Article originally appeared on www.washingtonexaminer.com.
Mortgage rates are at their highest levels in 22 years and house prices are at record highs. Hard-working Americans cannot get on the property ladder, and retirees are struggling to sell in order to downsize. The Biden administration has done little to help alleviate the problem. This Washington Examiner series, Home Economics, will investigate how we got here, the toll on individuals around the country, and the alternatives people are embracing to survive the market. Part one of this four-part series focuses on the risk the crisis poses to President Joe Biden’s reelection effort.
The price of everything is up since 2020, but in absolute terms nothing has gone up more than mortgages.
With the 2024 presidential contest coming into focus, housing affordability will be among the economic issues at play, one that hits close to home in the American self-conception as a land of individual opportunity and prosperity.
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