Treasury is expecting gross federal government debt to surpass the $1trillion mark by June 2023 for the first time ever, with taxpayers spending more than $300billion on Covid stimulus measures since the pandemic began in March 2020. A greater supply of money has meant little return on bank deposits.https://www.vox.com/22264268/covid-19-housing-insecurity-housing-prices-mortgage-rates-pandemic-zoning-supply-demand
The pandemic has seen soaring home prices and record housing insecurity.
Why Are Home Prices So Expensive Right Now? Real estate prices keep rising sharply, and for a few good reasons. There's a housing shortage in the U.S., and home prices seem to keep going higher and higher.
Why the housing market is booming in the Covid-19 pandemic - Vox
Covid-19 plunged the United States into a recession, leaving millions of Americans out of work and hungry. In the middle of this crisis, the housing market boomed.
Between September 2019 and September 2020, homeowners accumulated a collective $1 trillion in additional home equity. The exploding demand of the past year, in conjunction with a historically low supply of housing, has led buyers to desperately bid up the prices of available properties, sending home prices soaring.
The boom has been welcome news for homeowners (about 65 percent of American households are owner-occupied), but it’s troubling for the growing number of Americans who are being shut out of the housing market altogether.
In a new Urban Institute report, researchers found that if the country continues down the same road, over the next two decades the US homeownership rate is set to decline to 62.1 percent. The losses will be concentrated among younger people and Black Americans. When you break down the findings by age cohort, things look grim: Younger millennials will have a homeownership rate of 64 percent as opposed to the 72 percent of boomers who owned homes at their age. Further, the racial homeownership gap between Black and white Americans is set to increase among 55- to 64-year-olds from 28.9 percentage points to 33.3 percentage points.