Galesburg Reporter

Illinois 17th Congressional District candidate Judge Joe McGraw commented on the housing market in a Sept. 21 Facebook post, stating, "If everyday Americans can keep a budget, so can Congress."

"Millennials deserve the same opportunities to buy a home that their parents & grandparents had, but out-of-touch politicians keep spending $ we don't have driving up prices on everything," said Joe McGraw, according to Facebook. "Enough. If everyday Americans can keep a budget, so can Congress."

In his Facebook post, McGraw shared a link to a CNBC article about a 28-year-old who made more than a dozen offers on houses and was still rejected. According to CNBC, Kelcie Lesko and Tim Khalil gave up on buying their first home in June 2023 after stretching their original budget to $380,000 and offering tens of thousands over the list price but were still rejected by sellers in the Monmouth County area of New Jersey.

Screenshot of Judge Joe McGraw's September 21 Facebook post | Judge Joe McGraw's Facebook page

The couple offered $380,000 on a $315,000 home that had two bedrooms with ample space and a backyard. The seller informed them it was between them and one other offer, and they were ultimately rejected. Consequently, they now rent a two-bedroom apartment for just under $3,000 a month.

The article further states that home prices have grown twice as much as income since 1985, and the average 30-year fixed mortgage rate has more than doubled in just three years. The median house price is now 5.8 times more than the median annual income of $80,000. In comparison, homes were just double the rate of median income in 1990.

The profile of the average first-time buyer has also changed over the years. With a 20% down payment, Americans must earn around $111,000 annually to afford a median-priced home. More than a quarter of millennial and younger homebuyers are receiving help for down payments from family members. In the 1980s, the average home buyer was in their late 20s; now, according to the National Association of Realtors (NAR), the median age of a first-time home buyer is 35.

Having previously served as a prosecutor, private attorney, and retired Circuit Court judge, McGraw officially announced his candidacy for the 17th Congressional District in mid-October. He is set to challenge incumbent U.S. Rep. Eric Sorensen (D-Ill.), who narrowly won in 2022. According to Pantagraph, McGraw's campaign strongly emphasizes law-and-order principles. He utilizes his extensive judicial experience to address issues related to urban crime and immigration. His policy positions include advocating for constructing a border wall, endorsing comprehensive immigration reform, and supporting state regulation over federal intervention in abortion-related matters.