The young adults who helped elect President Joe Biden to the White House have abandoned him more dramatically than any other group, yet his job approval ratings have fallen across the board.
While Washington’s inaction on issues like student debt and climate change has angered these people, there is another, sometimes ignored factor contributing to their growing pessimism: The skyrocketing cost of housing has disproportionately hurt them.
A generation of would-be purchasers could be priced out of the market as a result of the combination of record-high home prices and rising mortgage payments, which have nearly doubled in the previous seven months. This would have a negative impact on home sales. Rapidly rising rents, which make it harder for young folks to save for down payments on their first homes, are contributing to the issue.
The effects of the current housing market could have a long-term impact on millennials’ and other young people’s finances given that the Federal Reserve raised interest rates again last week, Congress is having trouble coming up with solutions, and the Biden administration has been unable to address a severe housing shortage.
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