(Jacob Bruns, Headline USA) As the wealth divide in America grows and Bidenflation skyrockets, fewer and fewer Americans are able to afford homes, even in the less expensive parts of the country.
Now, a mere one in every five homes is within reach financially for the average American family, the real-estate website Redfin reported.
According to the report, things have gotten substantially worse since numerous states engaged in months- or yearslong lockdowns, which began as “15 days to slow the spread.”
“The number of affordable listings fell 53% from a year earlier in 2022—the largest annual drop in Redfin’s records, which date back to 2013,” the report said.
“While that’s partly due to a decline in listings in general—new listings fell 10% year over year—it’s mostly due to the fact that higher mortgage rates made the listings hitting the market less affordable,” it added.
The Federal Reserve jacked up its interest rates to help cool down the rate of inflation—a direct result of the Biden administration’s injection of trillions of dollars into wasteful spending projects and kickbacks to bribe voters.
But the result has been a double-whammy, for now, of housing costs still sky-high (with the promise of even more Biden bucks circulating if a student-loan amnesty program goes through), paired with the extra high interest rates, all leading to untenable mortgages for most would-be homeowners.
Redfin Deputy Chief Economist Taylor Marr noted that things have never been worse for home buyers.
“Housing affordability is at the lowest level in history, which will widen the wealth gap—especially between millennials,” he said.
“Many millennials were able to buy their first home before or during the pandemic homebuying boom, but many others were priced out of homeownership and forced to keep renting,” Marr added. “That means a lot of young adults missed out on a major wealth building opportunity: the value of homes owned by millennials has risen nearly 30% in the past year.”
He did, however, suggest that affordability “should improve” as mortgage rates drop.
In turn, he said, prices “have already begun falling” while income is on an upward trajectory.
Yet, looming behind jacked-up real estate prices—and unmentioned by Redfin—is the presence of massive real estate conglomerates, such as BlackRock, which are “killing the dream” of home ownership and “giving us a nightmare of dispossession,” according to a recent Fox News report.