Great tweet from economist Richard Stern of the Heritage Foundation who points out that we at the Hotline may have UNDERSTATED how much mortgage payments on the median-priced home have risen under Biden:
We said the payments have doubled, but based on official federal statistics, the annual mortgage payment has nearly tripled from $8,500 to $24,000 per year as the mortgage interest rate has soared from under 3% to 7.8%. See Stern’s chart above.
It shows that in the era of low inflation and a stable dollar — from Reagan, Bush, Clinton, Bush, Obama, and Trump — mortgage payments were relatively stable.
But they have taken a giant upward leap under Biden – thanks to an inflation rate that hit as high as 9.1%.
Biden has put a giant tax on the American dream of owning a home.