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 also has allowed as many as 10 million illegal aliens to enter the country,…
