In Joe Biden’s America, the dream of homeownership has become increasingly difficult for many Americans. According to data from the Wall Street Journal, the average monthly mortgage payment has doubled since former President Trump left office, now standing at $3,322 per month. This is a sharp contrast to the $1,787 average monthly mortgage payment during the Trump administration.
The surging mortgage rates are making it nearly impossible for Americans, especially young people, to afford homes. This is a vicious cycle caused by the soaring inflation rates brought on by the Biden administration’s reckless spending. With no sign of slowing down, the Federal Reserve has shown little interest in cutting interest rates, which will keep mortgage rates at an all-time high.
As a result, homeownership has become a pipe dream for many Americans, even for those who could afford to buy just a few years ago. The increasing cost of homes is simply unsustainable for most people, and many are giving up on the idea of owning a home altogether.
But who are these would-be homeowners? They are predominantly young people, who historically vote for Democrats. This has led to some commentators highlighting the irony of young people voting for a party that is making homeownership even harder to attain.
The astronomical cost of homes is being exacerbated by other factors, including the surge of illegal immigrants entering the country since Biden took office. With the open-door policy on immigration, millions of new people are competing for the same number of homes, pushing prices even higher.
Another reason for the unaffordability of housing is that Democrats have long held disdain for single-family homes. Their climate change policies often block the construction of new homes and favor city living in government housing. This only makes matters worse for those looking to buy a home.
But beyond these factors, which the Biden administration can’t control, some believe that the situation is by design. Democrats’ ultimate goal is to create a society where people do not own anything. Instead, they would be dependent on the government, subscribing to endless services and making monthly payments for every item, no matter how small.
As homeownership continues to be increasingly out of reach for the average American, it is evident that the current administration is to blame. The middle and working class are bearing the brunt of this crisis, with no end in sight. Until the government stops its recklessness and brings inflation and mortgage rates down, owning a home will remain a distant dream for many.