A recent survey conducted by a prominent real estate firm reveals a distressing trend among American homeowners and renters, who are reportedly compromising their living standards to afford housing amidst the current economic climate under President Joe Biden's administration.
According to the survey by Redfin, nearly one in five homeowners and renters have resorted to skipping meals to meet housing expenses. The median asking rental price has seen a significant surge from less than $1,700 in January 2021, when Biden assumed office, to nearly $2,000 as of February, as per Redfin's data.
The survey further reveals that Americans are making other sacrifices to retain their homes. Approximately 20.7% of respondents are working additional hours, while 20.6% have sold personal belongings. Alarmingly, over one in six have dipped into their retirement savings, and 15.6% have deferred medical care to afford housing payments.
Redfin's data indicates that as of February, the median household income was $30,000 less than the amount required to afford a median-priced home in the United States. This is a stark contrast to the situation when Biden took office in 2021, when the median household income exceeded the amount necessary to afford a median-priced home.
The U.S. Department of Housing and Urban Development reports that the median home in the United States cost $417,700 as of the fourth quarter of 2023. Certain states, such as California, are even more expensive, with a median home price of $675,667 as of January, according to Zillow.
In May 2022, the Biden administration announced an action plan aimed at increasing housing supply and alleviating rental burdens on Americans. However, with high interest rates and a shortage of construction workers, Census Bureau data shows a decline in new homes being built between 2022 and 2023. Many construction workers are currently engaged in green transportation projects promoted by the Biden administration.
Experts express concern that Biden's spending, especially his recent proposed budget, may exacerbate inflation, thereby escalating the cost of living for Americans. A RealClear survey data aggregation as of April 6 shows that an average of 57.8% of Americans disapprove of Biden's handling of the economy. In contrast, a CBS News poll in March revealed that 68% of Americans believe the economy was better under former President Donald Trump.
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