The American Dream at Risk: Homeownership Challenges in Biden’s America

In a recent segment on “The Ingraham Angle,” Laura Ingraham discussed the escalating challenges confronting prospective homebuyers in America, especially due to the policies of the Biden administration. As wages remain stagnant and mortgage rates continue to rise, the prospect of owning a home is becoming increasingly unattainable for a large number of Americans.

According to Zillow, homebuyers now need to earn 80% more than in 2020 to afford a house, a staggering $106,000 per year, while the median income stands just over $74,000. Freddie Smith, a realtor in Orlando, highlighted the severity of the situation, noting that just four years ago, the average American could afford a home with a $50,000 salary, a stark contrast to today’s reality where the average home price sits around $400,000.

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Smith emphasized the urgent need for more supply and incentives to build affordable housing, pointing out that the current demand is driving prices beyond reach for many. He echoed the sentiment that the American dream is slipping away from the middle class, with the goalpost for homeownership moving from $50,000 to over $100,000 in just three years.

Ingraham criticized the Biden administration’s approach, accusing them of wanting to flood suburbs with “crappy housing” and devalue suburban homes. She argued that this approach undermines the aspirations of many Americans to live in a place of their choosing and erodes the essence of the American dream.

Barbara Corcoran, a real estate mogul, warned that if mortgage rates drop, prices could skyrocket even further due to increased demand. In a time of high inflation, this could exacerbate the already challenging housing market conditions.

The conversation highlighted the urgent need to address the housing affordability crisis facing America’s middle class. As mortgage rates and home prices continue to rise, many Americans are left wondering if owning a home will remain a distant dream.