I just found out today that June was declared National Homeownership Month by President Biden (https://www.whitehouse.gov/briefing-room/presidential-actions/2023/05/31/a-proclamation-on-national-homeownership-month-2023/#:~:text=BIDEN%20JR.%2C%20President%20of%20the,2023%20as%20National%20Homeownership%20Month)
"We recognize that a place to call home, regardless of owning or renting, is essential to a life of security, dignity and hope...That is why my administration is committed to removing barriers to homeownership." One of the things Biden did was extended foreclosure moratoriums, but that was 2 years ago!
Ironically, it's probably harder than ever for a poor or middle class person in the U.S. to own a home if they don't already have one.
Why is that?
Low inventory: during the Trump Administration, developers, speculators, and investors bought up existing inventory and turned it into rental property. Other folks who could afford low interest rates and who had jobs were able to out bid folks who tried to get homes at or below asking price.
Increasing prices based on appraised values, interest and insurance rates, taxes and HOA fees: even folks with good jobs are priced out of the affordable home market.
Inflation myths: not being able to find an affordable home is not based on inflation.
Global warming: many homes have been destroyed or deemed uninhabitable making the costs of lumber, windows, roofing, bricks, vinyl siding and appliances surge!
Politicians and banks not solving the problem: only the rich can afford to buy an affordable home.
What solutions do you think will solve this crisis, or will the next generation be renters with no equity at the whim of landlords?
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