Here’s Exactly How Biden Plans To Make Housing More Affordable If He’s Reelected
The U.S. housing market has been extremely turbulent since the onset of the pandemic more than four years ago. The cost of homes has risen, rents are up, and people are more financially burdened by the cost of housing nationwide than in years previous.
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Zillow’s June 2024 Housing Market Report indicated that the typical U.S. mortgage payment is up 6% from 2023 and has increased by an insane 112.5% since pre-pandemic. Meanwhile, the typical home value in the U.S. in June was $362,482, which represents a 3.2% increase from the same time last year.
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Renting Remains an Expensive Option
At the same time, the cost of renting a home isn’t any cheaper. Zillow’s June 2024 Rental Market Report showed that the typical U.S. rent as of June was $2,054. Since the start of the pandemic, rents nationwide have increased by 32.8%.
So, whether you’re looking to buy a home or if you’re a renter, housing has become much more expensive. Inflation is high and demand is up, which has both led to higher home prices and rising rents. All the while, the housing supply isn’t keeping up with demand.
Now, the Biden Administration plans to correct some of these issues.
Biden Aims To Lower Housing Costs
In a recent White House press release, President Biden outlined his plan to lower housing costs and rent for Americans, if reelected in November. Here are the key policies he’s proposing:
Asking Congress to pass legislation that gives corporate landlords a choice: Either cap rent increases on existing units at 5% or lose valuable federal tax breaks.
Sustainably repurposing public land to allow as many as 15,000 additional affordable housing units to be built in the state of Nevada.
Rehabilitating distressed housing, building more affordable housing, and revitalizing neighborhoods.
These measures are part of a larger Biden-Harris Housing Plan, which aims to build about 2 million new homes across the country and provide $10,000 in mortgage relief to make homeownership accessible to more Americans.
The fate of this plan, both at the executive and legislative levels, remains to be seen as we head towards Election Day.
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: Here’s Exactly How Biden Plans To Make Housing More Affordable If He’s Reelected