Biden’s Housing Nightmare vs. Trump’s Market Mastery: The Economic Truth

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Fellow patriots, let’s dive into the housing market mess and see how it stacks up under Donald Trump’s first term (2017–2021) versus Joe Biden’s disaster (2021–2025). The housing market is a battlefield where affordability, supply, and economic policies collide, and the numbers tell a brutal story. Trump’s era was a boom for builders and buyers, with low rates and steady growth. Biden’s term? A frozen wasteland of sky-high prices, crippling mortgage rates, and a supply crunch that’s crushing the American Dream. Fresh data paints a grim picture, but Trump’s second term is already sparking hope. Let’s break down the trends—prices, rates, inventory, and more—with hard facts and no swampy spin.

Home Prices: Biden’s Skyrocketing Squeeze

Under Trump’s first term, home prices grew steadily but didn’t choke out buyers. The median home price rose from $258,000 in Q1 2017 to $322,600 by Q4 2020, a 25% increase over four years, per the Federal Reserve’s Zillow Home Value Index (ZHVI). Annual growth averaged 6.25%, manageable with rising wages and low inflation (1.9% CPI annually, per BLS). Trump’s tax cuts (2017 TCJA) and deregulation boosted builder confidence, with the National Association of Home Builders (NAHB) Housing Market Index (HMI) hitting 84 in November 2020, a record high. New home sales averaged 650,000 annually, per Census Bureau, keeping supply decent.
Biden’s term turned homeownership into a pipe dream. By June 2025, the median home price hit $447,054, up 38.6% from $322,600 in January 2021, per Redfin. Annual price growth peaked at 20.6% in April 2022, per Case-Shiller, driven by low supply and inflation (9.1% CPI in June 2022). By May 2025, the median was $422,800, a record high, per NAR, with 23 straight months of year-over-year gains. A July 14, 2025, CNBC report noted nearly one-third of major markets saw falling prices, like Cape Coral, Florida (-9%), but national growth was 1% year-over-year in June, per Redfin. Biden’s inflation and energy policies jacked up construction costs, pricing out families while Trump’s steady growth kept the market accessible.

Trump’s second term shows early relief. Since January 2025, price growth slowed to 0.8% year-over-year by May, per Redfin, with 13 states like Florida (-4.3%) seeing declines, per Zillow’s July 17, 2025, data. Builders are cutting prices at the fastest pace in three years, per a July 17, 2025, X post, signaling a cooling market.

Mortgage Rates: Biden’s Affordability Killer

Trump’s first term was a buyer’s paradise with dirt-cheap rates. The 30-year fixed mortgage averaged 3.95% from 2017 to 2020, dipping to 2.67% by December 2020, per Freddie Mac. Low rates, fueled by Trump’s economic growth and Fed policy, drove demand—existing home sales hit 5.64 million in 2020, per NAR. First-time buyers made up 32% of the market, per NAR’s 2020 report, as affordability held strong.
Biden’s term saw rates go nuclear. By October 2023, the 30-year fixed hit 7.79%, a 20-year high, per Freddie Mac, averaging 6.81% from 2021 to 2024. In July 2025, rates are 6.78%, per Bankrate, down from 7% in early 2025 but still crushing. The Fed’s 2022 rate hikes to tame 9.1% inflation doubled borrowing costs, with a $420,000 home’s monthly payment jumping $200 per 1% rate hike, per PBS News. The “lock-in effect” kept homeowners with 3% rates from selling, tanking inventory. Biden’s reckless spending—$4.3 trillion in new debt—fueled inflation, making homeownership a rich man’s game.
Trump’s second term isn’t seeing instant rate drops—experts predict 6.5%-7% through 2025, per Fannie Mae—but his deregulation and tariff tweaks could ease inflation, per a July 8, 2025, U.S. News report. A July 11, 2025, X post noted housing inflation fell 0.77% in a week, hinting at relief if the Fed cuts rates.

Inventory: Biden’s Supply Stranglehold

Trump’s first term had a balanced market. Existing homes for sale averaged 1.3 million monthly in 2019, a 3.9-month supply, per NAR, near the 4-6 month “balanced” range. New home construction added 900,000 units annually, per Census Bureau, with single-family starts peaking at 1.1 million in 2020. Trump’s deregulation and federal land policies kept builders active, though a pre-COVID shortage was brewing.
Biden’s policies turned the shortage into a crisis. By June 2025, existing inventory hit 1.97 million, a 4.6-month supply, up 7.8% year-over-year, per Redfin, but still 20-30% below pre-2019 norms. New homes for sale reached 507,000 in May 2025, a 9.8-month supply, the highest since 2007, per Census Bureau, but sales tanked 13.7% month-over-month. Biden’s environmental regs and labor shortages—30% of construction workers are immigrants, per J.P. Morgan—hamstrung builders. Delistings spiked 47% year-over-year in May 2025, per Realtor.com, as sellers pulled homes rather than cut prices. Biden’s open borders didn’t fix labor shortages but flooded demand, while Trump’s policies kept supply chains smoother.

Trump’s second term is unlocking inventory. His immigration crackdowns could cut demand but risk construction labor, per J.P. Morgan. A February 23, 2025, Freddie Mac report predicts the lock-in effect fading, adding 4.2 million sales in 2025, a 5% jump from 2024’s 4 million.

Affordability and Demand: Biden’s Frozen Market

Under Trump, affordability was solid. The NAR Housing Affordability Index averaged 150 from 2017 to 2020, meaning a median-income family had 150% of the income needed for a median home. First-time buyers thrived, and demand drove 5.3 million existing home sales annually, per NAR. Trump’s job growth—6.7 million pre-COVID—kept wallets full.

Biden’s term crushed affordability. By July 2025, a median home at $422,800 with a 6.78% rate requires a $103,000 income, per an X post, up from $70,000 in 2020. The affordability index fell to 89.1 in 2024, per NAR, the lowest since 1985. Demand cratered—existing sales hit 4 million in 2024, the lowest since 2008, per HousingWire. New home sales dropped 6.3% year-over-year in May 2025, per Census Bureau. Gen Z and millennials are co-buying to cope, per a July 16, 2025, X post. Biden’s inflation and rate hikes froze buyers, while his $21,400 average annual homeownership costs (up 18% from 2024, per Bankrate) buried them.

Trump’s policies are thawing demand. Single-family starts are up 3% in 2025, per Morningstar, and his tax incentives could boost sales, per PBS News. But tariffs risk inflation, keeping rates high, per a July 13, 2025, X post.

Why It Matters: America First at Stake

Biden’s housing market is a betrayal of the heartland. Prices soared 38.6%, interest rates hit 7.79%, and 300,000 fewer homes sold annually than under Trump. His $4.3 trillion debt and green energy obsession fueled inflation, while open borders spiked demand without fixing supply. A July 12, 2025, Newsweek report called it a “standstill,” with 20.7% of June listings cut—the highest since 2016. Trump’s first term delivered 25% price growth, 2.67% rates, and 5.64 million sales in 2020, empowering families. His second term, with 0.8% price growth and 4.2 million projected sales, is fighting back, but tariffs and labor shortages loom.

From an America First perspective, housing is the backbone of wealth-building. Biden turned it into a rigged game for elites, while Trump’s deregulation and energy independence kept it real for workers. Every Texan, Ohioan, or Floridian deserves a shot at a home, not a market where 40% of listings slash prices, per HousingWire. Trump’s got work to do, but his track record screams competence. Time to drain the swamp and build homes for America’s heartland.