As the presidential election looms ever closer, attention is turning to an issue which affects tens of millions of Americans: affordable housing.
The inflation of housing prices has not been matched by an equivalent rise in median household incomes. The price-to-income ratio, which once hovered around 4:1 across the nation, has skewed in recent years with houses becoming ever more unaffordable for millions across the country.
Keen to earn the votes which will secure them a four-year term in the White House, presidential candidates are drawing up affordable housing plans to ensure more Americans can get onto the property ladder.
X user Omega Rio, known by his handle @GibsonAubr11146, shared a comparison between Democrat nominee Kamala Harris and independent candidate Robert F. Kennedy Jr. for a $425,000 mortgage.
The Vice President is offering a payment plan where first-time homeowners received a $25,000 down payment from the federal government. Accumulating 6.5% interest, the monthly repayment will equate to $2,686 per month, with a total loan cost of just below $1million over a 30-year period.
By contrast, Kennedy’s payment plan does not feature a down payment. Instead, new homeowners will receive a government-backed loan at a 3% interest rate. This results in a monthly payment of $1,791 – just under $1,000 less per month than Harris’ plan – coming to a total of $645,053 across three decades.
“Kennedy’s plan not only is the better option for the cost of the mortgage, but it also doesn’t cost the taxpayers a dime. In contrast, Harris plans to use tax funds to pay for other people’s down payment,” Rio said.
One social media user drew a comparison with student loans.
Others had praise for the independent candidate.
There was also criticism for Harris’ proposals.
