Ndamukong Suh brings attention to massive problem in Joe Biden's America
Ndamukong Suh recently signed with the Philadelphia Eagles and has had one of the best careers for a defensive tackle in the NFL. However, the three-time All-Pro took to Twitter to discuss a topic off the football field. Suh posted an issue that's currently going on under President Joe Biden when it comes to the housing market.
The Eagles' defensive tackle posted a chart of the annual income needed to afford a median-price home. Per the chart posted, the annual income needed to buy a home is $107K while the average American income is $67K. Potential home buyers in the United States had to earn $107,281 to meet the median monthly mortgage amount of $2,682 for a home in October.
Annual income needed to buy a home: $107,000
Avg. American income: $67,000
Wtf. https://t.co/kEnYgwvsmK
That income was 45.6 percent higher than the $73,668 yearly income required to cover the median mortgage payment last year. According to Melissa Cohn, the regional vice president at William Raveis Mortgage, the main reason for this is the upsurge in mortgage interest rates.
Cohn said:
“The bottom line is mortgage rates have more than doubled since the beginning of the year."
While home values have taken the edge off in some markets, the standard sales price is up from a year ago. Keith Gumbinger, vice president of the mortgage website HSH, explained the correlation between home prices and mortgage rates.
Gumbinger said:
“Home prices have gone up substantially, mortgage rates have more than doubled and that’s just crushing affordability."
At the same time, a higher cost of living is still cutting into Americans’ budgets, with annual inflation at 7.7 percent in October. To Ndamukong Suh's point, there's a clear inequity in terms of income and the housing market in America. All things considered, the Super Bowl-winning star is passionate about financial literacy.
Ndamukong Suh on financial literacy as an NFL player
The five-time Pro Bowler was interviewed last year on the "Business Causal" podcast. He talked about the importance of financial literacy and his experience of being in his 20s and not being sure of the real world.
Here's what Ndamukong Suh said:
"And I think that's where I think it's very important for people to have financial literacy, be a part of the schooling, whether that's when they're young youth in middle school or in high school, but especially when you get to college because there's a ton of things that you encounter as you're going through your young adult life."
He continued:
"And then for me, I just graduated from college. I was a young 23-year-old and really had no clue what the real world was bringing to me."
Ndamukong Suh has an estimated net worth of $55 Million, which comes largely from his NFL career. While the former Nebraska Cornhuskers star is smart on the field, he's just as smart off of it.
If you use any of the above quotes, please credit CNBC, The Business Casual podcast, and H/T Sportskeeda.