(AmericanProsperity.com) – The American Dream has turned into a horrible nightmare as Bidenomics keeps hammering middle-class renters.
Nearly 40% of middle-class households are now struggling to afford basic housing costs, a staggering 20% increase since 2019.
This financial squeeze is the same felt by lower-income Americans, signaling a disturbing destruction of prosperity under the Biden-Harris administration.
The Census Bureau’s alarming data reveals a startling trend: middle-class families, once the backbone of American society, are buckling under the weight of skyrocketing rent prices.
These hardworking Americans, who earn between $40,000 and $121,000 a year, now find themselves in a struggling position.
The problem is that household incomes have barely budged, while rent prices have soared by a whopping 23.4% since 2019.
This massive disparity is crushing the dreams of countless Americans who want to provide a stable home for their families.
A staggering 21.8 million renters are now considered “cost-burdened,” meaning they spend over 30% of their income on housing.
Even more concerning, 27% of these households are “severely” cost-burdened, spending over more than half their earnings just to keep a roof over their heads.
Princeton University’s Eviction Lab associate director Peter Hepburn stated, “Being cost-burdened has been a fact of life for lower-income renters for a long time.”
“It’s really just in the last five or six years where these numbers creep upwards for what we think of as middle-class renters,” he added.
The response from liberal leaders has been more government intervention. For instance, New York state has enacted laws to cap rent increases.
However, history shows that rent caps only worsen the problem by discouraging new housing development.
Meanwhile, loose regulations have encouraged private equity firms, who are snatching up properties and jacking up rents, further squeezing middle-class families.
The crisis reflects the erosion of the American Dream. Middle-class renter Daniel Evans puts it plainly: “Yes, I want to progress in my career, but that’s because I want a house and a better car and a family and all those things, right?”
“There’s something to be said just for having your own space and making it the way you want, especially at my age,” he continued.
The Biden-Harris administration’s policies actively hinder Americans from achieving these basic aspirations.
With nearly 4 in 10 middle-class renter households now cost-burdened, saving for a down payment on a home is slipping further out of reach.
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