Home prices are up “a whopping 47% since early 2020,” leaving “homeownership out of reach to all but the most advantaged households,” reports the far-left NPR.
A report from the Harvard Joint Center for Housing Studies finds that “in nearly half of metro areas, buyers must make more than $100,000 to afford a median-priced home; in 2021, that was the case in only 11% of markets … and there are signs it could get worse.”
“The all-in monthly costs of the median-priced home in the U.S. [when adjusted for inflation] are the highest since these data were first collected more than 30 years ago.”
Naturally, the taxpayer-subsidized welfare queens at NPR cannot find it in themselves to drop the blame where it squarely belongs—at the feet of His Fraudulency Joe Biden. Instead, all we hear about is “the COVID-19 pandemic.”
Okay, ask yourself this…
Did the coronavirus do the following, or did Joe Biden…
….explode federal government spending by trillions, which cheapened the dollar and created an inflation crisis unseen in generations?
….force the Federal Reserve to boost interest rates to fight this inflation, which in turn jumped mortgage rates from 2.77 percent under former President Trump to 6.9 percent today? To understand how devastating that interest rate increase is, consider the following: Under Biden’s 6.9 percent, a $300,000, 30-year loan equals a $1,984 monthly mortgage payment. Under Trump’s 2.77 percent, that same $300,000, 30-year loan resulted in a monthly mortgage payment of just $1,228.00.
…open our Southern border to some ten million illegal immigrants who compete for already scarce housing?
…deliberately kill domestic energy production, which exploded the cost of energy, which exploded the cost of everything, which means worse inflation, which means higher mortgage interest rates to fight that inflation?
Another Bidenomics piece of fallout comes from people holding on to their homes longer than they normally would. Unless forced to, no one is going to sell in this market because that means purchasing your next home at a 7 percent interest rate. Instead, people are sitting on their homes and waiting for a decrease in interest rates. This means fewer homes on the market, and fewer homes means higher prices. Scarcity benefits the seller, not the buyer.
You young people need to keep the following in mind: This is deliberate. Democrats despise the middle class. Why? Because unlike the poor and dependent, we are satisfied and do not want a revolution. And unlike the wealthy, we don’t go along to get along because we do not care about status. We just want to be left alone.
You will own nothing and be happy. That’s the Democrat Party mantra, except… Owning a home is the cornerstone of your future independence. Owning a home is the foundation of retirement, the key to upward mobility. That home is your own personal bank that you can invest in, borrow from, and sell when you are ready for change.
Two things ensure poverty: not owning a home and not getting married.
Democrats want you poor and dependent, so at the local and federal level they are making homeownership—something that even the working poor could once aspire to—out of reach to anyone but “the advantaged.”
It’s not just interest rates and opening the Southern border that make homeownership impossible. Democrat-run cities and states oppose building new homes. They claim it’s for environmental reasons, but the truth is that Democrats want you poor and dependent.
John Nolte’s first and last novel, Borrowed Time, is winning five-star raves from everyday readers. You can read an excerpt here and an in-depth review here. Also available in hardcover and on Kindle and Audiobook.
