Despite Hunter Biden’s lucrative business deals with foreign oligarchs, the Biden family has struggled financially for decades. According to reports, Joe Biden’s primary residence in Wilmington, Delaware, may be worth less today than what he paid for it 28 years ago, after adjusting for inflation.
The Biden family has relied heavily on refinancing their properties to access cash, with Joe Biden negotiating new mortgages or credit deals 35 times since 1975. This is equivalent to once every 17 months, with the family borrowing at least $6 million against their properties.
The family’s financial struggles are puzzling, given Joe Biden’s long career in politics and his wife Jill’s teaching career. The couple has had access to significant income, yet they have repeatedly refinanced their properties to access cash.
The Biden family’s financial dealings have been scrutinized in recent years, particularly in relation to Hunter Biden’s business dealings with foreign entities. The family’s financial struggles have raised questions about their ability to manage their finances effectively.
The Biden family’s primary residence, which is currently the subject of a special counsel investigation into Joe Biden’s handling of classified documents, was purchased in 1996 for $350,000. The family has borrowed against the house 20 times, including an outstanding mortgage of $541,000.
Estimating the value of the property is difficult, as it has not been on the market in nearly three decades. However, real estate websites such as Redfin and Zillow estimate the property’s value to be between $900,000 and $1.5 million. Subtracting the outstanding mortgage from the property’s value, the family’s equity in the property is estimated to be between $400,000 and $1 million.
Considering the cumulative rate of inflation since 1996 is 100%, the property would need to be worth more than $700,000 to have not lost value in real terms. This means that if the lower end of the estimate is accurate, the property may be worth less today than what Joe Biden paid for it.
