Grant Cardone declares homeownership dream dead in Biden's America: 'Worst time in my lifetime' to buy a home

Billionaire CEO and real estate investor Grant Cardone says steep housing costs and high interest rates mean buying a home isn't the American dream it used to be – and the buck stops with Joe Biden.

"[It's] the worst time in my lifetime for someone to buy a home," the renowned entrepreneur said Wednesday on "Fox & Friends."

 "Down here in Florida, it costs about $400 grand for the average home. It'll cost about $51,000 [extra] with insurance, interest, taxes, property taxes, maintenance, and that's without a down payment. In New York or California, you guys are double that. You're talking about Gen Z in New York paying $100,000 and they earn $38,000. How does the math work?"

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Price increases have rendered many younger Americans unable to leave the nest despite their dreams of homeownership. Their reluctance to plunge deeper into financial ruin – piling home costs on top of student loan debt, credit card payments and the costs of necessities – means they must lean more heavily on their parents or other support systems who are also taking hits from inflation.

Cardone advised young Americans to move beyond the traditional dream of a single-family home and think smart by buying a rental property instead.

"You can buy a rental property today – four units, live in one of them. Only put 5% down, get a better loan, lower interest rates and actually have positive cash flow. That's what people should be looking at," he said.

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"The home is not the American dream that it used to be. It is basically a place you clean up and pick up," he added.

Cardone didn't shy away from pointing the finger at President Biden when it comes to younger Americans' inability to live out the traditional rite of passage, telling Doocy that, under his administration, the homeownership dream has slipped further out of reach.

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"[Thanks to] Joe Biden's administration and the fed, we have interest rates almost at 8%," Cardone said. "And people say, ‘Yeah, but I remember when they were 18%. The difference was that home was $24,000 [back then], and today, it’s $400,000, $500,000 and $600,000 with insurance premiums blowing out the roof."

"They should [be blaming Biden]. The buck stops with him," he continued later. "Interest rates are three times higher than they were before he got in office. End of story."

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