Biden's administration is doing an awful job at managing the economy and ensuring that working families can afford a place to live, even dual-income households. With more and more financial institutions purchasing up residential properties, those without bank accounts deep enough to outbid investment firms who contribute millions of dollars to government leaders to help get them elected and keep them in office.
Although it would seem that most of America's senators and congresspeople would rather serve the interests of corporations, rather than the constituents they should represent, there are some politicians who are looking to stop these predatory practices and prevent government leaders from engaging in stock trading as a means of ending corruption.
But the passing of the aforementioned bills can't come soon enough, as there is a great disparity between the average US household's monthly income and the cost of an average home in America, according to Redfin, a popular real estate browsing site.
Redditor @sold_myfortune uploaded a post to the site's popular r/antiwork sub, which is primarily dedicated to the ways in which employers exploit their workers.
In their post, they ranted against the rising costs of home ownership in the United States, writing that "Redfin, a popular internet real estate site says the average home in the US can only be afforded by workers making a salary of $115K or more. That’s a 15% year-over-year increase and the highest annual income on record to buy a home."
The Reddit user highlighted a post on 12ft, which penned: "Americans now need to earn more than six figures in order to purchase a median-priced home, according to calculations in a new Redfin report. That’s a lot more than the average American makes, to say the least."
The real estate browsing website broke down the economics of the staggering price increase of the average home in the United States, writing that someone (or an entire household) would have to earn more than $40,000 than the national average.
The outlet said that the costs of homes were compounded even further not just by riding property costs, but also bank interest rates that have skyrocketed to boot: the average monthly cost of an American monthly mortgage is a staggering $2,866.
While inflation increases have slowed down, there are still on an upward trajectory: i.e. things are still awful, but the levels of awfulness piling onto us are incrementally less awful, but the net worth of awfulness is still very, very high.
While economists do predict that inflation will ultimately "trend downward" at a slow level, Americans still appear to have a very lean 2024 ahead of them.
Redfin went on to write in its report that cash buyers are being heavily favored in the housing market, i.e., buyers with big bank accounts or folks who already own a home that they can sell and then transition into a new property they can either buy outright or put a fat down payment on.
Metro areas have been hit the hardest, like Newark, NJ and Miami, Fla., where folks need to earn 33% more a year than they did previously in order to own a home in these areas.
And if you're living in the Bay Area, unless you're earning some $400,000 a year, good luck purchasing a home. Anaheim isn't much better at $300,000, with Oakland at $250,000, San Diego at $241,000, and Los Angeles at $237,000.
The major US city with the lowest salary one needs to earn in order to afford a home is Detroit, Michigan, where folks need to rake in just under $52,000 a year to afford an average home.
Redditors who saw the Redfin post shared how much of their days are eaten up with commuting as they can't afford to live in areas that are closer to their jobs.
Others complained that their supervisors don't understand basic finances or what it's like budgeting a checkbook when they have monthly bills to cover.