The Biden-Harris administration has faced criticism for its handling of the housing market, as the number of first-time buyers falls to a record low. According to the National Association of Realtors, only 26% of homebuyers in 2022 were first-timers, down from 34% in 2021. This decline has been attributed to rising home prices, mortgage rates, and competition from investors.
The administration has taken some steps to address the issue, such as increasing funding for affordable housing and expanding access to down payment assistance programs. However, critics argue that more needs to be done to help first-time buyers enter the market.