"Nationwide, wages have barely crept up over the last decade - rising by 21.24% between 2014 and 2024, according to the Federal Reserve. Over the same period, rent and home sale prices more than doubled, and healthcare and grocery costs rose 71.5% and 37.35%, respectively, according to the Fed. National home price-to-income ratios are at an all-time high, and coastal states like California and Hawaii are the most extreme examples."
"Housing costs in California are about twice the national average, according to the state Legislative Analyst's Office, which said prices have increased at "historically rapid rates" in recent years. The median California home sold for $877,285 in 2024, according to the California Assn. of Realtors, compared with about $420,000 nationwide, per Federal Reserve economic data. California needs to add 180,000 housing units annually to keep up with demand, according to the state Department of Housing."
Donald Trump's 2024 affordability promises contributed to his election; he now labels affordability a Democratic hoax. High living costs, especially housing, continue to weigh on voters and have reduced presidential approval. A New York Times and Siena University poll found 58% of respondents disapprove of the president's handling of the economy. Economic performance in coming months will strongly affect Democrats' ability to build on 2025 gains and potentially regain one or both Congressional chambers. Wages rose 21.24% from 2014–2024 while rent and home sale prices more than doubled. Healthcare and grocery costs rose 71.5% and 37.35% respectively. National home price-to-income ratios are at record highs, with California facing extreme shortages and needing 180,000 new units annually.
Read at Los Angeles Times
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