Biden's America: Soaring Home Payments Reach $3,322 Monthly
The average monthly new home payment in the US has increased from $1,915 to $3,322 since President Joe Biden took office in 2021, making housing less affordable than ever before. Mortgage rates have exceeded 7%, and median housing prices have risen to around $392,000. High inflation and a tightening housing supply have contributed to the increasing prices, while the high mortgage rates are a response to the rising cost of credit. Rent payments have also increased, but not as sharply as home payments. The rising costs are partially attributed to Biden's government spending, and the White House claims to be taking action to lower housing costs.