This week saw President Joe Biden boast that his policies are "growing the economy in every region of the country." However, the evidence doesn't seem to support Biden's claim.

That's evident from a recent report which found that the ability of Americans to buy a home has dropped to a new low. 

Median-priced home 50% higher now than before COVID pandemic

According to analysis by the website Redfin, an individual must earn $114,627 annually in order to afford a median-priced American home.

That represents an increase of 15% since this time last year and a 50% jump since before the coronavirus pandemic began four years ago.

What's more, the typical American household earns roughly $40,000 less than what is needed to buy a median-priced home.

Redfin attributes that situation to "the one-two punch of sky-high mortgage rates and rising home prices" along with the fact that "average U.S. hourly wage has increased by about 5% over the last year."

Areas where the income needed to afford a home has increased most since last year 👇 #housing pic.twitter.com/9y8VVQCxBt

— Redfin (@Redfin) October 18, 2023

Home inventory near record lows

Chen Zhao serves as research lead for Redfin Economics Research, and he was quoted as saying, "In a homebuyer’s ideal world, rising mortgage rates would push demand and home prices down enough to make up for high interest payments."

"But that’s not what’s happening now," he continued. "Although new listings are ticking up slightly, inventory is still near record lows as homeowners hang onto their low mortgage rates–and that’s propping up prices."

"Buyers–particularly first-timers–who are committed to getting into a home now should think outside the box," Chen explained.

"Consider a condo or townhouse, which are less expensive than a single-family home, and/or consider moving to a more affordable part of the country, or a more affordable suburb," he added.

Poll: Swing-state voters trust Trump over Biden on economy

Those figures may help shed further light on why President Biden is continuing to struggle with abysmal approval ratings.

Bloomberg reported last week that a Morning Consult poll found 49% of swing-state voters trust former President Donald Trump to handle the economy compared with 35% who say the same of Biden.

Caroline Bye is a vice president at Morning Consult, and she was quoted as saying, "Almost twice as many voters in the swing states are saying that Bidenomics is bad for the economy, as opposed to good for the economy, which is a really startling fact if you’re the Biden campaign."