Housing market costs weigh on Biden's economy

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Voters believe that the cost of housing has moved in the wrong direction even as rent prices have fallen from record highs and mortgage rates have ticked down.

, despite latest data giving some economists and policy-makers confidence that the country may escape a recession.

The economy remains the top area of focus for voters, with 38 percent telling pollsters that it is the most important issue when thinking about who they will vote for in the 2024 presidential polls. In the United States, typical rent is at about $2,000, which is a little over 3 percent higher than a year ago, but way below the 16 percent jump it hit in February 2022, data from Zillow. Year-over-year rent growth has reverted back to pre-pandemic levels, the real estate platform says.

Inset, a"for sale" is seen on June 23, 2015, in Washington, D.C. President Joe Biden is seen in the Oval Office of the White House on August 29 in Washington, D.C. Nearly 90 percent of American registered voters believe the cost of housing has moved in the wrong direction, according to a recent Wall Street Journal poll, even as rent prices have fallen over the past year from their record highs and mortgage rates have ticked down.

 

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