The housing shortage is dampening President Joe Biden’s assurances that the U.S. economy is strong.
FILE – A home under construction marked as “SOLD” at a development in Eagleville, Pa., is shown on Friday, April 28, 2023. The United States is slogging through a housing affordability crisis that was decades in the making. The shortage pours cold water on President Joe Biden’s assurances that the U.S. economy is strong and underscores the degree to which Republican presidential candidate, former President Donald Trump, has largely overlooked the issue.
Administration officials are confident that shelter inflation will soon cool, but the damage across several years is apparent to advocates and economists. Mark Zandi, chief economist at Moody’s Analytics, said that the outcome of the November election could ultimately depend on the path of 30-year mortgage rates.If they dropped closer to 6%, the odds of a Biden victory would increase. But rates moving near 8% might enable Trump to prevail, Zandi said.
“The bottom line is we have to build, build, build,” Biden said Monday in a speech to the National League of Cities. “That’s how we bring down housing costs for good.”National Politics |Rapidly climbing home prices were also a festering problem under Trump, who first achieved celebrity status as a real estate developer. While president, Trump called for limiting construction in the suburbs.
The general rule of thumb is that people should pay no more than 30% of their income on rent or a mortgage. A typical household looking to buy a home would have to devote 41% of its income to mortgage payments, according to Redfin. While there is bipartisan agreement on the need for more housing, there has yet to be a significant plan that has passed the House and Senate. Biden has proposed housing aid throughout his administration that never materialized.
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