When President Joe Biden first assumed office in 2021, the average monthly new home payment was $1,915, but it has since ballooned to $3,322 as of the third quarter of 2023, according to an analysis from The Wall Street Journal.
MOST AMERICANS CAN NOT BUY A HOME TODAY!
Grandma treasury secretary instead of retiring and playing with her cats, is driving the economy down with her mentor dementia Joe.
We are stuck with idiots running our economy down the rabbit hole..The appointments should be on merit not gender, and aged dinosaurs like her instead of experienced financial mavens..
Following the increase in costs, housing is now less affordable than at any other time in recent history, with mortgage rates exceeding 7% and median housing prices rising to around $392,000 as of October, according to the WSJ. High inflation and a relative tightening of the supply of housing have resulted in the increasing prices, while the high mortgage rates are in response to the increasing cost of credit.
The average for a 30-year fixed-rate mortgage reached an all-time modern low on Jan. 7, 2021, reaching 2.65%, just days before Biden took office, according to the Federal Reserve Bank of St. Louis. Mortgage rates then reached a recent peak of 7.76% on Nov. 2 of this year, receding slightly to 7.03% as of Dec. 7.