Huge Shift Happening In Housing Market

Over the last several years, the economic, social and cultural conditions within the United States have markedly deteriorated. Indeed, it appears that average Americans are struggling to make ends meet in increasing numbers, and the country in general continues to plunge deeper into debt. The 46th president of the United States Joe Biden has presided over a period of extremely poor economic development, and he has generally acted as a weak, poor leader. Early in his term, Biden sanctioned massive amounts of new spending by the federal government deemed necessary for the “economy” and the purpose of relief during the COVID-19 pandemic. Trillions of dollars were printed, flooding the market with currency. What resulted was record levels of inflation. The cost of living has skyrocketed, and 6 out of every 10 Americans are estimated to be living paycheck to paycheck.

The prices of groceries, gasoline, energy, and for almost all basic necessities have soared to exorbitant heights in just a few short years. Despite these increased costs, Americans continue to spend money they do not have; for the Christmas holiday of 2023, over $12 billion was spent online in relation to the holiday.

Home prices have increased to such extents that now in 99% of the nation, for families earning the median income of around $70,000 a year home ownership is unaffordable. Despite the crazy prices, mortgage rates did fall to 6.8% on average, their lowest levels since June of this year. This rate was for a typical 30 year mortgage. The federal reserve has made a forecast that interest rates may be cut in the new year, and that inflation is “holding steady”. Despite these claims, the damage has already been done; for young Americans attempting to lay a foundation for themselves, the road ahead appears challenging. It may very well be a reality that many younger Americans may not enjoy the same quality of life their parents did.