Despite promising to bring housing costs down for consumers, the most recently available housing data reveals that it’s never been more expensive for Americans looking to purchase a home.

Data from the Case-Schiller Home Price Index, U.S. Census Bureau, and Federal Reserve shows that the cost of purchasing a home relative to household income is at an all-time high.

Home prices are now 7.64 times greater than the median household income. Prior to President Joe Biden entering the White House, the highest ratio of home prices to household income occurred in 2006, at the pinnacle of the President George W. Bush-era housing bubble. In January 2006, housing prices were 6.82 times greater than the median household income.

LIVING CLOSE TO MOM IS A MAJOR CONSIDERATION FOR AMERICANS BUYING A HOME

The high housing costs witnessed under the Biden administration are a remarkable departure from historical norms. From 1978 through the end of 2001, housing prices were between four and five times greater than annual household incomes. Housing prices soared in the early 2000s, but they did not reach current levels at any point during Bush’s presidency. Then they crashed hard from 2006 to 2009, triggering the Great Recession.

Home buying has run into several problems – especially those that are the result of President Joe Biden's leftist policies. (iStock)

Throughout Barack Obama and Donald Trump’s presidencies, housing prices were significantly lower than they are now. Prices were typically five to six times higher than the average household income. Economic growth occurred during long periods of both........

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