A recent report shared by Alliance for Consumers has shown that the cost of owning a house has rapidly increased under the administration of Joe Biden. This happened because of the regulations the administration has been implementing.
According to the reports, the policies can increase home-owning costs by adding up an additional $9000 on top of the total cost they already have to take care of.
Some common specific examples would be a high price for gas furnaces, air conditioning, light bulbs, cars, dishwashers, and ceiling fans, and a possible ban on gas stoves.
However, the report did not factor in the effects of inflation on the information shared. The cost of homeownership has increased exponentially under the administration of the current US president. Studies show that the average American needs to make $115,000 yearly to be able to afford a home.
“Latest data from real estate company Redfin has revealed that prospective homebuyers need to earn a salary of $114,627 – up 15 percent from a year ago and up more than 50 percent since the start of the pandemic,”
“This is about $40,000 more than the income of a typical household. The average worker’s salary was around $75,000 in 2022 – the most recent US Census Bureau data available.”
“The typical US home sold for about $420,000 in August, up 3 percent year over year and about $12,000 shy of the all-time high hit in mid-2022, according to Redfin,”
the outlet added.
The news comes as numerous polls continuously revealed the failure of.”
“But that’s not what’s happening now: Although new listings are ticking up slightly, inventory is still near record lows as homeowners hang onto their low mortgage rates–and that’s propping up prices,”
she continued, saying,
“Buyers – particularly first-timers – who are committed to getting into a home now should think outside the box.”
“Consider a condo or townhouse, which are less expensive than a single-family home, and/or consider moving to a more affordable part of the country or a more affordable suburb.”
A Marquette University poll shows that the previous US president, Donald Trump, tops Biden by 23 points according to the voters’ trust in handling inflation.
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