The current federal funds rate had been in place for more than five months before Warsh became chair. Since then, he’s had two opportunities to raise it but has failed to do so. That shows that, when it comes to policy, Warsh is no more committed to 2% inflation than Powell was.
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Proverbs 3: 5-6
Trust in the Lord with all your heart and do not lean on your own understanding. In all your ways acknowledge Him and He will make your paths straight. #woopig#nextstep
Home Payment as % of Median Income, by State:
1. Hawaii: 68%
2. California: 67%
3. Montana: 57%
4. Oregon: 55%
5. Washington: 54%
6. Massachusetts: 53%
7. Idaho: 52%
8. New York: 51%
9. New Jersey: 50%
10. Vermont: 50%
11. Maine: 50%
12. Colorado: 49%
13. Florida: 49%
14. Rhode Island: 49%
15. Arizona: 48%
We now have 23 states where residents are paying at least 40% of their annual income on home payments.
On a post-tax basis, the median homebuyer is spending close to 70% of their income on home payments.
Buying a home has become a luxury.