May 20, 2022 - Politics & Policy
Biden fights current of soaring housing prices
It's more expensive than ever to rent or buy a home, with prices spiking significantly over the past couple of years, according to data from Zillow.
Why it matters: The Biden administration unveiled its affordable housing plan on Monday, as it attempts to tackle rising prices — and the broader problem of inflation.
- Earlier this month, President Biden called inflation his "top domestic priority."
By the numbers: As of April, a typical U.S. home was worth $344,000 — up from $270,000 at the end of 2020.
- That's a jump of just under $74,000 in less than a year and a half.
- It's also more than prices rose over all four years of the Trump administration, the data showed.
- Rent is also getting pricy, typically costing $1,900 per month — up more than $300 from December 2020.