The ability to easily own property has allowed America to have a strong middle class that created the most prosperous nation in history.
Now, because of all the greedy swindlers, we're set to enter a new feudal age, I guess. 👇
The cost of buying a home is drifting further out of financial reach for the average American, according to a report from Redfin.
The real estate website analyzed homes that went on sale last year and found that only 21% of them were affordable, meaning that nearly 80% of homes were outside the typical buyer's budget. By comparison, about 60% of homes were considered affordable in 2021, the report released Friday found.
Redfin Deputy Chief Economist Taylor Marr said those stats boil down to one truth: housing affordability is at its lowest point in history.
This really does come down to greed.
- The greed of the politicians and bureaucrats who printed over half of all the total money in circulation over the last three years, devaluing the dollar so that trillions of "aid" money could end up enriching themselves and their friends.
- The greed of investment companies like BlackRock that own millions of single-family homes after a free-for-all buying spree over the last few years.
- The greed of local officials who drive up property taxes and regulations (often while defunding police and releasing criminals) and give in to lucrative development deals that will secure their own fortunes.
I suppose fear also plays into it, since everyone was panic buying last spring!
"Many millennials were able to buy their first home before or during the pandemic homebuying boom, but many others were priced out of homeownership and forced to keep renting," he said in the report. "That means a lot of young adults missed out on a major wealth-building opportunity: the value of homes owned by millennials has risen nearly 30% in the past year."
Redfin defined "affordable" as anything less than 30% of the average monthly income in a given area.
If you're looking for a home, here were the most affordable cities:
- Akron, Cleveland, and Dayton in Ohio
- Pittsburgh
- St. Louis
The least affordable were ALL in California:
- Anaheim
- Los Angeles
- Oxnard
- San Diego
- San Francisco
