{"id":54124,"date":"2024-03-15T10:02:48","date_gmt":"2024-03-15T14:02:48","guid":{"rendered":"https:\/\/www.rightwinggranny.com\/?p=54124"},"modified":"2024-03-15T10:02:48","modified_gmt":"2024-03-15T14:02:48","slug":"the-impact-of-inflation","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=54124","title":{"rendered":"The Impact Of Inflation"},"content":{"rendered":"

On Thursday, The Center Square<\/a> posted an article about the impact of inflation on homebuyers.<\/p>\n

The article reports:<\/p>\n

(The Center Square) \u2013 The housing market is not immune from inflationary woes as buyer\u2019s purchasing power has significantly diminished in four years. Home buyers in 2024 need 80% more income to purchase a home than they did in 2020, according to a new report by Zillow.<\/strong><\/p>\n

\u201cThe income needed to comfortably afford a home is up 80% since 2020, while median income has risen 23% in that time,\u201d the report states. That equates to $47,000 more than four years ago.<\/strong><\/p>\n

\u201cHome shoppers today need to make more than $106,000 to comfortably afford a home,\u201d according to the\u00a0report<\/a>. \u201cThat is 80% more than in January 2020.\u201d<\/strong><\/p>\n

A monthly mortgage payment for a typical U.S. home has nearly doubled since January 2020, the report notes, up 96.4% to $2,188. The calculations are based on a 10% down payment.<\/strong><\/p>\n

Home values also increased over 42% in the last four years, with the typical home nationwide worth roughly $343,000, according to Zillow\u2019s January market report. Mortgage rates in January 2020 were 3%, the report notes. By February 2024, they are closer to 7%.<\/strong><\/p>\n

The article notes:<\/p>\n

The report\u2019s analysis was based on quarterly median household income from the American Community Survey, Moody\u2019s Analytics, and the Bureau of Labor Statistics\u2019 Employment Cost Index.<\/strong><\/p>\n

The findings were announced as total household debt reached a record $17.5 trillion in the fourth quarter of 2023, according to a Federal Reserve Bank of New York\u00a0report<\/a>. Mortgage debt increased by $112 billion in Q4 2023 to reach $12.25 trillion. Balances on home equity lines of credit increased by $11 billion, the seventh consecutive quarterly increase after Q1 2022. There are currently $360 billion in aggregate outstanding balances, the Fed states.<\/strong><\/p>\n

The overspending of our government impacts all of us. There will eventually be a tipping point where the housing market crashes because people cannot afford to buy houses. We need to un-elect any Congressman or Senator that continues to vote for overspending.<\/p>\n

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On Thursday, The Center Square posted an article about the impact of inflation on homebuyers. The article reports: (The Center Square) \u2013 The housing market is not immune from inflationary woes as buyer\u2019s purchasing power has significantly diminished in four … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[4187,1659,6248,6253,9335,1472,6341,2947,16481,6458,17178],"class_list":["post-54124","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-bureau-of-labor-statistic","tag-bureau-of-labor-statistics","tag-employment-cost-index","tag-federal-reserve-bank","tag-federal-reserve-bank-of-new-york","tag-income","tag-median-household-income","tag-median-income","tag-mortgage-rates","tag-statistics","tag-the-center-square"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/54124","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=54124"}],"version-history":[{"count":1,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/54124\/revisions"}],"predecessor-version":[{"id":54125,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/54124\/revisions\/54125"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=54124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=54124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=54124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}