Joe Biden’s economy is having a serious negative impact all across the country and as prices on everything we need skyrocket, the dream of owning a home is slipping away.
A new study, for instance, finds that it is now cheaper to rent than it is to buy a home in the country’s 50 largest metro areas. And this is putting serious pressure on home builders and sales.
It is more cost effective to rent a place to live than to own a home, Bankrate said in a report it published at the end of April.
While the cost of rent soared over the last few years, the cost of buying and owning a home has not only caught up to that rise in rent but has eclipsed it as mortgage rates have begun rising and low home inventory have created higher prices, the report adds.
The personal finance resources company notes that owning a home now costs nearly 37 percent more than renting.
It was already so bad last year that Americans had to earn a record high annual income to be able to afford a home, as The Western Journal reported in October, but in the last year that problem has worsened.
Despite all this, 78 percent of Americans still feel that owning their own home is an integral part of the American dream, and they would like to be homeowners.
But a large number, 56 percent, also told the company that their income prevents them from fulfilling that dream, while 42 percent said home prices are too high.
Bankrate’s analysis found that in 50 metros, a mortgage for a median-priced home worth just over $400,000 costs $2,703 a month whereas rent only costs $1,979. That is a huge 36.6 percent difference.
Even worse, in 21 of those metro areas, the cost of a monthly mortgage is 50 percent higher than renting.
“Purchasing a home is a long-term commitment. Home price appreciation has slowed considerably and costs have risen dramatically since the days of 3 percent mortgage rates, so it’s going to take more time to break even on a purchase compared to renting.,” said Zillow chief economist Skylar Olsen.
It seems unlikely any of the elites at the World Economic Forum will shed a tear for the destruction of wealth this trend represents. For many families, a home is the largest investment they will make. Additionally, having the realistic potential of owning real property like a home is a cornerstone of a free society. It’s almost certain the WEF will be quite happy that Americans can’t afford the luxuries of investments and property.
That organization recently posted a video containing its “8 predictions for 2030” in which it noted that one of its top goals is to make sure the lowly common man will “own nothing” and will “be happy” about it.
The elites want to tear down the American dream, of course. The lofty ideas of ownership and controlling one’s own destiny is an impediment to their power grabbing and their authoritarian desires to rule over us all.
This article appeared originally on The Western Journal.
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