As the 2024 presidential race heats up, former President Donald Trump has taken to social media platform X (formerly Twitter) to target Vice President Kamala Harris, this time zeroing in on the soaring cost of homes under the Biden administration. Trump highlighted a 39% increase in the median sale price of existing homes since January 2021, when Joe Biden took office, emphasizing the affordability challenges many Americans face. He shared a screenshot from Fox News showing the average home price rising from $307,300 to $426,900 in just a few years.
Trump’s tweet was a direct response to Harris’s recent announcement of a plan to provide first-time homebuyers with $25,000 in down payment assistance. Harris acknowledges the ongoing housing crisis, stating that even with years of savings, aspiring homeowners often find themselves unable to afford a down payment. Her larger plan aims to address the affordability crisis that has made homeownership a distant dream for many.
The housing market has become a focal point of the election, as affordability reaches a 17-year low. The combination of mortgage rates hovering around 7% and a limited housing supply has pushed prices to record highs. In some areas, the cost of homeownership now consumes as much as 43% of the average local wage, significantly exceeding the recommended 28% affordability threshold.
Harris’s housing plan is ambitious, promising to add 3 million new homes to the market. While some experts applaud her focus on increasing housing supply, others express concerns about the plan’s broad scope and feasibility.
In her first major interview on CNN since becoming the Democratic presidential nominee, Kamala Harris addressed questions about her views on critical issues like fracking and immigration, explaining that her experience as Vice President has provided her with new insights. When asked about the lack of implementation for some of her proposals during the Biden administration, Harris emphasized their focus on economic recovery, highlighting efforts to control inflation, reduce prescription drug costs, and lower taxes for families. She acknowledged that more work needs to be done, but emphasized the progress made.
The housing crisis, coupled with other economic challenges, will likely remain a central theme in the 2024 election, shaping the political landscape and influencing voters’ decisions.
