As we are all painfully aware our recent and still present out-of-control inflation has caused the price of most everything to go up significantly … food, gasoline, transportation, and, yes, home prices and consequently homeownership has become a pipe dream for many.
From CNN.com:
“The dream of homeownership feels out of reach for many American families.
The vast majority (86%) of current renters in the United States say they would like to buy a home — but can’t afford one, according to a CNN poll conducted by SSRS released Monday, 7/29/24.
Among those same renters who can’t afford to buy a home right now, 54% think it’s unlikely they’ll ever be able to, the poll found.”
And to make matters worse, in order to try to stem inflation there has been an increase in interest rates which makes home ownership further out of reach for many.
Again from CNN.com:
“Younger people especially are having trouble buying a home right now. The CNN poll found that 90% of renters younger than 45 say they’d like to buy but can’t afford it, compared with 79% of those age 45 and above.
Not surprisingly, younger Americans are more hopeful that situation will change.
Most adults (53%) younger than 45 who want to buy but can’t afford it believe it’s at least somewhat likely they’ll eventually be able to buy a home. That’s compared with just 32% of those 45 and older.
Among renters who want to buy but can’t afford it, 40% say the biggest barrier is saving for a down payment, according to the CNN poll.
Nearly a third (31%) say the biggest obstacle to buying a home is high interest rates. Just 17% say the inability to qualify for a mortgage is the biggest hurdle.”
So there you have it … inability to save for a down payment because high inflation is eating into any possible saving, and high interest rates … both ravages of Biden/Harris’ inflation.
Thank you, Joe/Kamala!
8/1/24
californiacontrarian