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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