prospective buyers now having to submit to an average rate of 7.5 percent for a 30-year home loan, up from 7.3 percent just last week and an average of 6.7 percent last year.

The rate rise puts the archetypal house and white picket fence so associated with the old-fashioned notion of the American Dream further out of reach for many young Americans, who are becoming homeowners progressively later in life, or not at all.

Home ownerships are falling across the country, with Virginia currently the worst-impacted U.S. state, with an 8.8 percent drop. North Dakota, North Carolina, Connecticut, Georgia, and Ohio have also been hit hard, seeing drops of 7.3 to 7.5 percent.

People now have to be able to put up over $2,000 a month to cover their mortgage costs in 31 states, with Hawaii the most expensive of all with costs over $5,000 a month.

Americans who give up on their home ownership dreams in favor of renting are scarcely better off, with the average single-family home costing at least $1,900 a month.

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Mortgage costs have hit their highest level in 23 years under Joe Biden, with prospective buyers now having to submit to an average rate of 7.5 percent for a 30-year home loan, up from 7.3 percent just last week and an average of 6.7 percent last year. show more