Many Americans are having a hard time keeping up with their mortgage bills. High mortgage rates and inflation are making it tough for new homeowners. A report by Clever Real Estate highlighted that 43% of new homeowners are having trouble making their mortgage payments. 

Under President Biden, inflation has been a significant problem. Poll after poll shows this is issue #1 for Americans. Prices for everything are going up, from groceries, gas, and borrowing rates are exceeding what many can afford. Families are finding it harder to pay for basic needs. This means less money is left for other things, putting more pressure on their budgets. 

In the survey, 82% of recent buyers had regrets about their purchase. Most felt they spent too much on their home, and 44% taking on more debt just to pay for their standard of living. 

When many people bought their homes, they thought mortgage rates would go down. But that hasn’t happened. Instead, rates have stayed high, leaving many homeowners feeling stuck and worried about their finances. A survey from the Mortgage Bankers Association shows that many regret getting their mortgages at these high rates, hoping things would get better under Biden’s policies, but they haven’t.

Inflation further exacerbates these financial pressures. Rising costs for essential goods and services are eroding disposable incomes, making it harder for families to manage their budgets. The cost of living has surged, leaving little room for financial flexibility. Necessities like groceries, gas, and healthcare have seen significant price hikes, stretching family budgets to their limits. For those with fixed-rate mortgages, the burden is double-edged: while their mortgage payments remain constant, everything else becomes more expensive.

The psychological toll of these financial difficulties is substantial. The dream of homeownership, a cornerstone of the American Dream, has turned into a source of anxiety for many. The optimism that often accompanies the purchase of a new home has been replaced with stress and regret. Many homeowners express a sense of hopelessness about their financial future, feeling that they are stuck in a cycle of debt and high expenses with no clear way out.

Americans are looking for any sign and relief things will get better. Inflation is the pivotal issue in the upcoming Presidential election, and after four years of Biden the post pandemic housing market is showing no signs of relief for recent homeowners and the next generation of homeowners.