Peter St Onge Podcast
Episode 55: Weekly Roundup 05.06.2024
May 6, 2024
This podcast covers the record high housing costs, the arrival of stagflation, Biden's proposed 45% capital gains tax, JP Morgan's predictions of rate hikes, and the struggles of the American Dream for young people. It also touches on the challenges faced by Americans due to rising mortgage rates, low homeownership rates, and the potential implications of increased taxation burden on families.
20:12
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Quick takeaways
- American housing costs have hit a record high, surpassing median family incomes, hindering homeownership for many families.
- Young Americans face economic hurdles with unaffordable mortgages, rising house prices, and inherited wealth disparities.
Deep dives
Housing Costs Soaring
American housing costs have reached an all-time high, with no relief in sight. The median monthly cost for a home has surged to $2,775, which now exceeds the total family income for a third of American families. Additionally, around 40% of American renters have abandoned the dream of homeownership due to the prohibitive costs and the rising mortgage rates, now at 7.4%. This unattainable housing market is leaving many young families struggling to find affordable living spaces.
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