OPINION

Yikes! Perilous Economy for First-Time Homebuyers

Virginia Allen | Kristen Eichamer • April 4, 2024

Buying a home is a cornerstone of the American dream, a dream that is further out of reach today for many Americans.

According to the Department of Housing and Urban Development, the median sales price of a new, single-family home was $416,300 in May 2023. In 1985, it was $84,300.

Yes, income has increased, but higher incomes have not kept up with rising real estate prices. The result is that Americans are buying homes later in life. In 1981, Axios reports, the average first-time homebuyer was 29. For the past few years, that age has been 35.

Why have things changed so significantly in such a short period?

First, look at the national debt, which now is over $34 trillion. America’s rising debt has increased inflation and led to instability in the economy. The Biden administration also has allowed as many as 10 million illegal aliens to enter the country, further burdening local and state economies as well.

Still, those seeking to buy their first home should not despair. On this week’s edition of the “Problematic Women” podcast, two recent young homebuyers share advice for would-be homeowners.

Also on today’s show, we discuss why the White House wasn’t focused on celebrating the Resurrection of Jesus Christ on Easter Sunday, but on “transgender visibility.” You can’t make this stuff up.

Plus, Florida takes a huge step to protect the unborn. We explain. And as always, we’ll crown our Problematic Woman of the Week.

Listen to the podcast below:

Virginia Allen | Senior News Producer and Podcast Host

Virginia Allen is a former senior news producer for The Daily Signal and host of "The Daily Signal Podcast" and "Problematic Women."

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Kristen Eichamer | Contributor

Kristen Eichamer is an adviser for coalitions communications in the Campaigns and Partnerships Department at The Heritage Foundation.

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