(Patriot.Buzz) – Facing a critical issue as the election approaches, young voters are demanding Joe Biden fix the economy with a special focus on the record shortage of affordable housing.
Despite a slight dip from their 2022 peak, housing and rental prices remain excessively high for many Americans, affecting both Republican and Democratic regions.
According to a White House report from March, housing prices have tripled while incomes have only doubled since 2000, which means prices have outpaced income growth by 50% over the last two decades.
Real estate firm Redfin reports that the median home price recently reached a new high of $383,725, a 5.2% increase from last year.
Interest rates are also rising, with the average 30-year fixed mortgage rate climbing back above 7%.
This uptick comes in the middle of strong inflation and economic indicators that keep pushing back any potential cuts in borrowing costs by the Federal Reserve.
Additionally, a study commissioned by the American Planning Association reveals that the U.S. currently faces a deficit of nearly 4 million homes.
University of Maryland professor of urban studies and planning Casey Dawkins blamed the issue on long-lasting issues, saying, “New housing production fell dramatically during the foreclosure crisis of 2007-2010 and has not since recovered.”
“Several factors account for this, including rising construction costs due to supply-chain disruptions and local land use regulations that increase the time, cost, and uncertainty associated with obtaining a development permit,” he remarked
Dawkins also highlights the worsening income inequality, which leaves more individuals earning below the threshold to afford suitable housing.
With the housing crisis at the forefront, a Redfin report from March indicates that over 53% of homeowners and renters consider housing affordability a key factor in their voting decisions.
Redfin chief economist Daryl Fairweather emphasized, “I think that just goes to show that [housing affordability] is weighing on people’s perception of who they want to vote for.”
As the election draws near, Biden faces huge challenges due to poor approval ratings on his economic management, with only 34% of voters happy with his economic policies and even fewer—29%—approving of how he has handled inflation.
This same poll shows former President Trump leading Biden by 6 points.
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