Peter Schiff blames married women for skyrocketing home prices

In August 2023, Peter Schiff shared controversial insights regarding the factors contributing to rising home prices, which prompted significant backlash from the public. His comments highlighted a correlation between the influx of married women into the workforce and the surging home prices that have outpaced income growth over the decades. Schiff pointed out that the 30-year fixed mortgage rates had peaked in October 1981, then saw a decline until 2021, after which rates began to climb again. He noted that this long-term trend of decreasing mortgage rates, alongside women entering the labor market, contributed to the housing market dynamics observed today. Schiff's remarks, shared on social media platform X, generated a mixed reception, with many users expressing frustration. Critics argued that his comments undermined women's contributions to the workplace, while Schiff clarified that he did not intend to assign blame solely to women. He explained that the economic conditions of the 1970s and 1980s, marked by high inflation, necessitated the participation of married women in the workforce as a means of financial survival. This shift was not a root cause of inflation or rising housing prices but rather a response to the broader economic challenges families faced. In emphasizing the complexity of the housing affordability crisis, Schiff acknowledged that factors such as property taxes, insurance, and maintenance costs are also players in the equation. His analysis suggested that the requirement for dual incomes in many households is a reflection of systemic issues rather than a simplistic societal trend. Data from the early 1980s indicated that the ratio of home prices to median household income was significantly lower than it is now, highlighting a shift in economic reality over the years. Ultimately, Schiff's comments about economic dynamics were meant to prompt discussions on the various influences on housing affordability and the social changes associated with those influences. However, the reaction he received illustrated the sensitivity surrounding discussions of gender roles in the workforce in relation to economic issues. In summary, Schiff's observations about married women entering the labor market can be seen as a microcosm of broader economic trends that have forced families to adapt, signaling an ongoing conversation regarding the intersection of gender and the economy in relation to housing prices.