"Under Joe Biden's administration, mortgages have doubled to the highest level in history & double the cost to rent,"

[JohnDB]

Home prices have NOT doubled.

The median home sales price is $420,800 as of the first quarter of 2024. That's a 28% increase from the first quarter of 2020, when the median was $329,000.

Average house price by state

The average house price in the United States as of the fourth quarter of 2023 is $417,700. See how states compare here.

www.fool.com

That's from a nationwide point of view taking depressed economic areas like Detroit or San Francisco into the equation. (Property values keep dropping)

Where the areas that are increasing like Nashville or Missisipi are having triple digit increased valuations are then "reduced" by averaging.

 

[rightwinger]

That's from a nationwide point of view taking depressed economic areas like Detroit or San Francisco into the equation. (Property values keep dropping)

Where the areas that are increasing like Nashville or Missisipi are having triple digit increased valuations are then "reduced" by averaging.

So you want to Cherry Pick

 

[rightwinger]

The answer to rising home prices is either the free market driving down prices by drying up buyers who can afford the mortgage.

The second answer is employers raising wages because their workforce can’t afford to live in the area

 

[FranklinRoosevelt_FTW]

.

That's a lie. Total horseshit.

April 2024 Rent Report

National rents remained positive in March, with the median price for an apartment rising by just over three-quarters of a percentage point. While last

www.rent.com

The national median price of an apartment in March was $1,987. On an annual basis, rents grew in March by 0.77 percent, while month to month, rents rose by 0.30 percent. Since January, rents have risen by 1.17 percent, or $23.

I’m not buying what your links are saying. Too many credible sources challenge your position

A poll from The Washington Post finds widespread agreement among Americans on what it means to be middle class. But just over a third of U.S. adults have the financial security to meet that definition, according to a Post analysis of data from the Federal Reserve.

https://www.washingtonpost.com/business/2024/02/15/middle-class-financial-security/

I see it with my own eyes every day, the astronomical rise in the price of a home across this country. I think it’s insane that some Biden supporters continue to lie out of their mouth every day or they are woefully uninformed..They see the prices have risen and they don’t care about it. I saw this when I came back from my trip to Southeast Asia. Being there for four months and coming back and seeing a rise in the costs of groceries.

 

[g5000]

That's from a nationwide point of view taking depressed economic areas like Detroit or San Francisco into the equation. (Property values keep dropping)

Where the areas that are increasing like Nashville or Missisipi are having triple digit increased valuations are then "reduced" by averaging.

I didn't hear Republicans whining about Bush when home prices were skyrocketing during the subprime bubble under Bush.

When the economy crashed in 2020, I posted right here on this forum it was a good time to refinance I did, and now I have a very cozy 2.65% interest rate, as do millions of other intelligent Americans.

This is contributing to an artificial housing shortage since no one is going to let go of a house which has such a sweet rate. And that is contributing to existing houses on the market to sell at a premium.

I don't know about the whole country, but this has sparked a huge homebuilding surge where I live.

Even with the current high interest rates, homes are selling like hotcakes.

Buyers are probably expecting interest rates to fall in the future and intend to refinance at that time.

Unlike Trumptards who are always looking for a reason to whine, most Americans are optimists.

 

[surada]

surada
boilermaker55

A poll from The Washington Post finds widespread agreement among Americans on what it means to be middle class. But just over a third of U.S. adults have the financial security to meet that definition, according to a Post analysis of data from the Federal Reserve.

https://www.washingtonpost.com/business/2024/02/15/middle-class-financial-security/

I am a traditional Democrat recognizing how Democrats of the middle 20th century brought us a great prosperous post World War II economic boom. Also working with Republicans to do so.

Today we do not have as strong a middle-class compared to what we had under Trump or FDR, Eisenhower or JFK. Do you folks think regardless of who is elected in 2024…. will things get better, worse or will there remain a status quo for years to come for the American middle class?

I agree. The middle class has been shrinking since Dubya.

 

[g5000]

I’m not buying what your links are saying. Too many credible sources challenge your position

Your "credible sources" are not real estate people. You cannot argue the numbers. All you can do is find people who FEEL bad.

I see it with my own eyes every day, the astronomical rise in the price of a home across this country.

Your own eyes do not see the whole country.

Like I said. Total horseshit.

The numbers don't lie.

 

[JohnDB]

So you want to Cherry Pick

It's better to look at a weighted statistic than a flat average. The population centers where people are actively migrating to because of jobs is what matters more to people than anything else. Those statistics are much more relevant than a place already abandoned by working people and not by those living on government assistance as a sole means of support.

 

[debbiedowner]

No, Dem idiot Carter was.

True it was higher under Carter but she is right it stayed as high as 10% until in of the decade.

Interest rates reached their highest point in modern history in October 1981 when they peaked at 18.63%, according to the Freddie Mac data. Fixed mortgage rates declined from there, but they finished the decade at around 10%. The 1980s were an expensive time to borrow money.

Historical Mortgage Rates: 1971 To The Present

Historical mortgage rates fluctuate, particularly in uncertain and inflationary times. Learn more about historical mortgage rates from the 1970s to the present.

www.rocketmortgage.com

 

[FranklinRoosevelt_FTW]

Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again?​

He adds that mortgage rates returning to a more “normal” upper 4% to lower 5% range would also help the housing market, over time, return to 2014-2019 levels. Yet, Gumbinger predicts it could be a while before we return to those rates.

Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again?

What many had hoped would be a rosy spring home-buying season has turned into a thorny challenge for home shoppers already demoralized by a challenging market. Home sale activity was stagnant last month as mortgage rates and home prices maintained an upward trajectory. One silver lining is that m

www.forbes.com

Noticing a trend among Biden supporters. They are not addressing the question that handover if they think the economy will improve for the middle class…. the price of a home today and the price of an interest rate is astronomical compared to what it was under Donald Trump. That is a fact, nobody can deny it. People can attempt to spin it and say that Obama had a great economy and Trump walked into a economy. Whatever they want to say they’re going to, but they really ought to at least address the question.

Regardless of who is elected president in 2024… will things get better for working class Americans sooner than later, will they get worse or will the current status quo remain?

 

[g5000]

I agree. The middle class has been shrinking since Dubya.

So long as we keep allowing the one percent to bribe our politicians to tilt the playing field in their favor, this is going to keep happening.

 

[rightwinger]

It's better to look at a weighted statistic than a flat average. The population centers where people are actively migrating to because of jobs is what matters more to people than anything else. Those statistics are much more relevant than a place already abandoned by working people and not by those living on government assistance as a sole means of support.

Population centers have higher priced homes but also higher wages.
So it is all relative

 

[g5000]

Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again?​

He adds that mortgage rates returning to a more “normal” upper 4% to lower 5% range would also help the housing market, over time, return to 2014-2019 levels. Yet, Gumbinger predicts it could be a while before we return to those rates.

Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again?

What many had hoped would be a rosy spring home-buying season has turned into a thorny challenge for home shoppers already demoralized by a challenging market. Home sale activity was stagnant last month as mortgage rates and home prices maintained an upward trajectory. One silver lining is that m

www.forbes.com

Noticing a trend among Biden supporters. They are not addressing the question that handover if they think the economy will improve for the middle class…. the price of a home today and the price of an interest rate is astronomical compared to what it was under Donald Trump. That is a fact, nobody can deny it. People can attempt to spin it and say that Obama had a great economy and Trump walked into a economy. Whatever they want to say they’re going to, but they really ought to at least address the question.

Regardless of who is elected president in 2024… will things get better for working class Americans sooner than later, will they get worse or will the current status quo remain?

A president has virtually nothing to do with interest rates, even a megalomaniac like Trump who doesn't know his ass from his elbow.

 

[FranklinRoosevelt_FTW]

Folks can argue about the exact cost of homes and rent today in 2024.

But what somebody cannot do is commit a grievous lie and say that things are wonderful in 2024 for the working class. We have experienced a massive raise in grocery prices and the cost of living under Biden.

If folks believe that if Biden gets reelected in 2024 and the economy will improve, please say so and explain how they think that will happen.



But nobody can come into this discussion and truthfully claim that the American middle class is doing wonderful today… there are countless sources showing Americans who are saying themselves they are struggling to achieve the American dream today more than ever in their life. This includes the left-wing leading Washington Post saying the following.

How Americans define a middle-class lifestyle — and why they can’t reach it​

Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again?

What many had hoped would be a rosy spring home-buying season has turned into a thorny challenge for home shoppers already demoralized by a challenging market. Home sale activity was stagnant last month as mortgage rates and home prices maintained an upward trajectory. One silver lining is that m

www.forbes.com

 

[Richard-H]

Grant Cardone Exposes Housing Cost Surge Under Biden — 'Mortgages Have Doubled To The Highest Level In History & Double The Cost To Rent'

Real estate investor Grant Cardone highlighted a striking rise in mortgage rates under President Joe Biden's administration in a May 3 post on X. "Under Joe Biden's administration, mortgages have doubled to the highest level in history & double the cost to rent," Cardone posted. "April 2020...

finance.yahoo.com

Imagine what it’s like to be a working class person in this country and to hear a democrat brag about the equity of their house going up in value. Which by the way means nothing when that person wants to sell their home and buy a new home at a jacked up price With a higher interest rate. It reminds us of the neo conservatives bragging about how American soldiers don’t have to die in the Russian war in Ukraine, as if the Ukrainian lives mean nothing. It really has to be a form of evil. What else is there to say what other words are there to use?


The cost of living is the most important thing in a country. That’s what separates for example countries with extreme levels of poverty to what people generally believe is the case in the western countries. It’s what separates the so-called third world from the first world. And there are by the way countries in the east they have extraordinary wealth and prosperity like Singapore, Saudi Arabia, the United Arab Emirates etc

"Under Joe Biden's administration, mortgages have doubled to the highest level in history & double the cost to rent," Cardone posted. "April 2020: $1,480. April 2024: $2,890 (record high). Will you buy a house this year?"

Biden supporters, the multi millionaire celebrities, and the Hollywood left will continue to support Joe Biden, and they will continue to make whatever excuse they want for the high price of inflation. But the fact is the bottom line is the work class Americans don’t want to hear what they have to say. they want a better economy. They want to be able to afford the American dream. For many Americans across the country they are in a state of being furious wondering if they will ever have a chance at the American dream. God willing whether it’s a Democrat or a Republican, who is elected in 2024 or 2028 that we do have a better future. Because currently the economy is horrible for working class people.

So, are you saying that the free market is a failure?

Would you support direct government intervention?

 

[FranklinRoosevelt_FTW]

So, are you saying that the free market is a failure?

Would you support direct government intervention?

I’m asking folks

for the middle class will we have a status quo that we currently have for years to come, will things get worse soon or will they get better sooner than later? What folks think about that?

I’m a traditional Democrat. I would support a sensible foreign policy, and I want something like we had during the post World War II years known as the post World War II economic, boom in the USA, which created millions of middle-class jobs. Capitalism as it was in the middle of the 20th century worked out tremendously for America. So I’m not against a free market, I’m not against capitalism.

I don’t have all of the answers and maybe there are folks here who are more informed about these issues. We are currently going through an economic depression in the USA. Certainly for the working class that is completely undeniable. That’s what happens when interest rates on home loans triple under Joe Biden compared to what they were under Trump. But forget about for a moment who gets elected or re elected in 2024. Answer the questions posed.

It is interesting that left-wing fanaticism, which is going on in the USA today(the rise of BLM, wokeness, cancel culture and men going into women’s bathrooms and other fanatical things) and neo conservative foreign policy toward countries like Ukraine and Israel is simultaneously occurring with record high home prices and tripling of interest rates on home loans.

 

[JohnDB]

Population centers have higher priced homes but also higher wages.
So it is all relative

No...
Because where a person might have to have a longer commute to an area that has jobs but still be outside of the "population center" is still paying a much higher price for a home because construction costs have skyrocketed.
$6/for a 8' wall stud is ridiculously high....there for a month or two it was actually cheaper to use metal studs than wood. Houses cost what they cost.

Where population centers often have higher wages to attract labor...wages have ALWAYS LAGGED BEHIND INFLATION.
History has proven over and over that wages have never kept pace with inflation. Once upon a time a nuclear family with 2.5 children could have a middle class lifestyle with a single "moderate skill" level income.

Today "DINKs" (double income with no kids) cannot afford to pay rent much less purchase a home.

 

[marvin martian]

Grant Cardone Exposes Housing Cost Surge Under Biden — 'Mortgages Have Doubled To The Highest Level In History & Double The Cost To Rent'

Real estate investor Grant Cardone highlighted a striking rise in mortgage rates under President Joe Biden's administration in a May 3 post on X. "Under Joe Biden's administration, mortgages have doubled to the highest level in history & double the cost to rent," Cardone posted. "April 2020...

finance.yahoo.com

Imagine what it’s like to be a working class person in this country and to hear a democrat brag about the equity of their house going up in value. Which by the way means nothing when that person wants to sell their home and buy a new home at a jacked up price With a higher interest rate. It reminds us of the neo conservatives bragging about how American soldiers don’t have to die in the Russian war in Ukraine, as if the Ukrainian lives mean nothing. It really has to be a form of evil. What else is there to say what other words are there to use?


The cost of living is the most important thing in a country. That’s what separates for example countries with extreme levels of poverty to what people generally believe is the case in the western countries. It’s what separates the so-called third world from the first world. And there are by the way countries in the east they have extraordinary wealth and prosperity like Singapore, Saudi Arabia, the United Arab Emirates etc

"Under Joe Biden's administration, mortgages have doubled to the highest level in history & double the cost to rent," Cardone posted. "April 2020: $1,480. April 2024: $2,890 (record high). Will you buy a house this year?"

Biden supporters, the multi millionaire celebrities, and the Hollywood left will continue to support Joe Biden, and they will continue to make whatever excuse they want for the high price of inflation. But the fact is the bottom line is the work class Americans don’t want to hear what they have to say. they want a better economy. They want to be able to afford the American dream. For many Americans across the country they are in a state of being furious wondering if they will ever have a chance at the American dream. God willing whether it’s a Democrat or a Republican, who is elected in 2024 or 2028 that we do have a better future. Because currently the economy is horrible for working class people.

They want their concentration camps to look appealing to the stupid people who support them.

 

[rightwinger]

Where population centers often have higher wages to attract labor...wages have ALWAYS LAGGED BEHIND INFLATION.

Not true when buying a home.

Initially your wages lag the price of your mortgage.
But over 30 years, your mortgage stays constant while your wages increase significantly

 

[boilermaker55]

Do a little research about those eras and the workforce and labor.
Get back to us when you have made a full well-rounded investigation.
Not some propaganda from an anti-working site!
Thank you!

surada
boilermaker55

A poll from The Washington Post finds widespread agreement among Americans on what it means to be middle class. But just over a third of U.S. adults have the financial security to meet that definition, according to a Post analysis of data from the Federal Reserve.

https://www.washingtonpost.com/business/2024/02/15/middle-class-financial-security/

I am a traditional Democrat recognizing how Democrats of the middle 20th century brought us a great prosperous post World War II economic boom. Also working with Republicans to do so.

Today we do not have as strong a middle-class compared to what we had under Trump or FDR, Eisenhower or JFK. Do you folks think regardless of who is elected in 2024…. will things get better, worse or will there remain a status quo for years to come for the American middle class?