A key with a small wood house key chain hands from a white door. Buying a home is a cornerstone of the American dream , a dream that is further out of reach today for many Americans.
According to the Department of Housing and Urban Development , the median sales price of a new, single-family home was $416,300 in May 2023. In 1985, it was $84,300.
Yes, income has increased, but higher incomes have not kept up with rising real estate prices. The result is that Americans are buying homes later in life. In 1981, Axios reports , the average first-time homebuyer was 29. For the past few years, that age has been 35.
Why have things changed so significantly in such a short period?First, look at the national debt, which now is over $34 trillion. America’s rising debt has increased inflation and led to instability in the economy. The Biden administration […]
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