A brand new poll has revealed that 40 percent of Americans believe that the best way to purchase a home in 2023 is to win the lottery. Welcome to Joe Biden’s America, ladies and gentlemen. A place where the citizenry are doubtful they can afford to ever buy a home of their own. That’s where we are economically under the leadership of the current administration. While there are plenty of other reasons for why we should ditch Biden in 2024, the current condition of our economy is certainly in the top five.
Jack Davis of The Western Journal said, “A survey conducted by market research company OnePoll last month on behalf of Divvy Homes spot-checked the mood of 2,000 people who do not own homes and found that 40 percent ‘think hitting a lottery jackpot is their best chance at home ownership,’ the rent-to-own startup reported.”
“[O]ne in four (26%) believe they’d need to inherit money from someone in order to ever own a home,” the Divvy report revealed. “One in five (19%) even said they’d have to marry someone rich.”
— Divvy Homes (@divvyhomes) June 26, 2023
Only 53 percent of the individuals who participated in the poll who are currently not home owners said they feel confident they will ever be able to scrape up enough cash to purchase a place of their own. How sad is that? Home ownership used to be norm here in the United States. There were plenty of opportunities for people to make a solid living and to have the means to invest in property. Not under Biden’s economic agenda.
Davis continued, “Meanwhile, 56 percent of those responding said that if they applied for a mortgage now, they would be denied. The random double-opt-in survey was conducted June 5-7.”
“Potential buyers are looking for alternatives to traditional mortgage financing or are stuck waiting for a reprieve from the rising rates and prices that keeps so many of them renting and locked out of homeownership,” Adena Hefets, co-founder and CEO of Divvy Homes, remarked in a statement.
“There are so many factors putting downward pressure on a potential homeowner’s buying power — high interest rates, a lack of supply, increasing cost of living — that the starter home seems to be on the verge of extinction,” Hefets added.
Respondents said that the would have to earn, on average, $76,000 a year, just to be able to afford the purchase of a starter home, along with having at least $45,000 in the bank for a down payment. Dang, man. That’s way, way up there from previous years.
A whopping 44 percent stated they would be willing to work a second job or have some sort of side gig to pay for a home.
“The traditional mortgage process was designed in the 1940s when the norm was a single breadwinner with a steady W-2 income,” Hefets explained. “The system hasn’t changed, even though the way we work, live and form families is dramatically different. But today’s younger buyers often lack long periods of income history and are increasingly non-salaried, working as a 1099 contractor, gig worker, or self-employed individual.”
“A majority of aspiring homebuyers feel that homeownership is always just beyond their reach, that the ‘American Dream’ of homeownership is slipping away, and that it would take luck, extraordinary circumstances, or a serious change in the mortgage process to make it possible for them to own a home in today’s economic climate,” Hefets added.
Guess how much the median value for a single family home is right now? Try $250,000. Ouch.
“The U.S. housing market has done an about-face following a downturn that threatened to usher in an extended period of flat or falling prices. With that has come another blow to how much house the average worker around the country can afford,” ATTOM CEO Rob Barber commented in a statement released to the public.
@Attomdata’s Q2 2023 U.S. #HomeAffordability report shows that #affordability has worsened across the nation amid a renewed jump in #homeprices that has pushed the typical portion of #wages required for major homeownership expenses up to 33%: #propertydata https://t.co/zscfkzNVvY pic.twitter.com/TmywynlXP7
— ATTOM (@Attomdata) June 29, 2023
Amid all of the doom-and-gloom, some feel there’s a chance the housing market could stabilize.
“If current economic conditions persist, with elevated mortgage rates and home prices amid scarce inventory, the market is likely in for a long, slow climb and a few bumps along the way,” Danielle Hale, chief economist at Realtor.com, went on to say, according to a report from Forbes.
Others are far less optimistic.
“There are simply not enough homes for millions of people,” stated Orphe Divounguy, senior economist at Zillow.
“Unless we address the shortage of smaller, more affordable, starter-type homes, we risk leaving families without a seat — and it will only get worse over time,” he added.
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