New Harris/Guardian Poll shows 'The American Dream is Dead'

Renters are stuck in a catch-22: to acquire the wealth that home ownership brings, you need wealth in the first place.

In American dream of owning a home is dead, majority of renters say, Lauren Aratani summarizes today’s housing realities:

'The American dream of owning your own home is dead' according to Harris poll.

'Redfin estimates only 16% of home listings in 2023 were affordable to the typical US household. In comparison, 50% of listings in 2013 were affordable on a median income.'

Another negative effect of US pandemic supports being withdrawn: 'In 2021, when interest rates were near zero, home sales reached 6.1m – the highest since 2006, before the crash of the housing bubble. Then, as inflation reached a decades-high in summer 2022, the Federal Reserve started to raise interest rates.'

‘Though the vast majority of renters polled said they want to own a home in the future, 61% said they are worried they will never be able to. A similar percentage believe no matter how hard they work, they’ll never be able to afford a home.' No wonder they don't buy the Biden administration's stories about how great the economy is.

'most Americans, both renters and homeowners, are hesitant about making any real estate moves given the current economic environment.'

The Biden campaign should make a housing push central to their messaging, and back it up with widespread and deep initiatives to create more affordable housing.