As the 2024 presidential race heats up, former president Donald Trump has taken to social media platform X (formerly Twitter) to go after Vice President Kamala Harris, this time focusing on skyrocketing home prices under the Biden administration.
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The Republican nominee for president emphasized a 39% increase in the median sale price of existing homes since January 2021, when Joe Biden took office. Sharing a screenshot from Fox News, Trump pointed out that the average price of a home in the U.S. has jumped from $307,300 to $426,900 in just a few years.
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Trump’s tweet was in response to Harris promising to give first-time homebuyers $25,000 to help with their down payments as part of her larger effort to address the housing crisis, which has made it hard for many Americans to afford a home. In a post on X, Harris stated, “Even if aspiring homeowners save for years, it is often still not enough.”
The housing market has become a major issue in the election as affordability hits its lowest point in 17 years. Mortgage rates hovering around 7%, coupled with a shortage of homes, have driven prices to record highs. In some markets, the cost of owning a home now eats up as much as 43% of the average local wage, far above the recommended 28% for affordability.
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Harris’s housing plan is ambitious, promising to add 3 million new homes to the market. Experts, however, have mixed feelings about it. Some, like Redfin’s chief economist, praised Harris’s focus on increasing housing supply, saying, “Everything else won’t work unless we have more supply.” But others worry that her plan might be too broad and difficult to implement, with one expert noting that the “major flaw is that it tries to do too much.”
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In her first big interview on CNN since becoming the Democratic presidential nominee, Kamala Harris discussed how her views on important issues like fracking and immigration have changed, saying that her experience as Vice President gave her new insights.
When CNN's Dana Bash asked Harris why some of her proposals hadn't been implemented during the three-and-a-half years of the Biden administration, Harris responded by saying, “We had to recover as an economy, and we have done that,” highlighting their efforts to control inflation, reduce prescription drug costs and cut taxes for families. "There's more to do, but that's good work," she said.
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