Staff Reports
In the latest episode of “Biden’s America,” owning a home has become a pipe dream for millions of Americans, thanks to the skyrocketing prices and dwindling sales. Good luck, folks; the median home price just smashed through the ceiling at a whopping $419,300 last month, hitting its highest mark in history, as per the National Association of Realtors.
If that doesn’t make you flinch, prices have jumped by about 6% between May 2023 and May 2024, while actual home sales took a nosedive by 3% in the same period. And just to add the cherry on top, the inventory of unsold homes increased by 6.7% from April to May 2024. That’s nearly four months’ worth of homes gathering dust on the market.
Case-Shiller is always a month behind, but considered the standard in home prices.
All time high.
This is what happens when your Fed is controlled by morons. pic.twitter.com/yTKtM9b23U— Frog Capital (@FrogNews) June 25, 2024
Biden, stuck in the White House, is likely to face the wrath of frustrated Americans who can’t afford to buy a home, while former President Trump is making sure to drive that point home. Biden’s administration falters, leaving many young Americans stuck in the rent trap. Even a Harvard poll couldn’t ignore it—housing costs were ranked as the third most pressing issue for voters under 30, right after inflation and healthcare.
It’s a coin flip for Biden. Sure, 66% of Americans who already own homes might be throwing confetti over their rising property values, but the other third are practically homeless in comparison, grappling with sky-high rents and interest rates that make home loans feel like extortion.
Swing states are in the hot seat, too. Just look at the data: Arizona saw home prices shoot up by 59.7%, Georgia by 58.7%, and Wisconsin by 50.8% between March 2020 and March 2024. The other battlegrounds like Nevada, Michigan, and Pennsylvania didn’t miss the inflation Olympics by much, either.
Biden’s solution? Toss casually mentioned housing costs during his Vegas campaign trip and bragged about allocating billions for rental assistance, with some vague hope of construction incentives. Here’s the pitch: build, build, build. Unfortunately, catchy slogans don’t cut it when Americans need real houses.
Meanwhile, Trump is hammering Biden on social media, pointing out how the younger generation is locked out of the housing market, thanks to the current administration. Trump, whose real estate credentials are indisputable, had plans to create opportunity zones to spur investment in low-income areas, aiming to provide some tax relief in the process.
While Biden is scrambling to get Congress on board a $258 billion proposal to spur new home construction, it’s like watching a turtle race against time. The President’s attempts to alleviate costs with a $10,000 tax credit for first-time homebuyers also seem like a band-aid on a bullet wound.
So here we are, Biden fiddling while America burns through its savings, and Trump playing the role of the ever-observant firefighter, ready to douse the flames with some good old-fashioned common sense.
