One reason that America’s youth is disgusted with Bidenomics is skyrocketing prices, particulalry housing. (simply unaffordable). Thanks to awful economic policies, home prices are up 32.5% under Biden and 30-year mortgage rates are up a whopping 160%! Good luck buying a home with a part-time job.
The bad news is that the 10-year Treasury yield rose to 4.53%, the highest since November 2023. This means that mortgage rates will rise even further.
Yes, rising rates AND home prices are daunting to part-time job holders.
We are living in the USA where corruption, favoritism, open borders and an out-of-control Federal budget and debt are destroying this once great nation.
Former Kansas City Fed President Thomas M. Hoenig was absolutely right when he said recently that The Federal Reserve panders to Wall Street, Congress and special interest groups, prioritizing immediate relief over financial stability. Bernanke’s zero-interest rate policies (ZIRP) and Quantitative Easing (QE) were short-term fixes that never went away. Indeed, since the subprime mortgage crisis of 2008-2009, US Dollar purchasing power is DOWN -32% and M2 Money is up a staggering 177%. While Yellen stuck with zero-interest policies until Trump was elected, then raised The Fed Funds Target Rate 8 times. Yellen only raised the target rate once under Obama. Clearly playing political favoritism.
The Federal Reserve’s lack of transparency comes amidst reports that countries are removing their gold and other assets from the U.S. in the wake of the unprecedented Western sanctions imposed on Russia over its invasion of Ukraine. According to a 2023 Invesco survey, a “substantial percentage” of central banks expressed concern about how the U.S. and its allies froze nearly half of Russia’s $650 billion gold and forex reserves.Headline USA filed a FOIA request with the Fed for records reflecting how much gold the Federal Reserve Bank of New York currently holds in its vault, as well as records reflecting the ownership stake that each of FRBNY’s central bank/government clients have in that gold. The FOIA request also sought records about the Fed’s gold holdings prior to Russia’s February 2022 invasion of Ukraine. However, the Federal Reserve denied the FOIA request on Wednesday.
It influences the price of nearly everything, as well as the availability of jobs, the stability of our banking system, and the purchasing power of our money.
When the Fed Chair speaks, the entire world stops to listen.
But the average person has a poor understanding of how this colossally important entity operates. Or even why it exists.
And after a series of asset price bubbles — which some argue we’re in another one now — a chorus skeptical of the Fed’s actions has emerged.
So today we’re doing our best to shine as bright a light as possible on the Fed: how & why it operates, the good & as well as the shortcomings of its actions to date, what direction its policies are likely to take from here, and how all of this impacts the households of regular people like you and me.
Here are my top takeaways from from a speech by former KC Fed President Thomas Hoenig:
Dr Hoenig admits the Federal Reserve has experienced substantial “mission creep” since its creation as a lender of last resort. Its track record is very much “mixed” in terms of delivering on the intent of its policies. In Dr. Hoenig’s opinion, its efforts to add stability sometimes instead only create more instability.
While very critical of the Fed’s QE and ZIRP policies in the wake of the GFC, and more recently in the $trillions in monetary & fiscal stimulus unleashed post-COVID, Dr Hoenig thinks current Fed policy is “about right”. Though he expects the Fed to come under serious pressure soon as ebbing liquidity allows recessionary forces to build. He thinks the Fed will need to make an important decision within the coming year: return to QE and re-flame inflation, or allow a recession to occur.
Dr Hoenig criticizes the Federal Reserve for pandering to various interests, noting that short-term thinking and pressures from Wall Street, Congress, and interest groups often lead to decisions that prioritize immediate relief over long-term stability — a sort of “We’ll act now for optics sake and hopefully figure things out later”
In Dr Hoenig’s opinion, our fiscal policy is a runaway disaster. He criticizes both political parties of Congress for their roles in the cycle of ever-increasing deficits. Democrats advocate increased spending and tax hikes, while Republicans aim to keep taxes low but fail to curb spending. He warns of dire long-term consequences for future generations due to this impasse.
Dr Hoenig is very worried about the current stability of the banking system (and this from a former Direct of the FDIC!). He advocates for essential reforms to address government spending, prioritize essential areas without relying on future borrowed funds or inflationary measures, and communicate transparently with the public. He stresses the importance of reducing debt growth substantially below national income growth to avoid a full-blown crisis scenario in the future.
Dr Hoenig predicts the purchasing power of the US dollar (and other world fiat currencies) will continue to decline due to current policies and the lack of a “discipline” to money creation. Until such a discipline is restored (perhaps a return to some sort of hard backing of the currency), the dollar’s fall in purchasing power won’t abate.
Dr Hoenig suggests investing time in reading history and biographies as a valuable way to learn about leadership and gain insights into what strategies works and which don’t.
Here is the “Sound Money Parade” in 1896. By the aftermath of the subprime crisis, Janet Yellen (1993-2020) adopted the UNSOUND Money Fest, an orgy of printing and charging near zero interest rates. Powell in 2021 is ever-so-slowly unwinding The Fed’s balance sheet, but Powell has raised The Target Rate to its highest level since 1998 to fight inflation caused by Biden’s policies.
Combine The Fed not telling us how much gold they hold and their overprinting problems since 2008, and you can see why investors are turning to gold and silver and crypto currencies. The adoption of Central Bank Digital Currency (CBDC) is a step towards financial collapse.
Here is a parade you will NEVER see in Washington DC. A Sound Money Parade!
Powell is beginning to act like a sound money fan, but he still is taking his sweet time shriking the balance sheet.
I am thinking of fleeing to Lilliehammer Normay like Frank Tagliano.
Joe Biden (aka, BeelzeBiden) is really a piece of … work. His policies are helping drive prices through the roof, he seeks to protect deepstate employees against removal by Trump, had a disastrous withdrawal from Afghanistan and is getting the US engaged in possible hot wars in Ukraine (against Russia), open borders allowing US crime to spike, seems to be suppoporting Hamas over our long-time ally Israel, the list goes on. Biden’s big push for electric cars is a Socialist fantasty and simply unrealistick, drives up energy costs and is EXPENSIVE. It is like Biden is the demon Beelzebub from the TV show “Supernatural.” I once referred to Washington DC as “Mordor on The Potomac.”
Throw in the Federal Reserve operating outside their mandate (excessive interference in the financial crisis of 2008, the excessive interfernce after the Covid outbreak in 2020) and the two together are destroying the US.
Look at housing prices (up 32.5% under Biden) against the purcchasing power of the US dollar (down -16.1% under Biden).
The problem has gotten so bad that Sedona, Arizona, recently set aside a parking lot exclusively for these homeless workers. The city is even installing toilets and showers for the new occupants.
Apparently, the City Council thought installing temporary utilities was cheaper than solving the area’s cost-of-living crisis.
And what a crisis it is.
The average home in the city sells for $930,000, while most of the housing available for rent is not apartments, but luxury homes targeted at wealthy people on vacation.
With such a shortage of middle-class housing and with starter homes essentially nonexistent, low- and even middle-income blue-collar workers have nowhere to go at night but their back seat.
Much like America’s Great Depression in the 1930s, this marks a serious regression in our national standard of living. But shantytowns were not prevalent in the 1920s (a decade that began with a depression) or the 1910s. Nor were they ubiquitous following the Panic of 1907, which set off one of the worst recessions in American history.
Indeed, Americans in the Great Depression faced such a cost-of-living crisis that many were forced to accept a standard of living below what their parents and even their grandparents had.
Fast-forward about 90 years, and countless families are in the same boat. Many young people today don’t think they’ll ever be able to achieve the American dream of homeownership that their parents and grandparents achieved. The worst inflation in 40 years, rising interest rates, and a collapse of real (inflation-adjusted) earnings mean a huge step backward financially.
That inflation has pushed up rents so much that young Americans are moving back in with their parents at rates not seen since the Great Depression because they can’t make it on their own. Sometimes, they can’t even make it with multiple roommates.
But many people cannot move back in with family, so the car it is.
The housing problem is not limited to wealthy towns in Arizona, however. It is systemic. The monthly mortgage payment on a median-price home has doubled since January 2021, and rents are at record highs. Like the Great Depression, this disaster stems from impolitic public policy.
For the past several years, the government has spent, borrowed, and created trillions of dollars it didn’t have. The predictable result of this profligacy was runaway inflation, followed by equally foreseeable interest rate increases.
The deadly combination of high prices and high interest rates has frozen the housing market and reduced homeownership affordability metrics to near-record lows. In several major metropolitan areas, it takes more than 100 percent of the median household after-tax income to afford a median-price home.
Since rents and virtually all other prices have risen so much faster than incomes over the past three years, even renting is unaffordable today, so many people have to go into debt to keep a roof over their heads. And for some, that’s a car roof.
This is the kind of story you might expect from a Third World country or somewhere behind the Iron Curtain during the Cold War, not the largest economy in the world—at least not outside of a depression like the one in the 1930s.
Hoover certainly deserved some blame for the Great Depression, but so did the progressives in Congress, who came from both parties and repeatedly voted to meddle in the economy instead of allowing it to recover from the initial downturn.
Similarly, President Joe Biden deserves blame for constantly advocating runaway government spending. (Runaway Joe??)
But today’s multitrillion-dollar deficits are also made possible by the big spenders in Congress, who come from both parties.
If this bipartisan prodigality of Washington continues, Bidenvilles will only become more widespread as the housing affordability crisis worsens.
Biden’s official White House portrait.
Washington DC under Biden and Schumer, Pelosi, etc.
There is gold in them thar hills in California. And politicians like Gavin Newsom (aka, Pond Scum) not only spend all their cash available from (ruinous) taxes, but also spend like drunken miners and run up massive deficits and debts.
Governor Gavin Newsom bragged of a surplus, but California is seriously underwater. The next recession will hit the state extremely hard.
California’s total state and local government debt now stands at almost $1.6 trillion, or about half the state’s GDP.
That isn’t an alarming ratio when compared to the national debt, which has now soared to 128 percent of U.S. GDP with no end in sight. But Californians carry this $1.6 trillion state and local debt ($40,000 per capita) in addition to their share of the national debt (about $90,000 per capita).
Unsurprisingly, California has the highest unemployment rate in the nation at 5.7 percent vs. 4.1 percent nationally.
A Booming Economy?
California has massive problems although the stock market is at a record high and the economy is allegedly booming. The next recession will hit California exceptionally hard, and it’s not too far off.
But thanks to Newsom’s Presidential ambitions (God help us!), along with virtually psychopathic state legislators, California has been tax crazy (particularly in 2022). This has helped to drive a demoralized middle class to Arizona, Texas, Nevada and other lower tax states.
And then we have California’s fast food minumum wage disaster, causing closing of small, family-owned restaurants. And causing massive layoffs in the fast food industry and probably leading to an AI takeover of corporate resturants (I remember taking my poor wife to Olive Garden and I refused to use to electronic ordering system and demanded a real waiter to serve us. The waiter told us that nobody liked the electronic ordering system).
While not the only guilty party, Newsom is a leader … in bankrupting California with his budgetary fantasies and Presidential aspirations.
I am surprised that Newsom hasn’t used the themesong from Jim Bowie as his themesong.
Part of the Bidenomics “plan” is not only green-energy spending, but plenty of freebies to gather voters from the masses. Like the $214 TRILLION in unfunded liabilities promised to the masses in the form of entitlements like Social Security, Medicare and Medicaid (why did they demand that all US citizens be forced to buy healthcare insurance, then give free healthcare to illegal immigrants??). In any case, each citizen is on the hook for $636,000!
What about the national debt with Ice Cream Joe at the helm? It has exploded in growth.
Not only has it gotten boring to be ahead of the curve by almost half a year, but pretty much every possible warning that could be said about the exponential increase in the US debt has been – well – said.
And yet, every now and then we are surprised by the latest developments surrounding the unsustainable, exponential trajectory of US debt. Like, for example, the establishment admitting that it is on an unsustainable, exponential trajectory.
That’s precisely what happened overnight when in an interview with the oh so very serious Financial Times (which has done everything in its power to keep its readers out of the best performing asset class of all time, bitcoin), the director of the Congressional Budget Office, Phillip Swagel, issued a stark warning that the United States could suffer a similar market crisis as seen in the United Kingdom 18 months ago, during former Prime Minister Liz Truss’s brief stint leading Britain – which briefly sent yields soaring, sparked a run on the pound, led to an immediate restart of QE by the Bank of England and a bailout of various pension funds, not to mention the almost instant resignation of Truss – citing the nation’s “unprecedented” fiscal trajectory.
The striking words from the head of the CBO, best known perhaps for publishing doomer debt/GDP projection charts such as this one…
… warned of the dangers of the U.S. facing “what the U.K. faced with former prime minister Truss — where policymakers tried to take an action, and then there’s a market reaction to that action”, comes as US government debt continues to break records, fueling concerns about the burden that places on the economy and taking a toll on America’s credit rating.
As a reminder, in September 2022, Truss roiled markets as she pressed for significant tax cuts, including changes lessening the tax burden on wealthier individuals without offsets, as well as other economic measures. The budget proposal spurred a major selloff of British debt, forcing U.K. interest rates to decades-long highs and causing the value of the pound to tank. While Truss defended her agenda as a means to spur economic growth, she stepped down as prime minister after less than two months on the job following the market revolt to her administration.
Meanwhile, it was up to the Bank of England to bail everyone out: the central bank intervened in the market, pledging to buy gilts on “whatever scale is necessary” with Dave Ramsden, a senior official at the central bank, saying at the time that “were dysfunction in this market to continue or worsen, there would be a material risk to UK financial stability.”
Needless to say, by bringing up the catastrophic rule of Truss, who for at least a few days tried to impose a regime of fiscal and monetary austerity which immediately blew up the UK bond market and led to an instant market crisis, Swagel is admitting that there is nothing that can be done to reverse the growth of US debt and to make what is already an exponential chart less exponential. Quite the opposite, in fact.
And while Swagel said the U.S. is “not there yet,” he raised concerns of how bond markets could fare as interest rates have climbed. Specifically, he warned that as higher interest rates raise the cost of paying its creditors, on track to reach $1 trillion per year in 2026, bond markets could “snap back.”
Well, we have some bad news, because if one calculates total US interest on an actual, annualized basis… we don’t have to wait until 2026, we are there already and then some.
Indeed, it seems like it was just yesterday when everyone was talking about US debt interest surpassing $1 trillion (and more than all US defense spending). Well, hold on to your hats, because as of this month, total US interest is now $1.1 trillion, and rising by $100 billion every 4 months (we should probably trademark this before everyone else steals it too).
According to the CBO, US government debt is set to keep rising. “Such large and growing debt would slow economic growth, push up interest payments to foreign holders of US debt, and pose significant risks to the fiscal and economic outlook,” it said in a report last week. “It could also cause lawmakers to feel more constrained in their policy choices.”
Only that will never happen, because a politician who is “constrained” in their policy choices – one who doesn’t feed the entitlements beast in hopes of winning votes (while generously spreading pork for friends and family) – is a politician who is fired.
Perhaps afraid he would sound too much like ZeroHedge, the CBO director left a glimmer of hope, saying that the nation has “the potential for some changes that seem modest — or maybe start off modest and then get more serious — to have outsized effects on interest rates, and therefore on the fiscal trajectory.” But we doubt even he believes it.
In the CBO’s long-term budget outlook report released last week, the budget agency projected the national deficit would rise “significantly in relation to gross domestic product (GDP) over the next 30 years, reaching 8.5 percent of GDP in 2054.” Which of course, is laughable: the US deficit is already at 6.5% of GDP – a level that traditionally implied there is a major economic crisis – and yet here we are, with unemployment *reportedly* at just 3.8%. Said otherwise, the US deficit will – with 100% certainty – hit 8.5% of GDP during the next recession which will likely be triggered as soon as Trump wins the November election.
The budget scorekeeper attributed the projected growth to rising interest costs, as well as “large and sustained primary deficits, which exclude net outlays for interest.” In short, everything is already going to hell to keep “Bidenomics” afloat, but when you also throw in the interest on the debt, well.. that’s game over man.
Socialists, and other liberals who are only good at spending other people’s money and selling debt until the reserve currency finally breaks, quickly sprung to defense of the debt black hole that the US economy has become.
Bobby Kogan, senior director of federal budget policy at the communist-leaning Center for American Progress think tank, pointed to improved deficit projections in recent years, as well as forecasts from the CBO he said “don’t project anything that looks like a panic.”
“If someone were thinking about, ‘Should I panic or should I not panic?’ I would just say, ‘hey, the underlying situation has gotten better, right?’” Kogan said, adding “there’s been lower, long-term projected deficits in the Biden administration.”
Instead of responding, we will again just show the latest CBO debt forecast chart and leave it up to readers to decide if they should panic or not.
What Kogan said next, however, was chilling: “You either should have been worried a long time ago, or you should be less worried now,” he said. “Because we’ve been on roughly the same path for forever, but to the extent that it’s different, it’s better.”
Actually no, it’s not better. It much, much worse, and the fact that supposedly “serious people” are idiots and make such statements is stunning because, well, these are the people in charge!
But he is certainly right that “you should have been worried a long time ago” – we were very worried, and everyone laughed at us, so we decided – you know what, it’s not worth the effort, may as well sit back and watch it all sink.
And now bitcoin is at a record $72,000 on its way to $1 million and gold is at a record $2,200 also on its way to… pick some nice round number…. in fact the number doesn’t matter if it is denominated in US dollars because very soon, the greenback will go the way of the reichsmark.
And just to make sure that nothing will ever change, even after the US enters the infamous Minsky Moment, shortly after the close we got this headline::
*UNITED STATES AA+ RATING AFFIRMED BY S&P; OUTLOOK STABLE
Because when nobody dares to tell the truth, why should anything change?
When asked about disastrous out of control spending and debt, Biden and Schumer broke into song: “Let it ride!”
Face it. The Federal government is broken. Congress and the Biden Administration are addicted to spending money and running up massive debts. There is no attempt at fiscal restraint because they will always argue that “More money must be spent!” On what exactly? Usually pet projects (aka, pork) like the LGBTQ retirement home in Boston for $850 thousand and $15 million for Egyptian college tuition.
How does “broken money” work? Badly. Without any fiscal restraint, politicians can just give away thousands/millions of dollars to the donor class (donate $1, get $1,000 in return). As you can see, the net worth of the top 0.1% has exploded with each ensuing “crisis.” There was the 2008/2009 financial crisis and the 2008 Covid crisis. With each crisis, the top 0.1% get richer and richer. You will note that net worth for the top 0.1% is closely related to M2 Money printing. Like, who gets the money printed by Uncle Spam? The 0.1%, of course!
Broken money leads people to store their value in sub optimal vehicles like housing. This drives the cost of real estate up unnaturally and increases the gap between the “haves” and the “have nots”. Sowing seeds of animosity. Seeds that, when left to germinate and grow via the further degradation of the money people use, blossom into ugly flowers of Anarcho Tyranny.
This has manifested in the trend of people claiming other’s houses by squatting in them when they are left unattended for an extended period of time. The preferential treatment that has been given to squatters over homeowners in recent years can be seen as the regime which controls the money printers throwing the plebs a bone as they struggle to get by, an attempt to push the productive class to violence against a state unwilling to respect private property rights, or a combination of the two.
Look at inflation if we use pre-1983 methods. Inflation is still roaring at 18%!
Broken money incentivizes governments to allow their borders to be bum rushed by cheap laborers who will take low paying jobs that enable the systemically fragile economy to keep chugging along while simultaneously increasing the chaos that already exists and diluting the values that the natives of this country believe in.
The excess and decadence enabled by a world run on broken easy money allows people to live in a detached reality that leads them to push objectively false narratives. This is why there are running debates about gender and a retreat from merit based compensation.
All of this stems from broken money.
The chart above should act as a reminder to you all that the biggest problem in the world right now is the money. The chart above should also prove to you that the most powerful people throughout the economy are going to fight tooth and nail to protect the broken money because they benefit massively from the fact that it is broken.
Keep this in mind as the chaos increases and narratives begin to form around using bitcoin as money. But we will never see inflation “normalizing” as long as Congress and Biden keep spending money.
Here are 3 of the BIG SPENDERS, Obama, Biden and Insider trader pro Pelosi. Do any of them look like the care about the bottom 50% of net worth or inflation??
Biden loves to blame Republicans for the border crisis. Although he has it in his power to close and secure the border, but won’t. It’s easier to blame the opposition, like “extreme MAGA Republicans.” Huh, I didn’t realize that as a conservative American I am considered extreme by the Biden Administration.
Unfortunately, Biden, Schumer and Johnson only provided financial support for Jordan, Lebanon, Egypt, Tunisia and Oman. In the form of $380 million.
As the US falls to 23rd in World Happiness ranking. Based, in part, on Biden’s idiotic open borders policy.
February’s existing home sales are like a scoop of cottage cheese. Seemingly satisfying until you look more closely at the data (or get hungry 30 minutes later).
Total existing home sales SAAR surged to 4.38mm – a 12 month high…
Source: Bloomberg
Homeowners may be accepting that mortgage rates are settling into a new normal and can’t delay moving any longer, NAR Chief Economist Lawrence Yun said on a call with reporters.
“Additional housing supply is helping to satisfy market demand,” Yun said in a statement.
“Housing demand has been on a steady rise due to population and job growth, though the actual timing of purchases will be determined by prevailing mortgage rates and wider inventory choices.”
With a 2-month lag, we can see why existing home sales may have risen, but with mortgage rates rising since then, we suspect the fun and games may come to an end again soon (even if the NAR economist thinks otherwise)…
The number of previously owned homes for sale climbed to about 1.07 million last month, and Yun said he expects that will continue to go up. At the current sales pace, selling all the properties on the market would take 2.9 months, the lowest in about a year.
Realtors see anything below five months of supply as indicative of a tight market.
Even with greater inventory, strong demand put upward pressure on prices. The median selling price advanced 5.7% to $384,500 from a year ago, the highest for any February in data back to 1999.
Sales rose in three of four regions, led by a 16.4% surge in the West
First-time buyers made up 26% of purchases in February, matching the lowest on record.
The woes for the mortgage market continue under President Magoo.
Mortgage applications decreased 1.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 15, 2024.
The Market Composite Index, a measure of mortgage loan application volume, decreased 1.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1 percent compared with the previous week. The seasonally adjusted Purchase Index decreased 1 percent from one week earlier. The unadjusted Purchase Index decreased 1 percent compared with the previous week and was 14 percent lower than the same week one year ago.
The Refinance Index decreased 3 percent from the previous week and was 3 percent lower than the same week one year ago.
Between The Fed’s announcement of rate changes and The Biden Crime hearings in DC (where Hunter of course failed to appear), there is plenty to keep us occupied.
How bad is Bidenomics for the American middle class? We know that inflation is far higher under China/Ukraine Joe (even with those awful looking Hoka shoes), but the pain that is being felt is attrocious.
Housing costs have soared over the past four years
A monthly mortgage payment on a typical U.S. home has nearly doubled since January 2020, up 96.4% to $2,188 (assuming a 10% down payment).
Home values have risen 42.4% in that time, with the typical U.S. home now worth about $343,000. Mortgage rates ended January 2020 near 3.5%, keeping the cost of a home affordable for most households that could manage the down payment. At the time of this analysis, mortgage rates were about 6.6%.
Wages have not kept up
In 2020, a household earning $59,000 annually could comfortably afford the monthly mortgage on a typical U.S. home, spending no more than 30% of its income with a 10% down payment. That was below the U.S. median income of about $66,000, meaning more than half of American households had the financial means to afford homeownership.
Now, the roughly $106,500 needed to comfortably afford the mortgage payment on a typical home is well above what a typical U.S. household earns each year, estimated at about $81,000.
Buyers are teaming up, “house hacking,” and moving to more affordable areas
Metro areas where a buyer could comfortably afford a typical home with the lowest income are Pittsburgh ($58,232 income needed to afford a home), Memphis ($69,976), Cleveland ($70,810), New Orleans ($74,048) and Birmingham ($74,338). The only major metros where a typical home is affordable to a household making the median income are Pittsburgh, St. Louis and Detroit.
There are seven markets among major metros where a household’s income must be $200,000 or more to comfortably afford a typical home. The top four are in California: San Jose ($454,296), San Francisco ($339,864), Los Angeles ($279,250) and San Diego ($273,613). Seattle ($213,984), the New York City metro area ($213,615) and Boston ($205,253) complete the list.
Methodology
Quarterly median household income is taken from the American Community Survey (ACS) and Moody’s Analytics through 2022. Present-day estimates use quarterly changes in the Employment Cost Index provided by the Bureau of Labor Statistics (BLS) to chain ACS income to the current day.
Years to save for a 10% down payment is the number of years it would take the median household to save for a 10% down payment on a typical home in their metro, assuming a 5% annual savings rate.
Income needed to afford a home with 10% down is defined as the income needed to afford the total monthly payment on the typical home. The total monthly payment is based on the monthly mortgage payment, insurance, property taxes, and annual maintenance costs of the home.
Of course, tech town San Jose and San Francisco lead the nation in income needed to afford a typical home in a market. Los Angeles and San Diego are third and fourth, followed by Seattle. Pittsburgh PA has a lowest income to afford a home, probably because they signed Russell Wilson AND Justin Fields at QB.
Nike has made a pair of shoes fitting Biden’s international image.
Confounded Interest - Anthony B. Sanders 
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