If you’ve always had a dream to buy a home, it looks like you going to need a six-figure salary to make it happen 

April 1 – A new bank rate study has confirmed that people shopping for a home will need to have a six-figure salary just to afford the median priced home. 

This is true in 22 states across the country. 

And that’s more than triple the number of states from four years ago. 

Pat Ryan of NewsTalk 103.7FM insisted, “Bidenomics.”

The median prices of homes are more than $400,000 right now. It’s a 46% jump since President Joe Biden took office. 

Ryan said, “There you go and you’ll have the decision in November. Do you want your kids and your grandkids in your basement for the rest of their lives? Or are we going to get back to some semblance of where we used to be here?”

Attorney Clint Barkdoll said, “The housing market and the price of real estate is just incredible. I don’t know how a young person gets into this market. The barrier to entry is getting so high. I mean, you’re looking at $300,000 even for some of these newer townhouses or duplex units and I just don’t see how a young couple would get into that. Long term that’s a problem. We want people to own real estate. We know through studies and other data that people who own real estate are much more productive members of a community and of society in general, but it’s really starting to run away. The old idea of the American dream, part of that is owning a house. You wonder if that idea is really starting to slip away and historically, even if real estate starts to come down, it doesn’t come down significantly. Those prices are likely going to stay up there and just keep going up. It is a problem around the country.”

Michele Jansen of NewsTalk 103.7FM pointed out, “We have multiple reasons for why this is happening. A lot of them tied though to the policies that have been put into place since the Biden administration started. It’s interesting how there’s a push from some of these world organizations if you will own nothing. People then start saying well yeah, I guess that’s coming true because I can afford to buy a home. There’s supposedly a document from the Mounted Police in Canada, somehow it got leaked. It was only supposed to be for government eyes only about the social unrest coming because people 35 and under will never be able to afford to own their own home. There’s some real problems here that I don’t think people are thinking about. There’s a real social disruption we’ll be facing when people don’t own where they live. They don’t have pride of ownership. They don’t have the feeling that working hard can give them such a thing, which is really important to American society. We’ve got to try to see what are the problems causing this to happen and work against them. Stop allowing big corporations like Black Rock to go in and overpay for single family homes that then they’ll turn into a fully rented neighborhood. That is happening in places in the country. Those kinds of things are driving up house prices along with the inflation and construction costs. My insurance has gone out of the charts for both my car and my home. Part of that is the big rise in home insurance because of all the reasons we just spoke about.”

Barkdoll agreed, “That’s another good point. As the home values rise, so, too, will damage claims and of course your homeowners insurance is going to go up with that. These are all these appendant costs associated with owning the home that could be a real deterrent for younger people. I don’t know where this ends. We know that mortgage interest rates continue to be at generational highs. They’ve ticked down a little bit. That does not seem to have deterred buyers from continuing to fuel these prices. Here locally, a lot of realtors will continue to talk about a real shortage of inventory. It is a really strange dynamic when you have record high prices, near record high mortgage rates but yet very very low inventory. I think what’s going on to tie all that together is a lot of people are just staying put. They are not comfortable getting out of a mortgage they’re already in at 2.5% or 3% or they’re not in a position to move, knowing that they’re going to have to trade up and spend a bunch more money to move into their next house.”