Sales of new homes like this one in Eagleville, Pa., are up modestly, while existing home sales have plummeted amid a housing shortage, record high prices and high mortgage rates.
That same year is also when mortgage interest rates shot up — and they remain around 7%, adding hundreds of dollars to a typical monthly house payment. So Williams gave up buying and resorted to renting, only to find that those costs had also . “Now, you can’t even get, like, a rundown trailer in a not very good area for less than $1,000 a month,” she says.
Biden also has called on Congress to pass expanded tax credits and other measures to build and renovate 2 million affordable homes. That’s an idea Trump has pushed hard against. But when it comes to affordable housing programs, Trump’s administration proposed major funding cuts.