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Since 2020, the cost of affording a home has escalated dramatically!

posted 6 months ago by TheHardSell (2075)
8 replies | jump to latest

Since 2020, the cost of affording a home has escalated dramatically, with the income required to comfortably purchase a median-priced home rising by a staggering 80%.

This surge is driven by a combination of soaring home prices, which have jumped over 42%, and the doubling of mortgage rates from around 3% to over 6.5% during this period. As a result, the annual income necessary to buy a typical home has ballooned from $59,000 in 2020 to over $106,000 in 2024, far outpacing the median income growth of just 23%.

This widening gap between home prices and income has left many potential buyers unable to enter the market, particularly in high-cost regions like California, where affordability has become increasingly elusive.

[–] tvfan (14553) 6 months ago

Thank you Joe, for Bidenomics.

[–] Galilguy (2527) 6 months ago

The American dream is becoming out of reach for many, no thanks to the Democrats.

[–] SemiAnimus (3270) 6 months ago

A major component of this is that housing and real estate in general have become routine investments for returns for the wealthy. The proportion of companies and private individuals that own houses or that buy and sell them for profits are massive and at an all time high, and the average person looking to buy or rent a home is padding their profit margins.

[–] B1cKsurN (17828) 6 months ago

They are going to use unrealized gains taxation to remove us from our homes...they will then give our homes to illegals with free mortgages they don't have to pay for, that we will be subsidizing.

They will rape and murder our children, and if we try to do anything about it... we will be jailed.

This is all of our futures.

[–] tvfan (14553) 6 months ago

They are already providing them with free housing and thousands per month for spending. All on our tax dollars.

[–] AmeriGirl26 (15112) 6 months ago

"Imagine a world where people who broke the law by crossing a country's border and living there illegally, are treated better by that country's government than the actual legal citizens and native born."

[–] Keelai (36155) 6 months ago

Professional and institutional investors are allowed to compete with working folks for homes which drives up prices.

There’s also a shortage of housing because racists don't want to build affordable housing fearing it will diversify their segregated neighborhoods.

[–] AmeriGirl26 (15112) 6 months ago

I was wondering how the Left was gonna get rid of "single-unit housing." Now we know. They sure love the idea of us future serfs living in crappy, concrete boxes and only renting, with the mantra of, "You'll own nothing and be happy."