Mortgage rates were 2.9% when Trump left office; now they are 7.1%. The median home value today is roughly $410,000.
As the chart below from CTUP senior fellow EJ Antoni shows, this means the typical mortgage payment has risen to almost $900 more per month. It’s the Bidenomics mortgage tax each and every month for 360 months on a 30-year home loan.
That means over the course of the loan, a young family pays $320,000 more. If you buy a home in a high home value area of California or Florida your total payments will be closer to $500,000 higher.