A major real estate company released a study Friday that found renters and homeowners are significantly reducing their quality of life to buy a home under President Joe Biden.
Nearly 1 in 5 homeowners and renters report skipping meals to buy a home in the Biden economy. according to Completed a new survey conducted by Redfin. The median rental asking price has risen from less than $1,700 when Biden took office in January 2021 to nearly $2,000 as of February. according to Redfin data. (Related article: Housing construction declines in California as residents continue to face astronomically high rents)
Rent prices have spiked in the last month, but have remained relatively stable compared to the past two years.
The median asking rent in February was $73 below the all-time high set in August 2022, but still $387 higher than in pre-pandemic February 2020. pic.twitter.com/cAgVjW9xOe
— Redfin (@Redfin) March 21, 2024
Americans are making other sacrifices to stay home, with 20.7% reporting increasing their work hours, 20.6% selling their belongings, and more than 1 in 6 reducing their retirement savings. 15.6% reported putting off medical care. I can afford to pay for housing.
As of February, the average household income was $30,000 below the median income needed to buy a home in the United States. according to To Redfin. When Biden took office in 2021, the median household income was several thousand yen more than the income needed to buy a home.
As of the fourth quarter of 2023, the median home price in the United States is $417,700, according to the U.S. Department of Housing and Urban Development. Some states, such as California, are even more expensive, with a median price of $675,667 as of January. according to To Jiro.
May 2022, Biden administration inaugurated announced An action plan aimed at increasing the supply of housing and easing the cost of rent for Americans.
As interest rates continue, expensive And the nation is facing the following problems: shortage However, the number of construction workers decreased from 2022 to 2023. according to To Census Bureau data.
thousands of construction workers tied up in green transportation A project promoted by the Biden administration.
Experts are concerned that Mr. Biden’s spending, especially his recently proposed budget, could accelerate inflation and further increase the cost of living for Americans.
As of April 6, an average of 57.8% of Americans disapproved of Biden’s economic policy response. according to Used to aggregate ReaClear survey data. By contrast, 68% of Americans remember the economy doing better under former President Donald Trump. according to According to a CBS News poll published in March.
The White House did not immediately respond to the Daily Caller News Foundation’s request for comment.
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