I asked this earlier, who can afford to buy a home in Biden's America? Well, for many people, the answer is, Don't look at me. We can't buy homes. Well, not only have wages, of course, stagnated when you really take into account the cost of living. Of course, mortgage rates are way up. So the cost of homes have spiked. According to Zillow, home buyers need to earn 80% more than they did in 2020 to afford a house. Okay, that's $106,000 per year. The median income in the United States, just over $74,000. Joining me now, Freddie Smith, the realtor in Orlando. Freddie, you and I have been on this before, but it's getting worse. I'm hearing it from the kids of a lot of my friends, first-time home buyers. When will this abate? It doesn't seem like it.

It's going to. Yeah, it's only getting worse at this point, and we just need more supply. We need proposals, and we need some incentives for people to build more affordable housing because the demand is just strong right now, and it's raising the price of the home. The average home sits around $400,000, and you do need about $100,000. But just four years ago, you could buy the average house in this country with a $50,000 salary.

Right, but the problem is what the Biden administration wants to do is just flood the suburbs with a bunch of crappy housing, right? Wreck the value of homes in the suburbs because, of course, you don't deserve to live in a suburb. You don't deserve to live in a place nicer than anyone else. Their idea is to cram everybody in apartment buildings and frankly, screw the suburbs. They think the suburbs are pretty racist anyway. It's to grow the economy. Isn't that the answer here? I mean, certainly was pretty cool during the pre-pandemic era of Donald Trump.

Yeah, we need to focus on the economy. We need to get money into the hands of the middle class because we're seeing the American dream being pulled away from the middle class as we speak. The past three years, the goalpost has moved from about $50,000 to now over $100,000. And I'm seeing every day through the comments on a lot of the videos on social media, where people are living paycheck to paycheck on $100,000 a year because they're spending 40% of their money on rent or 40% on their mortgage, their daycare costs, their student loans, and groceries. So we need to help the middle class Americans in this administration, unfortunately, just isn't doing that.

It's almost It's like the old dictator saying, You will own nothing and be happy. I mean, that's what a lot of people are beginning to feel like. Barbara Cochrane, excuse me, I know you know her, says, What will happen if mortgage rates actually drop? Watch this.

I think the prices are going to go through the roof, especially if interest rates come down another point by year-end. I think everybody and their mother and their in-law is going to come out looking for a new house. The competition is going to be so fierce that house prices will have to go up.

The problem with this, Freddie, is rates are supposed to follow the inflationary trends. As they've had to admit, even in the Biden administration, inflation hasn't come down as they predicted it would. It's still way too hot.

Yeah, 100%. If the rates do come down in Barbara's right, which I believe she is, it'll just increase the price. There's even parts of the country right now that are still having multiple offers. Open houses are packed. Act. People are offering 20, 30,000 over asking. We just need to figure out how to get people in homes because how are the millennials and Gen Xers going to retire if they have to continue to pay these increasing rents through their lifetime?

Freddie, it's always great to see you. You do such a great job online. Thanks so much.

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