Bide­nomics! Aver­age Amer­i­can Can’t Afford Homes In 99% Of Coun­try

Bidenomics! Average American Can’t Afford Homes In 99% Of Country

It’s time for your dai­ly dose of Bide­nomics — where the rules are made up and the points don’t mat­ter.
In today’s les­son, we’ll learn how the fact that the aver­age Amer­i­can can’t afford to buy a home in 99% of the coun­try is evi­dence of a his­toric econ­o­my.
On Thurs­day, CBS report­ed that real estate data provider ATTOM reviewed medi­an home prices in 575 coun­ties across the coun­try and con­clud­ed that the aver­age income earn­er — some­body who makes $71,214 a year — could afford to buy a home in just 1% of those areas in 2022.
Chief Econ­o­mist at Redfin, Daryl Fair­weath­er, told CBS, “The only peo­ple who are sell­ing right now are peo­ple who real­ly need to move because of a life event — divorce, mar­riage, new baby, new job, etc. That lack of new inven­to­ry is keep­ing prices high.”
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