1,755
online users

Sep 19 - Americans can barely afford homes - and that's a problem for Biden



more
ADVERTISEMENT
 
topics gone triple plat - Number 1 spot 3X PLAT



section  1   0 bx goons and 1 bystanders Share this on Twitter       Share this on Facebook
 

section news
  

This poll will close on 02-23-2026 at 04:06 AM
how important is home affordability to you this coming election season?
   

 2 days ago '11        #1
3260 page views
106 comments


Sin  topics gone triple plat - Number 1 spot x68
avatar
Props total: 211802 211 K  Slaps total: 28208 28 K
icon Sep 19 - Americans can barely afford homes - and that's a problem for Biden
 

 
Record-low U.S. housing affordability is squeezing home buyers and renters while threatening to spill into presidential politics.

Milwaukee, the largest city in key swing state Wisconsin, saw affordability deteriorate in its rental market more than almost any U.S. metro area in the year ended July, according to a measure by the National Association of Realtors. The region also recorded one of the greatest increases in mortgage burden among the biggest 50 metros in the past year, data from Zillow show.

image


The housing situation in Milwaukee, the site of next year's Republican National Convention, is a version of a scenario playing out in cities across the country: U.S. mortgage rates in August hit the highest level since 2000, which has tr@nslated into the fewest home-buying applications in decades. Adding to the pressure is the scarcity of inventory, which has helped push selling prices, as well as rents, to near record-high levels.

Milwaukee's crunch stands out, though, because housing in the region has traditionally been relatively stable and cheap, and because it has potential for political fallout: Among large metro areas in swing states, it had the greatest decrease in housing affordability in the past year.

That could shape voters' views of their own prosperity and the wider U.S. economy, creating a political vulnerability for President Joe Biden - especially with young voters, who are hard-hit by declining housing affordability. Biden can ill afford any setback in a state he won by just 20,682 votes in 2020. Philadelphia, another major population center in a closely fought battleground state, is also among the U.S. metros with the largest increases in mortgage burdens last year, according to Zillow data.

"It contributes to a general sense that the American Dream is out of reach, and that if the Democratic Party promises a middle-cla$s American Dream and it's failing, then I think those voters are more likely to listen to the Republican Party," said Wendy Schiller, a Brown University political science professor.

Schoolteachers Maggie Golab, 35, and Jenny Rechlicz, 31, began looking for a starter home in Milwaukee after getting married in July. After looking at 21 houses and getting outbid on three of them, they were finally able to purchase a small bungalow in the Washington Heights neighborhood this month.

While they are pleased with the location, they had to bid above the asking price, and were only able to afford the home because the upstairs and basement are unfinished. They'll have to spend the next few years remodeling to get the livable space they wanted, Golab said.

"It was definitely very frustrating and kind of heartbreaking," Golab said of the home-buying process, noting that prices for homes in certain neighborhoods were way higher than she anticipated.

Milwaukee historically has had a relatively stable and affordable housing market, meaning higher costs have a larger proportional affect there than in volatile markets such as in the Sun Belt, said Mark Eppli, director of the Graaskamp Center for Real Estate at the University of Wisconsin at Madison.

Mike Ruzicka, president of the Greater Milwaukee Association of Realtors, said most of the new housing in the Milwaukee market has been luxury apartments, with construction of single-family homes plummeting after the Great Recession.

"It's very tough to be a buyer," said Beth Jaworski, who's been a real estate agent for 31 years in the Milwaukee area and represents Golab and Rechlicz. "I don't think I've ever seen it quite like this."

Few buyers are insulated from the challenges. In the suburban county of Waukesha, just west of Milwaukee, home prices have risen almost three times more than incomes while available inventory hasn't met demand, according to a July report by the Wisconsin Policy Forum.

Teig Whaley-Smith, who leads the Community Development Alliance in Milwaukee, estimates there are 17,000 Black and Latino families aspiring to buy a home in the county for $125,000 or less - but only 1,500 such properties are available. He blames out-of-state investors buying single-family homes to rent.

Millennial and Generation Z voters under 45, who comprise an increasingly large share of the U.S. electorate, are disproportionately affected by housing affordability. Exit polls show they voted overwhelmingly for Biden over Donald Trump in 2020.

A Pew Research Center survey conducted March 27 to April 2 found that 66% of U.S. adults ages 18-29 were not too confident or not at all confident that Biden can make good decisions about economic policy, and 62% of adults ages 30-49 feel the same way. Polling of Generation Z by SocialSphere found that the inability to buy a home was their second-largest source of unhappiness.

Biden will need strong turnout from these younger cohorts to repeat his victory in Wisconsin.

The president has touted his efforts to lower housing costs, boost available supply and protect renters, while Republicans have blocked his efforts and haven't offered their own plans. He's proposed a "Housing Supply Action Plan" with legislative and administrative actions to help close the U.S. housing supply shortfall in five years.

"President Biden is investing in affordable housing after decades of inaction," spokesperson Michael Kikukawa said in a statement. "He believes young people deserve to live in a quality home that they can afford to rent or own - that they deserve a fair shot at the American Dream."

And it may help that some voters care more about issues such as climate change and abortion and don't tie conditions in their local housing market to the policies of national lawmakers.

Ka Seng Lim, a 25-year-old engineer and Democrat from Milwaukee, said he doesn't blame Biden for the low inventory and the fierce competition for affordable houses that he and his fiancťe encountered before finally buying a starter home last month.

Still, Republicans see it as a weakness for the president, pointing the finger at him for "ki1ling the American Dream of homeownership." While inflation has moderated since last year, GOP candidates have sought to tie Democrats to the soaring prices consumers have recently seen in many corners of the U.S. economy.

Republican strategist Doug Heye said that high prices, especially for housing, are the main reason Democrats can't be confident Biden would beat Trump next year, if he's the GOP nominee.

Chris Sinicki, chair of the Democratic Party of Milwaukee County, said she's concerned about how Republican messaging on housing affordability might weigh on turnout. In particular, she worries it might discourage Black and young people from voting in the numbers Democrats need to win her state.

"It's something that as Democrats, we need to figure out how we're going to counter," Sinicki said in an interview. "We need to get out every single voter in Milwaukee County."

 https://www.detroitnews.c .. /70892582007/#
+7   



icon
best
icon
worst
106 comments

 2 days ago '22        #2
Madblack1 
Props total: 5494 5 K  Slaps total: 2920 2 K
Federal government doesn’t control home much ur house costs…..


Trash thread
-35   

 2 days ago '22        #3
RockyIII 
Props total: 9713 9 K  Slaps total: 3545 3 K
 Madblack1 said 🔗
Federal government doesnít control home much ur house costsÖ..


Trash thread
Youíre correct, but most people of voting age are stupid. This gives the GOP nominee ammunition. He can promise all kinds of things, as they all do, and these low IQ smooth brain idiots will vote for them
+8   

 2 days ago '16        #4
Boogie1790  topics gone triple plat - Number 1 spot x3
Props total: 95888 95 K  Slaps total: 16955 16 K
 Madblack1 said 🔗
Federal government doesnít control home much ur house costsÖ..


Trash thread
Huh?

 2 days ago '17        #5
Lazy  topics gone triple plat - Number 1 spot x2
Props total: 51521 51 K  Slaps total: 7176 7 K
 Madblack1 said 🔗
Federal government doesnít control home much ur house costsÖ..


Trash thread
Someone didnít read
emoji
+11   

 2 days ago '16        #6
Head Coach 
Props total: 24282 24 K  Slaps total: 1847 1 K
Home prices on Zillow where I live have been going down to offset the int rates so it's working

I wouldn't mind raising the rate again to really cool off inflation



+6   

 2 days ago '15        #7
Teddy KGB 
Props total: 96264 96 K  Slaps total: 11012 11 K
The housing bubble is a big problem, but I don’t think it’s Biden’s fault… at least not by himself.

I sold my house and moved back to Florida, but the housing market is stupid here. A lot of dummies from out of state paying crazy prices because they don’t know what Florida housing looks like under normal circumstances. For the first time in a long time, I’m a renter, because I refuse to pay some dummy $1.5M for a house that was $500K in 2019. I parked my earnings from my house sale in investments and I’ll wait it out. Sellers and real estate agents here are out of their minds. Worse comes to worse I’ll move to a lower cost of living state, because I’m not trying to be house poor due to FOMO.

emoji
+31   

 2 days ago '23        #8
Yopa 
Props total: 1039 1 K  Slaps total: 207 207
Idiots will come in & say that the government is not to blame . Who keeps raising property taxes ? Who raised inflation on sanctioning Russia ,China , Venezuela & Iran which raised the price on oil , Steele & LNG ?
+2   

 2 days ago '23        #9
Dripset 
Props total: 47 47  Slaps total: 16 16
Biden really fumbled his first and hopefully only term. Democrats have to pull another fast one out of their a$s if they want to steal an election again. Wh0ever is next up I hope genuinely cares about American people. These old white rich presidents dont know how regular working folks live day to day and thats where the disconnect / problem is.

 2 days ago '17        #10
Ifeellikekobe  topics gone triple plat - Number 1 spot x8
Props total: 98297 98 K  Slaps total: 8621 8 K

Republican strategist Doug Heye said that high prices, especially for housing, are the main reason Democrats can't be confident Biden would beat Trump next year, if he's the GOP nominee




Oh according to that jackass. As a Bx political analyst that useless trust fund baby gonna lose again. He hasn't built up the trump base at all. There are less trump supporters alot of them were old and died off during the pandemic. And the goofy trump supporters online are definitely not leaving their moms basement to vote.
+4   

 2 days ago '23        #11
Yopa 
Props total: 1039 1 K  Slaps total: 207 207
Joe had the same war mongers at the state department giving him the same bad advice as Trump
-5   

 2 days ago '17        #12
Ymmot  topics gone triple plat - Number 1 spot x5
Props total: 132911 132 K  Slaps total: 51036 51 K
This will be a burden on every president going forward until we figure something out other than our current system.
+7   

 2 days ago '23        #13
Yopa 
Props total: 1039 1 K  Slaps total: 207 207
🔗


 2 days ago '17        #14
Ymmot  topics gone triple plat - Number 1 spot x5
Props total: 132911 132 K  Slaps total: 51036 51 K
 Yopa said 🔗
↪🔗
Watched the first minute of this video and this dude doesn't understand how inflation works. Why do you guys even waste your time watching other people's illiterate opinions on youtube?
-3   

 2 days ago '18        #15
DUCEDUCE  topics gone triple plat - Number 1 spot x3
Props total: 100345 100 K  Slaps total: 10744 10 K
The reality is that Trump has lost support not gained it. He has a solid base, but thats it. Biden is in the drivers seat. But you never know.
+1   

 2 days ago '04        #16
ItAlY2BkLyN  topics gone triple plat - Number 1 spot x2
Props total: 75071 75 K  Slaps total: 13656 13 K
 Yopa said 🔗
Idiots will come in & say that the government is not to blame . Who keeps raising property taxes ? Who raised inflation on sanctioning Russia ,China , Venezuela & Iran which raised the price on oil , Steele & LNG ?
That may be one small piece of it. But individual states hold a lot of the blame. Colorado for example is a wh0re to the highest bidder. They're selling out to these developers without any sort of oversight or regulations.

Also, individual counties are assessing properties at crazy values. A home that was $150k 3 years ago gets assessed at $450k and those taxes triple. For people who have lived in their home for 30yrs and paid off their mortgage became used to the predictable property taxes. Then from one year to the next, their taxes skyrocket?
+9   

 2 days ago '23        #17
Banner 
Props total: 592 592  Slaps total: 198 198
seems like the only ppl postin in this section anymore are right wing bots lol
+7   

 2 days ago '23        #18
Yopa 
Props total: 1039 1 K  Slaps total: 207 207
 ItAlY2BkLyN said 🔗
That may be one small piece of it. But individual states hold a lot of the blame. Colorado for example is a wh0re to the highest bidder. They're selling out to these developers without any sort of oversight or regulations.

Also, individual counties are assessing properties at crazy values. A home that was $150k 3 years ago gets assessed at $450k and those taxes triple. For people who have lived in their home for 30yrs and paid off their mortgage became used to the predictable property taxes. Then from one year to the next, their taxes skyrocket?
My point is that counties / government employees are the ones setting the property values in areas . If you do a renovation on your house the city / county will raise your taxes on that property based on what you did . tariffs & sanctions raise the prices on goods . It's like what the government says to big business. They are to big to fail (China & Russia )
+3   

 2 days ago '23        #19
ThesOne  topics gone triple plat - Number 1 spot x1
Props total: 6499 6 K  Slaps total: 963 963
The article primarily speaks on housing affordability in Milwaukee. Please read before posting something nonsensical.
+1   

 2 days ago '22        #20
Yousabitchtoo 
Props total: 5705 5 K  Slaps total: 2275 2 K
 Teddy KGB said 🔗
The housing bubble is a big problem, but I donít think itís Bidenís faultÖ at least not by himself.

I sold my house and moved back to Florida, but the housing market is stupid here. A lot of dummies from out of state paying crazy prices because they donít know what Florida housing looks like under normal circumstances. For the first time in a long time, Iím a renter, because I refuse to pay some dummy $1.5M for a house that was $500K in 2019. I parked my earnings from my house sale in investments and Iíll wait it out. Sellers and real estate agents here are out of their minds. Worse comes to worse Iíll move to a lower cost of living state, because Iím not trying to be house poor due to FOMO.

emoji
You mean house rich cash poor
-2   

 2 days ago '22        #21
Yousabitchtoo 
Props total: 5705 5 K  Slaps total: 2275 2 K
Crazy because this was around during trump. It was happening throughout his entire presidency
emoji
+6   

 2 days ago '21        #22
GoldenKnight 
Props total: 9608 9 K  Slaps total: 7585 7 K
It's not a problem when you have perfected election fraud. Democrats will never lose again and hopefully young liberals will never be able to afford rent, food or owning a home. fu#k em' !
-1   

 2 days ago '17        #23
Ymmot  topics gone triple plat - Number 1 spot x5
Props total: 132911 132 K  Slaps total: 51036 51 K
 Yousabi#chtoo said 🔗
Crazy because this was around during trump. It was happening throughout his entire presidency
emoji
It's been happening for years, even before trump and Obama.
+3   

 2 days ago '23        #24
Yopa 
Props total: 1039 1 K  Slaps total: 207 207
You'll see a trove of idiots with different usernames but it's all the same idiot spreading lies
-1   

 2 days ago '15        #25
Teddy KGB 
Props total: 96264 96 K  Slaps total: 11012 11 K
 Yousabi#chtoo said 🔗
You mean house rich cash poor
No, I mean house poor. You trying to get smart? You trying to kick some knowledge?
emoji
House poor has nothing to do with home equity. It specifically means that you are paying so much for your mortgage that you are essentially living as though you are poor. You can have a million dollars of equity and still be house poor.

Also, you can be house equity poor AND cash poor depending on what you paid for the house. That’s the problem with this bubble… people just assume that you can’t be upside down in a house. Yes… over time houses have always gone up, but it might take some time depending on the circumstances.


Last edited by Teddy KGB; 09-19-2023 at 11:12 AM..
+4   

say something...

Sign me up
 
 

yesterday...


most viewed right now
13
Meet Ike Taylor, Co Founder Of The Gangster Disciples
56 comments
1 day ago
@wild'ish
most viewed right now
12
This is how much xbox is making from gamepass
51 comments
2 days ago
@games
most viewed right now
8
Video inside FYB J Mane Arrested in Atlanta on Felony Charges Last Night
34 comments
2 days ago
@hiphop
most viewed right now
4
Image(s) inside Game Pass Has Until 2027 To Grow Or Its Over For Xbox👀
127 comments
1 day ago
@games
back to top