Home prices up 39% since Kamala Harris became VP

In an X post on Tuesday, Republican presidential candidate former President Donald Trump noted how the average cost of a new home in the United States has risen by 39 percent since President Joe Biden was inaugurated and Kamala Harris became vice president. This comes as Democratic nominee Harris has vowed to give first-time homebuyers $25,000 to put toward their down payments.

Data from the National Association of Realtors revealed that the median sale price of existing homes was $307,300 when Biden took office and has skyrocketed to $426,900, a 39 percent increase. 

The post from Trump came in response to one from Harris that read, "Even if aspiring homeowners save for years, it is often still not enough. My administration will provide first-time homebuyers with $25,000 to help with the down payment on a new home."

House prices continue to rise as the supply has dropped. A March Fox Business report noted that the cost of getting a home loan has risen at a faster rate than home prices. Since Biden took office, a monthly mortgage payment has increased by 98 percent. Rent has also gone up by 20 percent since January 2021.

Kamala Harris voted for higher prices for rent and food when she had to break a deadlocked vote in the Senate over the Inflation Reduction Act and the American Rescue Plan. Both pieces of legislation offered trillions of dollars in new spending that did nothing to reduce inflation but fueled higher prices on virtually everything in the American economy.

Since becoming the Democratic presidential candidate, Harris has proposed a housing plan that borrows heavily from leftist Canadian Prime Minister Justin Trudeau in terms of offering public housing that relies exclusively on taxpayer funding. Many have suggested this could result in Soviet-style bloc housing projects as she has promised to build three million new housing units at a cost of $40 billion. Trudeau’s latest proposal is for the government to lease federally-owned land to developers, who will then promise to build “affordable” housing on it. Potential homeowners would never own the land their house sits on.

Harris has also campaigned on giving every new homebuyer $25,000 towards a downpayment. Elon Musk noted on X that this is only going to push the price of homes up another $25,000, just as a basic annual income grant of say $20,000 a year would only be inflationary and reduce the buying power of that $20,000.