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Bidenomics: What Families are Financially Struggling With the Most

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Bidenomics: What Families are Financially Struggling With the Most

(FamilyConservationPAC.com) – A recent Harvard Joint Center for Housing Studies study revealed that rent and utilities account for more than half of the income of nearly two-thirds of households in the lowest 20 percent of income bracket.

President Joe Biden’s so-called “Bidenomics” of expanding the economy from the “middle out and the bottom up” appears to be failing, as evidenced by the difficulty low-income people face in covering basic housing costs.

According to the New York Times, the federal government believes that housing should account for no more than 30% of a household’s income. The times also reported roughly half of American renter households meet the requirements.

In a recent survey, the percentage of working-class renters—the group immediately above the lowest income bracket—who had severe difficulties nearly tripled to 17% in just 20 years.

The survey finds that tenants with low incomes and those from the working class are burdened with record-high cost shares.

“Housing insecurity ripples through every domain of family life,” Johns Hopkins University sociologist Stefanie DeLuca told the Times. “It’s this constant mental and emotional tax.”

For many Americans, saving for a down payment on a home is not a practical way to get out of the rental market.

According to a recent Wall Street Journal research, the average monthly mortgage payment increased to $3,322 under President Biden from $1,787 under former President Donald Trump.

“Homeownership has become a pipe dream for more Americans,” the Journal wrote, “even those who could afford to buy just a few years ago.”

“Many would-be buyers were already feeling stretched thin by home prices that shot quickly higher in the pandemic, but at least mortgage rates were low,” the report added. “Now that they are high, many people are just giving up.”

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