As the 2024 presidential race heats up, former President Donald Trump has taken to social media platform X (formerly Twitter) to attack Vice President Kamala Harris, this time focusing on skyrocketing home prices under the Biden administration.
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The Republican presidential candidate emphasized The median sales price of existing homes has increased by 39% since January 2021, when Joe Biden took office. Sharing a screenshot from Fox News, Trump noted that the median home price in the United States has gone from $307,300 to $426,900 in just a few years.
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Trump’s tweet was in response to Harris’s promise to give first-time homebuyers $25,000 to help with a down payment as part of her broader effort to address the housing crisis, which has made it difficult for many Americans to afford to buy a home. In a post on X, Harris said, “Even if aspiring homeowners save for years, it’s often not enough.”
The housing market has become a major issue in the election as affordability hits a 17-year low. Mortgage rates hovering around 7%, coupled with a housing shortage, have driven prices to record highs. In some markets, the cost of owning a home now accounts for as much as 43% of the average local wage, well above the 28% recommended for affordability.
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Harris' housing plan is ambitious, promising to add 3 million new homes to the market. But experts have mixed opinions on the matter. Some, like Redfin's chief economist, praised Harris' focus on increasing housing supply, saying that “everything else won't work unless we have more supply.” But others worry that her plan may be too broad and difficult to implement, with one expert noting that the “main flaw is that it tries to cover too much.”
See also: Rory McIlroy's Florida mansion is worth $22 million today, twice as much as in 2017 — Here's How You Can Start Investing in Real Estate With Just $100
In her first major interview on CNN since becoming the Democratic presidential nominee, Kamala Harris talked about how her views on important issues like fracking and immigration have changed, and said her experience as vice president gave her new perspectives.
When CNN’s Dana Bash asked Harris why some of her proposals had not been implemented during the three-and-a-half years of the Biden administration, Harris responded by saying, “We had to bounce back as an economy and we have,” highlighting her efforts to tame inflation, lower prescription drug costs and cut taxes for families. “There’s more to do, but it’s good work,” she said.
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