Editor’s note: This is a lightly edited transcript of the accompanying video from professor Peter St. Onge.
Can Donald Trump reduce house prices?
A recent study by Redfin found that millions of Americans are skipping meals, selling belongings, and even delaying medical care to afford housing. Three in four Americans making less than $50,000—nearly half of Americans make less than $50,000—say they “regularly struggle” to keep a roof over their head.
This is partly because incomes have lagged inflation, but mostly because the average mortgage payment is now nearly $3,000—almost double since pre-pandemic. Either homeowners pay it, or it passes through to renters.
So, how can we fix it?
Joe Biden’s inflation, sadly, is permanent—the Fed would sell its children to avoid deflation. The other major ingredient, high mortgage rates, is also stuck, with Fed…
