So how’s the economy really doing???

So we all realistically think that the economy is doing badly. Well, at least in as far as it is affecting us, our children, and our neighbors and friends. But Just how devastating is it? Well, I am going to show you clear, factual, indisputable proof just how bad the economy is. I am going to show the cost of housing.

For this I am going to prepare a comparison between housing costs now, after 3 years of the President’s reign compared to 3 years of the last President’s reign. That will be 2019 vs 2024.

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2019

• Average home price: $265,800
• 20% Down Payment: $53,000
• 30-year Mortgage Rate: 3.75%
• Amount Financed: $212,600
• Monthly Payment: $1,208
• Total Repaid: $435,000
• Income required (industry standard calculation): $80,000

2024

• Average home price: $384,500
• 20% Down Payment: $77,400
• 30-year Mortgage Rate: 7.02%
• Amount Financed: $307,100
• Monthly Payment: $2,272
• Total Repaid: $818,000
• Income required (industry standard calculation): $115,000

Results –

So here are the objective and results between 2019 & 2024…Bidenomics:

• The average home price increased by 44.6%.
• The down payment required increased by 46%
• The 30-year mortgage rate increased by 87%
• The amount required to be financed increased by 44%
• The monthly payment increased by 88%
• The total amount repaid over the life of the mortgage increased by 88%
• The income required (industry standard calculation) increased by 44%

Summary –

There are a couple of hidden additional “gotchas” with Bidenimics:

According to the US government, the median household income in 2019 was $68,700. The US govt figures are not out for 2024 yet, but USA Today states the median household income in 2024 is now $74,700. That is an 8.7% increase from 2019 – 2024. That means that compared to the income increase between 2019 and 2024:

• Income lags behind the increase in home prices by 80%
• In 2019 your house payment was 20% of your monthly income. In 2024 your house payment is now 36% of your monthly income.
• Buying a house in 2024 means you are paying back over $380,000 more dollars than the same house in 2019.

Wait for it…one more little item to cover…

Did you notice the income requirement difference, $80k in 2019 vs $115k in 2024? Did you catch that and do you know what the tiny little issue is there? Hold on…

According to the IRS you are now in a completely different tax bracket. So not only is your house payment an additional $1,100 per month, your tax payment is now also more than 60% higher on the income difference!!!

So then have you asked the question, “Who actually benefits from Bidenomics?”

! ! GREAT QUESTION ! !

Well, let’s see:

• The bank or mortgage company makes about $300,000 more in interest off of you.
• The county you live in collects additional property taxes from you.
• The federal government is collecting more income tax from you.

And what do you get out of it???? The same exact average American house…period. Yeah, that means absolutely no benefit to you. The only folks who benefit? Yup, the banks and the government.

Do you find that interesting? How’s that Bidenomics working out for us?

Hang on a dang-gum minute, is there a bigger picture here?

Try this on for size…in 1960 both of my parents worked, their combined income was about $5,400 per year. In 1960 they bought the home I grew up in, they paid $5,000 for it. That was 93% of their total annual income. It was a fairly average house, maybe a little on the poor side of the tracks. But compare that to today…the average home is more than 500% of the average household income.

Is there any doubts in your mind what is going on in the big economic picture of the last 65 years????

Again, ask yourself this, “Who is benefiting from homes going from 93% of a family’s income to 500% of a family’s income?”

Do you understand the huge and devastating consequences to that single statistic alone? Do you see it is more than just Bidenomics!!!???

Ask yourself, “Why is this happening?”

Answer it by asking, “Who benefits from this happening?”

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