Donald Trump recently took to X (formerly Twitter) to criticize Kamala Harris’s housing policies, showcasing statistics that indicate a rise in home prices during the Biden administration.
The former president was reacting to Harris’s commitment to assist first-time homebuyers, which includes a promise of $25,000 in down payment assistance. “Even if aspiring homeowners save for years, it is often still not enough,” she posted on X, highlighting her administration’s plans to facilitate homeownership.
In his post, Trump shared a screenshot from Fox News, noting that median home sale prices increased by 39% from January 2021 to now, climbing from $307,300 to $426,900, according to the National Association of Realtors (NAR).
Trump’s Return to X
This post marks one of many that Trump has published on X recently. After a lengthy hiatus following his initial reinstatement in November 2022, Trump’s activity spiked after his interview with Musk on X’s Spaces feature this past August. Previously, he had been largely using Truth Social to communicate with his followers, with only one post made since his reinstatement.
Since Harris became the Democratic presidential nominee, Trump has ramped up his presence on the platform significantly, sharing or resharing 61 posts between mid-August and now, with over 22 specifically targeting her policies.
The Housing Price Debate
While it’s accurate to state that home and rent prices have surged recently, the underlying cause is more about the U.S. housing market’s supply and demand than Biden’s policies. The pandemic’s aftermath saw soaring demand, low mortgage rates, and inadequate supply, leading to competitive bidding wars.
Despite a slight dip in prices during late 2022 and early 2023 caused by rising mortgage rates, home prices remain high, with a median sale price of $438,815 in July, reflecting a 4% increase year-over-year. This price surge is primarily due to a long-standing shortage of housing, which predated Biden’s presidency and persists today.
Trump vs. Harris: Housing Solutions
In a new advertisement, Harris outlined plans to construct 3 million new homes over four years and enhance support for first-time buyers by increasing funding and tax breaks for homebuilders. In contrast, Trump’s focus seems to lean towards addressing illegal immigration as a means to reduce housing demand and prices rather than directly tackling the construction of new homes.
Experts have mixed feelings about Harris’s $25,000 first-time homebuyer assistance proposal. Some believe that while there may be a necessity for tax incentives for affordable housing, increasing housing demand without addressing supply may not be the most effective strategy. Implementing a program meant to assist first-time buyers, especially those from backgrounds without homeownership, poses complex challenges.