In a recent analysis by the Wall Street Journal, it has been revealed that the average monthly mortgage payment in the United States under President Joe Biden has skyrocketed to $3,322. This figure is nearly double the average monthly payment of $1,787 during former President Trump’s tenure. The Wall Street Journal notes, “Homeownership is now a distant dream for many Americans, especially those who could have afforded it just a few years ago.”
The article highlights that would-be homeowners were already stretched thin by soaring home prices during the pandemic, but the current high mortgage rates have further exacerbated the situation, leading many to abandon their home-buying aspirations.
This predicament disproportionately affects young people, who predominantly support Democrats. The WSJ points out, “Owning a home is less affordable than it has been in recent history, and it doesn’t look like the situation will change anytime soon. Despite a recent dip in mortgage rates to about 7%, the rates are still more than double what they were two years ago, and there are no signs of home prices reverting to pre-pandemic levels anytime soon.”
As someone who, along with my wife, purchased our home in 1997 and paid it off by 2003, I see this situation differently. We’ve saved diligently for retirement and are now benefitting from high interest rates, thanks to the very policies these young voters supported. But for these young people, unable to buy homes due to Democrat policies, I can’t help but see it as a case of getting what they voted for.
These soaring mortgage payments aren’t just the result of Bidenflation stemming from reckless government spending. There are other factors at play. For instance, the influx of millions of illegal immigrants due to open borders increases demand for housing, driving up costs. Furthermore, Democrats’ disdain for single-family homes, often citing environmental concerns, hampers new home construction.
This situation aligns with the Democrat agenda of discouraging property ownership, encapsulated in the saying, “You’ll own nothing and be happy.” It prevents the middle and working class from accumulating wealth through homeownership, ensuring they remain dependent on the government and trapped in perpetual monthly payments for every aspect of life.
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