As a whole, it is likely that house prices will rise during Biden’s presidency.
Here’s why.
Biden’s Proposed First Time Home Buyers Grant
Biden has stated his intent to create a new tax credit for first-time homeowners of around $15,000. According to Lawrence Yun, the Chief Economist of the National Association of Realtors, this “can go a long way in terms of helping first-time homebuyers and minority households.” By making homeownership more attainable for more young adults and new families, demand will go up. Anytime demand increases — prices follow.
Low-Interest Rates
The federal interest rates are currently at a major low point — and many anticipate this to continue. Many buyers will want to take advantage of this, causing home demand to increase even further.
More Jobs
Biden ran his campaign promising a new infrastructure bill that will create thousands of jobs in the clean energy sector. Assuming that this bill passes, we’re likely to see a surge of new jobs — meaning more income for more families and giving more people the stability to buy a home.
Stable Economy
