Democratic lawmakers are now calling on President Joe Biden to improve housing affordability in the United States before he leaves office following the November elections.
In a letter addressed to Biden, the lawmakers are pressing Biden to "take further action" to lower housing costs and improve affordability before he steps down from his position. Some of the actions suggested included protecting renters from corporate landlords and making home purchasing more accessible and affordable.
"Housing costs continue to be the largest budget item for many American households each month, burdening renters and making homeownership unaffordable for too many," the letter read, as first obtained by Huffington Post. "In the remaining months of your Administration, we urge you to take additional actions."
The letter was signed by 30 Democrats, including Sens. Elizabeth Warren, Bernie Sanders, and Ed Markey, Reps. Alexandria Ocasio-Cortez, Jamaal Bowman, and Pramila Jayapal.
The US Housing Market
A July analysis from ATTOM Research found that median-priced homes now take up 35.1% of the average national wage. That is a new record since at least 2007.
READ NEXT: Home Prices Plummeting in US Boomtowns, Especially in These 10 Popular Places
The study used the median home price at the time, which was $360,000. Currently, the median sale price of a home in the US is $428,096, according to data from Redfin.
Apart from increasing home prices, mortgage rates also remain elevated. In the week ending Oct. 17, the contract rate for the 30-year mortgage was 6.44% while the rate for the 15-year term was 5.63%, per Freddie Mac's Primary Mortgage Market Survey.
How Housing Affordability Can Affect the Elections
A recent survey commissioned by Redfin and conducted by Ipsos found that 31.6% of renters in the country view housing affordability as one of the top three issues when it comes to choosing which candidate to support in November. In comparison, only 17.1% of homeowners said housing affordability is a top issue.
In total, 25.1% of survey respondents said housing affordability is a top-three issue.
The Redfin survey had 894 renters and 805 homeowners aged 18 to 65 as the respondents.
RELATED ARTICLE: Couple's Retirement Home Sold by Thieves for 50% of Its Actual Value in Property Fraud Scheme
