• Thu. Apr 11th, 2024

News Eyeo

All Important News

Struggling Economy and Mounting Debt Hindering Homeownership for Young Americans

Byeditor

Apr 4, 2024

Buying a home is a key part of the American dream, but for many Americans today, it seems like an unattainable goal. The Department of Housing and Urban Development reveals that the median price of a new single-family home was $416,300 in May 2023, compared to $84,300 in 1985. While incomes have risen, they haven’t kept pace with the increasing cost of real estate, forcing many Americans to delay home purchases until later in life. In 1981, the average age of a first-time homebuyer was 29, but today it’s 35.

Several factors have contributed to this shift. The national debt has ballooned to over $34 trillion, leading to inflation and economic instability. Additionally, the Biden administration’s immigration policies have allowed millions of illegal aliens into the country, straining local and state economies. Despite these challenges, prospective homebuyers can still find hope. On a recent episode of the “Problematic Women” podcast, two young first-time homebuyers offer advice for those looking to purchase their own homes.

In other news discussed on the podcast, the White House faced criticism for focusing on “transgender visibility” rather than celebrating the Resurrection of Jesus Christ on Easter Sunday. Florida also made a significant move to protect the rights of the unborn. The episode concludes with the announcement of the “Problematic Woman of the Week.” Listeners can tune in to the podcast to hear more about these topics and more.

By editor

Leave a Reply