As the cost of living in the United States continues to rise, public sentiment is turning against President Joe Biden's administration. The primary concern? Skyrocketing home prices and rent, which are straining American families' financial stability and sparking a widespread backlash.
Since President Biden took office, the median home price has jumped over 27%, and interest rates have risen from 2.8% to 7.2%[^6^]. These escalating costs are causing significant distress among Americans, many of whom are voicing their frustrations loud and clear.
A Housing Market in Crisis
The housing market's current state is creating a ripple effect on the average American's economic stability. Economists and experts in the field argue that the rising demand for homes, paired with a dwindling supply, is fueling this surge in prices[^3^].
Danielle Hale, Chief Economist at Realtor.com, explained that rent growth has bounced back to a level that is putting increased financial pressure on renters[^5^]. With rental and home buying prices both elevated, American families are caught in a difficult situation, leading to the growing discontent with the Biden administration.
The Biden Administration's Response
In response to the crisis, the Biden administration has announced several initiatives aimed at lowering housing costs and boosting supply[^2^]. These include reducing barriers to building housing like restrictive and outdated zoning laws, and improving renter protections[^8^].
Despite these efforts, critics argue that the administration's approach may not be sufficient to address the broader issue of housing affordability. Some believe that Biden's plan to increase the supply of houses might inadvertently make housing more expensive[^3^].
The Impact on American Families
The escalating cost of living, driven in part by the housing crisis, is taking a substantial toll on American families. Many are finding it increasingly difficult to keep up with their monthly expenses, leading to financial instability and increased anxiety.
The debate over national renter protections and federal rent control has also become a hot topic[^9^]. While some believe that these measures could help alleviate the burden on renters, others worry that they might further complicate the issue.
As the cost-of-living crisis continues to unfold, the Biden administration faces increasing pressure to address the public's concerns effectively. While steps have been taken, the rising home prices and rent show no signs of slowing down, and many Americans are calling for more decisive action.
In conclusion, the current housing market situation is contributing significantly to the cost-of-living crisis in the United States, leading to a growing public backlash against President Biden. It remains to be seen how the administration's actions will impact the housing market and whether they will be enough to alleviate the public's concerns.
[^6^]: "How Bidenomics Wrecked America's Housing Market" [^3^]: "Why Biden's Plan to Help Make Housing Affordable Will Make It More Expensive" [^5^]: "Biden's broad plan to help renters comes 'at the expense ..." [^2^]: "Biden-Harris Administration Announces Actions to Lower Housing Costs and Boost Supply" [^8^]: "Biden administration rolls out new renter protections" [^9^]: "Federal rent control? Debate over national renter ..."