The findings of a recent survey released by a prominent real estate firm indicate that a considerable number of renters and homeowners are making sacrifices in their quality of life in order to afford housing during President Joe Biden’s administration.
Approximately 20% of homeowners and renters admitted to cutting back on meals to make ends meet in the current economic climate under Biden, as revealed in a survey carried out by Redfin. The median rental price has surged from under $1,700 at the beginning of Biden’s term in January 2021 to almost $2,000 by February, based on data provided by Redfin.
While rent prices jumped last month, they’re relatively stable compared to the past two years.
The median asking rent in February was $73 below the record high set in August 2022, but was still $387 higher than it was in February 2020, prior to the pandemic. pic.twitter.com/cAgVjW9xOe
— Redfin (@Redfin) March 21, 2024
Americans have made various sacrifices to maintain their homes. Approximately 20.7% have reported working longer hours, while 20.6% have resorted to selling their possessions. Additionally, more than one in six individuals have tapped into their retirement savings, and 15.6% have postponed medical care in order to afford housing payments.
According to Redfin, as of February, the median household income fell short by $30,000 of what is required to afford the median home in the United States. However, when President Biden assumed office in 2021, the median household income exceeded the amount needed to afford the median home.
The U.S. Department of Housing and Urban Development states that the median home price in the United States was $417,700 in the fourth quarter of 2023. Some states, such as California, have even higher costs, with the median home price reaching $675,667 as of January, according to Zillow. In May 2022, the Biden administration introduced an action plan aimed at increasing housing supply and alleviating the rent burden on Americans.
However, due to high interest rates and a shortage of construction workers, the number of newly constructed homes declined between 2022 and 2023, as per Census Bureau data. A significant number of construction workers are currently engaged in green transportation projects promoted by the Biden administration. Experts express concerns that Biden’s spending, particularly his recent proposed budget, may contribute to inflation, further escalating the cost of living for Americans.
According to ReaClear’s aggregation of survey data as of April 6, an average of 57.8% of Americans disapprove of Biden’s handling of the economy. In contrast, a CBS News poll conducted in March revealed that 68% of Americans believe the economy was better under former President Donald Trump.
