According to the Center Square, Bidenflation is so bad that Americans now have to make 80 percent more income to buy a home than they did four years ago.
Biden is hurting Americans every single way.
“The income needed to comfortably afford a home is up 80% since 2020, while median income has risen 23% in that time,” the report states. That equates to $47,000 more than four years ago.
“Home shoppers today need to make more than $106,000 to comfortably afford a home,” according to the report. “That is 80% more than in January 2020.”
A monthly mortgage payment for a typical U.S. home has nearly doubled since January 2020, the report notes, up 96.4% to $2,188. The calculations are based on a 10% down payment.
Home values also increased over 42% in the last four years, with the typical home nationwide worth roughly $343,000, according to Zillow’s January market report. Mortgage rates in January 2020 were 3%, the report notes. By February 2024, they are closer to 7%.
Meanwhile, wages are flat while everyone’s costs soared.
Four years ago, a household income of $59,999 a year could afford a typical monthly mortgage. That was even below the median income of $66,000.
Will this presidential election be the most important in American history?
Today, about $106,500 is needed to afford a mortgage payment, while a typical household income that rings in at about $81,000 a year.
Biden is destroying this country.
Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.Huston, or Truth Social @WarnerToddHuston
Cross-posted with The Lid
Related:
- Bidenomics Hits Americans: Mortgage Payments UP 90%
- 27 States Rebel Against Biden’s Mortgage “Redistribution”
- Is Biden’s Credit Score Screw Job On Mortgage Pricing Even Legal?
- Punishing The Responsible: Biden Wants To Force Good-Credit Mortgage Borrowers To Subsidize The Risky
- California Democrats Want to Give Illegal Aliens Zero Down, No Payment Home ‘Loans’
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