The U.S. housing market is facing significant affordability challenges as mortgage rates continue to rise, with the 30-year mortgage rate reaching 7.24%, the highest since November 2023. This increase has pushed the homebuyer payment to record highs, exacerbating the struggles for many Americans in what is being referred to as 'Biden's America'. Surveys from Redfin indicate that nearly 40% of homeowners would not be able to afford their current homes under today's conditions, and a similar percentage of renters feel they will never be able to own a home. The sentiment is echoed by a large portion of the population, with 78% of aspiring homeowners stating that they cannot afford the American dream of homeownership, despite 78% still viewing it as part of their ideal. Critics attribute these conditions to 'Bidenomics', criticizing the administration's economic policies.
"Vast majority of aspiring homeowners say they cannot afford the American dream." Joe Biden's America. https://t.co/fWr6MZKi6r
Home ownership is slipping out of reach for millions of Americans as interest rates reach have reached their highest level in 10 years under President Biden. https://t.co/EYdYqj7keI
78% of Americans still consider owning a home to be a part of the American dream, but affordability remains the major obstacle for aspiring homeowners to obtain that dream. 🏡 https://t.co/imm57JkCeS
38% of renters fear they'll never own a home. Bidenomics shattering the American Dream for hardworking Americans. https://t.co/wTGc979Q5C
According to RedFin • Over 38% of homeowners in the US don't think they could afford to buy their home if they were to buy it today • Nearly 40% of U.S. renters don’t believe they’ll ever own a home, up from 27% last year https://t.co/ZtcTeAYDS9
Whopping 78% of aspiring homeowners say they can’t afford the American dream https://t.co/GbmrqpoTUA
📈 💵 Reckless Democrat spending has driven home prices and mortgage rates sky-high. "Bidenomics" is quashing the American dream of homeownership for countless families across the country. https://t.co/n8P0MnpcPf
Vast majority of aspiring homeowners say they cannot afford the American dream https://t.co/0pxEzxEGp7
30-YEAR MORTGAGE RATE CLIMBS 11 BPS TO 7.24% IN APRIL 19 WEEK, HIGHEST SINCE NOV 2023 -MBA
38% of US Homeowners surveyed by Redfin said they didn't think they could afford to buy the home they are living in today at current prices/mortgage rates. https://t.co/Cwm4NTseMM
Biden's America: 40% Of Renters Think They'll Never Own A Home, Up From 27% Last Year https://t.co/Gbu7x35avq
NEARLY 40% OF HOMEOWNERS COULDN’T AFFORD THEIR HOME IF THEY WERE TO BUY IT TODAY: REDFIN
Homebuyer Payment Hits Record High As Mortgage Rates Climb Back Above 7% For The First Time In 2024 https://t.co/M8uLfNsSkn