Biden's economic policies, referred to as Bidenomics, have led to a significant increase in foreclosures and a decline in home affordability across the United States. Key points include a 51% rise in foreclosures in South Carolina, an 80% increase in income needed to buy a house compared to the Trump era, a surge in mortgage rates from 3% to 7%, and a substantial jump in the income required to afford a home from $59,000 to $106,000. The Federal Reserve's interest rate hikes have further exacerbated the situation, making homeownership increasingly challenging for many Americans.
Under "Bidenomics," buying a home has now been deemed "unaffordable" in 99% of the country. https://t.co/EvscZzsJnR
Biden talks mortgage rates, which reached their highest levels since 2001 during his term. When Biden took office, the average 30-year fixed mortgage rate was ~2.7%. Today, it's ~7.37%. https://t.co/Npw80riwZW
To combat Bidenflation, the Federal Reserve has raised interest rates to the highest level in 23 YEARS and in the process made it increasingly difficult to afford a home. https://t.co/C0pjKn6207
Since Biden took office, housing affordability has plummeted to record lows.https://t.co/7EHQhzww0b
Thanks to higher interest rates, the monthly mortgage payment on a median-priced home is twice as much as when Biden took office. https://t.co/WqpuW84xwY
In 2020 Americans needed an average income of $59,000 to afford a home. Today, you need $106,000. That’s $30,000 above the current average household income. Bidenomics has DESTROYED the American Dream in just 4 years. https://t.co/uFp50lQZpU
30-Year Fixed-Rate Mortgage 3% when President Trump left office to 7% now under Joe Biden. Bidenomics has made achieving the American Dream virtuallty unattainable. https://t.co/DO9KKU6rsk
Bidenomics is KILLING the middle class. Hardworking families need 80% MORE INCOME to buy a house than they did under President Trump. https://t.co/YrLuM2eeWm
Bidenomics means you can't cover your mortgage. Foreclosures are going up while home affordability is at its worst. In my home state of South Carolina, foreclosures increased 51%. Joe Biden’s economic policies are failing America. https://t.co/nvl9DXxgZN