Joe Biden has thoroughly destroyed the middle class. Today, half of America makes less than $44,000 a year, which isn’t enough to live on.
Take homeownership, for example. A recent report says that a family has to make at least $140,000 a year or more to be able to afford a home and live a middle class life.
According to the report, the optimal American lifestyle would cost $137,842 a year in Ohio, $147,535 in Texas, $159,932 in Florida, $194,067 in New York and $245,723 in California.
But most Americans don’t make anywhere near that much. In fact, half of Americans now make less than $44,000 annually.
According to a Wall Street Journal/NORC poll released in August, the American dream is out of reach for most Americans.
According to the Daily Caller:
A survey of 2,501 people conducted by the Public Religion Research Institute twelve years ago found more than half of respondents believed the American dream “still holds true,” but now only a third feel that way, according to a recent WSJ/NORC poll of 1,502 adults. The study also found an increasingly large gap between people’s economic goals and what they think is actually attainable — a trend that was consistent across gender and party lines, but was especially common amongst younger generations.
DC adds that the costs are just too high…
Twenty-four percent of likely voters who rent their homes said that “the cost of housing” is the most important economic issue they’re considering as they decide their vote, according to a CNN poll conducted by SSRS between September 19 and 22.
That’s no surprise: The US is facing a once-in-a-generation housing affordability crisis. In the four years through August 2024, national home prices have risen 45%, according to the S&P CoreLogic Case-Shiller Home Price Index. According to the National Association of Realtors, the median sales price of a home in the US hit a record high this summer and now hovers just below that level.
Indeed, the costs are so high that most Americans will never be able to afford to enjoy the American dream.
Things have gotten so bad that the average age of homebuyers in the U.S. is now 56. That is long past prime family age. This means that young families can’t afford to buy a home in which to raise their families.
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