{"id":2221970,"date":"2024-04-16T03:52:01","date_gmt":"2024-04-16T07:52:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-bidenomics-shattered-the-american-dream-of-homeownership\/"},"modified":"2024-04-16T03:58:15","modified_gmt":"2024-04-16T07:58:15","slug":"how-bidenomics-shattered-the-american-dream-of-homeownership","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-bidenomics-shattered-the-american-dream-of-homeownership\/","title":{"rendered":"The Impact of Bidenomics on Homeownership in America"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fhow-bidenomics-shattered-the-american-dream-of-homeownership%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2221970&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The article discusses how under Bidenomics, the dream of homeownership in America has become increasingly \u2063unattainable \u2063due to \u200drising costs associated with owning and maintaining a home. The article highlights \u200bthe impact \u200don Americans&#8217; ability to build wealth through homeownership and\u200b the \u2062challenges posed by \u200b<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/this-housing-indicator-does-not-bode-well-for-the-economy\/\" title=\"This Housing Indicator Does Not Bode Well for the Economy\">soaring mortgage rates<\/a>, property\u2064 taxes, insurance premiums, and maintenance costs. The article delves into the \u2063growing unattainability of the American\u200c dream of homeownership under Bidenomics, emphasizing the hurdles posed by escalating costs \u200crelated to home ownership. It sheds light on how these challenges hinder Americans&#8217; \u2064wealth-building opportunities, citing soaring\u2064 mortgage rates, property taxes, insurance \u2063premiums, and maintenance \u200cexpenses as key \u200dconcerns.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"article-content\">\n<p>Homeownership has long been a critical component of the American Dream. But under Bidenomics, owning a home is beyond the reach of many Americans due to the <a href=\"https:\/\/www.wsj.com\/economy\/housing\/housing-affordability-taxes-insurance-costs-rise-bca64df1\" target=\"_blank\" rel=\"noreferrer noopener\">rising cost of owning and maintaining a home<\/a>, according to the latest report by The Wall Street Journal. <\/p>\n<p>Buying a home is more than having a roof over one\u2019s head. Homeownership is the primary driver that has helped generations of Americans build wealth. A home is an appreciable asset, and its value usually increases substantially over a long period of time. Naturally, the primary residence represents the most significant asset among American households. According to the <a href=\"https:\/\/www.census.gov\/library\/stories\/2019\/08\/gaps-in-wealth-americans-by-household-type.html\" target=\"_blank\" rel=\"noreferrer noopener\">Census Bureau<\/a>, homeowners\u2019 median net worth is 80 times larger than renters\u2019 median net worth. <\/p>\n<div class=\"fdrlst__b89e9-paragraph-2-long d-flex justify-content-center\" style=\"margin-left: auto; margin-right: auto; text-align: center; \" id=\"fdrlst__b89e9-231328048\">\n<div id=\"div-gpt-ad-1379703300879-0\" class=\"mb-30\"><\/div>\n<\/div>\n<div class=\"fdrlst__b89e9-0507e3123655c7930927af04a5d7a4b1 fdrlst__b89e9-paragraph-2\" id=\"fdrlst__b89e9-0507e3123655c7930927af04a5d7a4b1\"><\/div>\n<p>However, owning a home has become very expensive under President Joe Biden. His excessive spending caused record-high inflation. The Federal Reserve had to <a href=\"https:\/\/r.search.yahoo.com\/_ylt=AwrhbcmTSBhmTQQAnOZXNyoA;_ylu=Y29sbwNiZjEEcG9zAzEEdnRpZAMEc2VjA3Ny\/RV=2\/RE=1714077075\/RO=10\/RU=https%3a%2f%2fwww.thestreet.com%2ffed%2ffed-rate-hikes-2022-2023-timeline-discussion\/RK=2\/RS=j4r5sJi_qKdexTZMPa74WUGUg38-\" target=\"_blank\" rel=\"noreferrer noopener\">hike interest rates<\/a> dramatically between 2022 and 2023, seeking to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-biden-administrations-electric-vehicle-subsidies-are-becoming-another-solyndra\/\" title=\"Biden's EV subsidies echo Solyndra d\u00e9j\u00e0 vu\">bring inflation rates<\/a> down. Consequently, mortgage interest rates spiked from around 3 percent in 2020 to over 7 percent.<\/p>\n<p>Every percentage point increase in the mortgage rate means buyers must pay hundreds and thousands more for the same home or get less home for their money. According to <a href=\"https:\/\/www.bankrate.com\/homeownership\/home-ownership-statistics\/\" target=\"_blank\" rel=\"noreferrer noopener\">Bankrate.com<\/a>, the rising mortgage rates mean that as of July 2023, \u201chomebuyers on a $3,000 monthly mortgage payment budget have lost $30,000 in purchasing power since February 2023 alone. In other words, they can afford to purchase a $450,000 home in July, compared to one priced at $480,000 five months ago and at $510,000 one a year ago.\u201d <\/p>\n<p>The Wall Street Journal <a href=\"https:\/\/www.wsj.com\/finance\/home-ownership-mortgage-interest-rates-122a272f\" target=\"_blank\" rel=\"noreferrer noopener\">finds<\/a> that \u201chomeownership affordability fell to its lowest level since the 1980s as <a href=\"https:\/\/www.wsj.com\/finance\/home-ownership-mortgage-interest-rates-122a272f\" target=\"_blank\" rel=\"noreferrer noopener\"><a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dragging-your-feet-on-marriage-heres-a-robust-case-for-tying-the-knot-amid-a-recession\/\" title=\"Dragging Your Feet On Marriage? Here\u2019s A Robust Case For Tying The Knot Amid A Recession\">mortgage rates reached<\/a><\/a> a 23-year high and home prices set new records.\u201d Consequently, more and more Americans have <a href=\"https:\/\/www.wsj.com\/economy\/housing\/mortgage-rates-home-buyers-plans-changing-4b4b5a23?mod=djem10point\" target=\"_blank\" rel=\"noreferrer noopener\">given up<\/a> saving for a house down payment and been forced to miss out on the lifestyle they had hoped for. A Bankrate.com survey <a href=\"https:\/\/www.bankrate.com\/homeownership\/home-ownership-statistics\/#homeowner-data\" target=\"_blank\" rel=\"noreferrer noopener\">revealed<\/a> that 1 in 4 Americans said the lack of housing affordability and having to rent (rather than own) makes them feel financially insecure.<\/p>\n<h2 class=\"wp-block-heading\">Many Increased Costs<\/h2>\n<p>Unfortunately, the rising mortgage rate is not the only hurdle for homeownership. Many American homeowners who were able to lock in lower mortgage rates before Biden came into office are struggling to keep their homes because other costs associated with homeownership, such as property taxes, homeowner\u2019s insurance, and maintenance and repairs, have spiked too. The Wall Street Journal <a href=\"https:\/\/www.wsj.com\/economy\/housing\/housing-affordability-taxes-insurance-costs-rise-bca64df1?mod=hp_lead_pos7\" target=\"_blank\" rel=\"noreferrer noopener\">reports<\/a> that \u201cproperty taxes, which are rising due to the effect of inflation on local government budgets, are also pushing homeowners to dig deeper into their bank accounts. \u2026 In Charlotte, N.C., the average property tax rose 31.5% from 2022 to 2023. In Indianapolis, it was up nearly 19%.\u201d <\/p>\n<div class=\"fdrlst__b89e9-ad4a9a6c8bcc58d3bd1ac88de6473f4f fdrlst__b89e9-paragraph-6\" id=\"fdrlst__b89e9-ad4a9a6c8bcc58d3bd1ac88de6473f4f\"><\/div>\n<p>Insurance companies cited record-high inflation as one of the reasons for soaring homeowner insurance premiums. The Journal <a href=\"https:\/\/www.wsj.com\/economy\/housing\/housing-affordability-taxes-insurance-costs-rise-bca64df1?mod=hp_lead_pos7\" target=\"_blank\" rel=\"noreferrer noopener\">finds<\/a> that \u201cthe average annual home insurance cost rose about 20% between 2021 and 2023 to $2,377,\u201d and nearly \u201c10 percent of homeowners were worried that they couldn\u2019t afford their home insurance premiums at their next renewal.\u201d In my home state of Colorado, the average homeowner premium was up nearly <a href=\"https:\/\/www.denver7.com\/news\/investigations\/coloradans-report-dramatic-spikes-in-home-insurance-premiums-heading-into-2024\" target=\"_blank\" rel=\"noreferrer noopener\">52 percent<\/a> between January 2019 and October 2022. Some homeowners in Louisville, Colorado, saw their insurance premiums skyrocketed <a href=\"https:\/\/www.cbsnews.com\/colorado\/news\/homeowners-insurance-colorado-skyrockets-louisville-condo-owners-sevenfold-increase\/\" target=\"_blank\" rel=\"noreferrer noopener\">700 percent<\/a>.<\/p>\n<p>In addition, the regular upkeep cost of a home, including gutter cleaning and lawn care, costs on average about $6,700 a year, representing an increase of more than 8 percent from a year earlier. About 20 percent of homeowners <a href=\"https:\/\/www.wsj.com\/economy\/housing\/housing-affordability-taxes-insurance-costs-rise-bca64df1?mod=hp_lead_pos7\" target=\"_blank\" rel=\"noreferrer noopener\">declared<\/a> that \u201cthey couldn\u2019t afford a $500 emergency repair without going into credit-card debt.\u201d <\/p>\n<p>A combination of higher property taxes and rising home insurance and maintenance costs has forced some homeowners to sell because they simply couldn\u2019t afford it anymore. <\/p>\n<h2 class=\"wp-block-heading\">Outlook<\/h2>\n<p>Aspiring and existing homeowners won\u2019t see any financial relief soon since the most recent inflation report <a href=\"https:\/\/www.wsj.com\/video\/series\/dion-rabouin\/why-marchs-hot-jobs-report-could-be-bad-news-for-markets\/405C0006-9C2A-4B63-B65A-4525B58126CE\" target=\"_blank\" rel=\"noreferrer noopener\">shows<\/a> that the inflation rate in March rose by 3.5 percent. The stubbornly high inflation suggests that the Federal Reserve will not <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/breitbart-business-daily-the-rumble-and-the-ruble-how-the-wests-sanctions-on-russia-strengthen-the-ruble-and-threaten-globalization\/\" title=\"Breitbart Business Daily: The Rumble and the Ruble\u2014How the West\u2019s Sanctions on Russia Strengthen the Ruble and Threaten Globalization\">cut interest rates<\/a> soon. If Biden wins his reelection or another Democrat becomes the president of the United States, the declining homeownership in America will likely continue. <\/p>\n<div class=\"fdrlst__b89e9-f91481a004fdd852b64ec55fddd34a77 fdrlst__b89e9-paragraph-10\" id=\"fdrlst__b89e9-f91481a004fdd852b64ec55fddd34a77\"><\/div>\n<p>Economically, the Democrats\u2019 economic policies can be summarized as one word, \u201cspending,\u201d even though excessive spending is the root cause of high inflation. High inflation means higher interest rates are here to stay. Ideologically, a society with fewer or even no property owners is what the left aims for. The World Economic Forum <a href=\"https:\/\/medium.com\/world-economic-forum\/welcome-to-2030-i-own-nothing-have-no-privacy-and-life-has-never-been-better-ee2eed62f710\" target=\"_blank\" rel=\"noreferrer noopener\">bragged<\/a> that if the global elites succeed in their Agenda 2030, \u201cYou will own nothing and be happy.\u201d <\/p>\n<p>American voters must wise up. Fewer Americans owning homes means fewer will be able to realize their American dreams and build long-lasting wealth; more people will have to depend on government handouts to survive. President Calvin Coolidge reminded us, \u201cUltimately, property and personal rights are the same thing.\u201d The policies that destroy property ownership will also take away individual freedom. Owning nothing will only make you miserable and unfree. If you want to pursue happiness, own as much as you can and vote those anti-property-rights politicians out of office. <\/p>\n<div class=\"fdrlst__b89e9-117e383badf26e194c4a0847237267a8 fdrlst__b89e9-after-post-content\" id=\"fdrlst__b89e9-117e383badf26e194c4a0847237267a8\"><\/div>\n<hr class=\"wp-block-separator\">    \t\t\t\t\t   \t\t\t\t\t\t\t\t\t<\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The American Dream of homeownership is increasingly out of reach for many under Bidenomics, as soaring costs make buying and maintaining a home unattainable for numerous Americans, as outlined in The Wall Street Journal&#8217;s recent report. Owning a home now symbolizes more than just shelter<\/p>\n","protected":false},"author":536,"featured_media":2221971,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/thefederalist.com\/wp-content\/uploads\/2024\/04\/8688034913_8c0ed8d0f2_o-1-scaled-e1713200934148.jpg","fifu_image_alt":"","footnotes":""},"categories":[546],"tags":[],"class_list":["post-2221970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-federalist"],"fifu_image_url":"https:\/\/thefederalist.com\/wp-content\/uploads\/2024\/04\/8688034913_8c0ed8d0f2_o-1-scaled-e1713200934148.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2221970","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/536"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2221970"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2221970\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2221971"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2221970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2221970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2221970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}