President Biden's Administration is Offering Assistance to Renters and Homebuyers

Veronica Charnell Media
Photo Courtesy of The Urban League of AtlantaPhoto byThe Urban League of Atlanta

Renting used to be cheaper and less expensive than purchasing a home. Not anymore.

According to, last year renters experienced a national median rent increase of 15.57%, adding about $230 to monthly costs and raising the total price from $1,640 to $1,870. although high rent costs have traditionally been an issue in larger cities, Americans all across the United States are facing affordability issues. It seems that higher demand for housing provided landlords the opportunity to raise costs, and "they're going to keep increasing the price to capture as much profit as they can," Daryl Fairweather, Redfin chief economist, explained to Axios.

Not only are renters dealing with this issue, but those hoping to purchase a home have faced record-high sale prices and volatile mortgage rates, forcing many to put a pause on their search and wait for prices to dramatically decrease. As a result, President Biden's administration has released a budget proposal for 2024, which includes an increase in funding to the Department of Housing and Urban Development.

The Biden Administration budget proposal for 2024 includes a 1.6% increase for the Department of Housing and Urban Development, which would raise their funding to $73.3 billion, per The purpose of this budget increase is to assist low-income renters, provide more resources to help buyers become homeowners, and increase the amount of affordable housing. "The Budget invests in Americans at every station in life — from those seeking to purchase a home to those who receive HUD rental assistance.

President Biden believes in adding $2.4 billion towards housing vouchers that low-income families could use to pay their rent, which also assists those who facing homelessness. The number of Americans facing homelessness is slowly increasing Nationwide. President Biden hopes to increase the availability of affordable rentals and homes for sale and create a program that helps first-generation homebuyers from communities of color to submit a down payment on a residence.

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