News and Analysis

Bidenomics! Average American Can’t Afford Homes In 99% Of Country
(erhui1979 via Getty Images)

It’s time for your daily dose of Bidenomics — where the rules are made up and the points don’t matter.

In today’s lesson, we’ll learn how the fact that the average American can’t afford to buy a home in 99% of the country is evidence of a historic economy.

On Thursday, CBS reported that real estate data provider ATTOM reviewed median home prices in 575 counties across the country and concluded that the average income earner — somebody who makes $71,214 a year — could afford to buy a home in just 1% of those areas in 2022.

Chief Economist at Redfin, Daryl Fairweather, told CBS, “The only people who are selling right now are people who really need to move because of a life event — divorce, marriage, new baby, new job, etc. That lack of new inventory is keeping prices high.”

Part of the reason why homeowners are holding onto their homes is because of high interest rates — which were hiked to historic levels in hopes of slowing down runaway Bidenflation.

That inflation was caused in part by massive government spending. The president’s solution has been more government spending.

Last week, Sen. JD Vance (R-OH) blamed part of the problem on corporations buying single-family homes as well.

“They have access to lower interest rates,” Vance told ABC6. “They have access to cheaper money, and they completely crowd out the availability for homes for people who want to just buy a piece of their community.”


Some of those companies have ties to the Chinese Communist Party — something Vance says is nonsensical to allow.

“I look around and say, ‘What are we doing when we’re letting the Communist Chinese Party buy up homes that should be going to Ohio citizens?’ It just doesn’t make any sense.”

Overlooked in the housing crisis has been the role that legal and illegal immigration has played. As flagged by The Washington Examiner last spring, several studies have shown that immigration, lawful or not, impacts both rental and home-owning prices. In short, the millions who enter the country each year drive up demand, which drives up prices.

“I think it’s very hard to talk about the housing crisis in Ohio or across the country without talking about the immigration problem,” Vance said last week “When you let, let’s say, 10 million or 15 million people into the country illegally, those people all need homes.”

Given the fact that one of the most basic elements of the American dream is out of reach for the American people, you’d think Washington might want to address it. Instead, the vast majority are concerned with either making the southern border more accessible, or they’re focused on providing aid to Ukraine. Or both.

Given the enormity of the housing crisis, you would hope that the Republican Party would jump on solving it, thereby securing electoral victories in the process. Aside from Vance and a handful of others, not many in the GOP seem too concerned about it.

So, instead, Biden will continue to bloviate that the American economy is booming, we need to accept millions of foreigners each year, and that we have a duty to spend billions in Ukraine. If you haven’t picked up on it, Bidenomics is code for “America Last.”

The views expressed in this piece are the author’s own and do not necessarily represent those of The Daily Wire.

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