During his Monday night address at the DNC, President Joe Biden emphasized Vice President Kamala Harris' newly announced housing plan. Biden mentioned that the plan aims to make housing more affordable by constructing 3 million new homes and offering $25,000 in down payment assistance for first-time homebuyers. This initiative was initially introduced by Harris in a recent campaign speech.
The housing market faced challenges last year when mortgage rates surged following the Federal Reserve's decision to raise interest rates significantly to combat inflation. This led to a scenario where many Americans found it difficult to afford homes. While mortgage rates have slightly decreased in recent times due to expectations of a rate cut by the Fed next month, the persistently high home prices and rental costs continue to pose obstacles for numerous individuals.
