The housing market continues to exclude more and more Americans, and President Donald Trump says the woke head of the Federal Reserve is exacerbating the crisis.
Amid still-rising inflation and Jerome Powell’s stubborn refusal to cut interest rates as Trump wants, the economy continues to miss the mark. And fewer than a third of U.S. homes are now within the typical household’s buying range.
On Wednesday, Trump posted on Truth Social, “Could somebody please inform Jerome ‘Too Late’ Powell that he is hurting the Housing Industry, very badly? People can’t get a Mortgage because of him. There is no Inflation, and every sign is pointing to a major Rate Cut. ‘Too Late’ is a disaster!”
Trump also took aim at Federal Reserve Governor Lisa Cook, posting, “Cook must resign, now!!!”
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Trump has been at loggerheads with Powell and other Federal Reserve officials over Powell’s awful policies and the boondoggle of a building renovation project into which the Fed has poured $2.5 billion. Powell, on his side, has been blocking Trump as much as possible and trying to extend the Biden economic crisis.
Last week, Trump complained, “Jerome ‘Too Late’ Powell must NOW lower the rate. Steve ‘Manouychin’ really gave me a ‘beauty’ when he pushed this loser. The damage he has done by always being Too Late is incalculable.”
In usual Trump fashion, the president added proudly, “Fortunately, the economy is sooo good that we’ve blown through Powell and the complacent Board. I am, though, considering allowing a major lawsuit against Powell to proceed because of the horrible, and grossly incompetent, job he has done in managing the construction of the Fed Buildings. Three Billion Dollars for a job that should have been a $50 Million Dollar fix up. Not good!”
And unfortunately, the housing market is in fact still at the mercy of Powell and co. Realtor.com released new research on mortgages and buying trends on August 21, and the news wasn’t so good:
Nationally, the maximum affordable home price for a median-income household has dropped to $298,000, nearly $30,000 less than in 2019, even though incomes are up. As of July, just 28% of homes on the market were priced within reach of the typical household.
Furthermore, because inflation surpassed real wages so much under the Biden administration, Americans technically making “more” can afford less when it comes to buying a home.
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Realtor.com explained how this affects potential homebuyers, though it didn’t acknowledge that Bidenomics is at the bottom of the problem:
At 2019 mortgage rates, the typical U.S. household could afford a home priced around $325,000. Today, that number has dropped to about $298,000, despite the higher income. Complicating matters further, the median home price has soared nearly 38%, rising from $319,450 to $439,450 over the same period.
That’s a heavy jump for the average American. It’s also why young people can’t afford to buy homes or even apartments. The housing crisis is still very real and very painful.
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