Such frustrations are spreading, fuelling dissatisfaction and contributing to the widespread pessimism about the US economy that is looming over the country’s upcoming election.The median home sale price, external in the US has jumped by nearly 30% since the end of 2019, hitting $420,000 this spring.
“It makes me cry a bit,” says Megan Holter, who started looking to buy in Austin, Texas, back in 2019, when banks were offering her a 30-year fixed rate of about 4.75%.She halted her search when the pandemic hit, priced out by the surging cost of building materials and homes.
The issue is feeding into wider worries about rising living costs, which have jumped 20% since 2021.It is among the biggest challenges facing President Joe Biden, whose time in office has coincided with the housing market’s transformation and who receives dismal ratings for his handling of the economy in national polls.Challenger Donald Trump, who fares better, has sought to blame Mr Biden for inflation, and though he does not typically call out housing specifically, he regularly spotlights “skyrocketing” interest rates to argue that the economy is heading in the wrong direction.
"In recent months, the White House has tried to address concerns about affordability head on, offering proposals such as rules to limit closing costs and a $10,000 tax credit for first time homebuyers.It marks a shift in tone, after years of focusing on the economy’s strengths, including low unemployment.
“I don’t see any platform that purposely looks out for somebody like first-time homebuyers, wanting to ease their pain,” says Braiden Dogherty, a 30-year-old from Florida who works in manufacturing and has been checking for houses daily for three years.
They note reports by private firms that show rental increases - which play a big role in calculations of US inflation - cooling from the torrid pace of the pandemic amid a jump in apartment supply.With wages growing, an increase in new homes under construction and rents and home prices rising more slowly, Orphe Divounguy, senior economist at the housing site Zillow, says he sees affordability challenges easing as well - albeit not in time for November’s election.
The original article contains 1,347 words, the summary contains 354 words. Saved 74%. I’m a bot and I’m open source!
autotldr@lemmings.world [bot] 1 year ago
This is the best summary I could come up with:
Such frustrations are spreading, fuelling dissatisfaction and contributing to the widespread pessimism about the US economy that is looming over the country’s upcoming election.The median home sale price, external in the US has jumped by nearly 30% since the end of 2019, hitting $420,000 this spring.
“It makes me cry a bit,” says Megan Holter, who started looking to buy in Austin, Texas, back in 2019, when banks were offering her a 30-year fixed rate of about 4.75%.She halted her search when the pandemic hit, priced out by the surging cost of building materials and homes.
The issue is feeding into wider worries about rising living costs, which have jumped 20% since 2021.It is among the biggest challenges facing President Joe Biden, whose time in office has coincided with the housing market’s transformation and who receives dismal ratings for his handling of the economy in national polls.Challenger Donald Trump, who fares better, has sought to blame Mr Biden for inflation, and though he does not typically call out housing specifically, he regularly spotlights “skyrocketing” interest rates to argue that the economy is heading in the wrong direction.
"In recent months, the White House has tried to address concerns about affordability head on, offering proposals such as rules to limit closing costs and a $10,000 tax credit for first time homebuyers.It marks a shift in tone, after years of focusing on the economy’s strengths, including low unemployment.
“I don’t see any platform that purposely looks out for somebody like first-time homebuyers, wanting to ease their pain,” says Braiden Dogherty, a 30-year-old from Florida who works in manufacturing and has been checking for houses daily for three years.
They note reports by private firms that show rental increases - which play a big role in calculations of US inflation - cooling from the torrid pace of the pandemic amid a jump in apartment supply.With wages growing, an increase in new homes under construction and rents and home prices rising more slowly, Orphe Divounguy, senior economist at the housing site Zillow, says he sees affordability challenges easing as well - albeit not in time for November’s election.
The original article contains 1,347 words, the summary contains 354 words. Saved 74%. I’m a bot and I’m open source!