The past financial history of President Joe Biden has been closely tied to real estate, with about two-thirds of his estimated $10 million net worth locked up in properties. Despite facing challenges such as stagnant housing values, flat wages, high interest rates, and inflation, Biden’s wealth has remained relatively stable. His two homes in Delaware have not seen significant increases in value over the past year, and his presidential salary of $400,000 has been eroded by inflation. To increase liquidity, Biden has taken out a $250,000 line of credit with a variable interest rate.
Biden’s affinity for real estate dates back to his early adulthood, when he went on a buying spree in the late 1960s and early 1970s. He used borrowed money to acquire multiple properties, including a farm in Maryland and a colonial home in the Chevy Chase neighborhood of Washington, D.C. Tragically, his wife and infant daughter died in a car accident shortly after purchasing the Chevy Chase house, prompting Biden to sell their Delaware home. Over the years, he continued to invest in real estate, refinancing properties for liquidity and using them as a form of savings account.
After leaving the White House as Vice President, Biden entered the private sector and amassed a substantial amount of wealth through book sales and speaking engagements, earning $11.1 million in 2017 alone. He used a portion of these earnings to purchase a $2.7 million summer home in Rehoboth Beach, Delaware, which he has also borrowed against. While the majority of the Bidens’ portfolio consists of more mundane assets such as pensions and annuities, the potential for further wealth accumulation post-presidency remains high.
Ex-presidents typically enjoy significant financial success after leaving office, and if Biden does not secure a second term in the White House, he may explore additional opportunities for wealth generation. Despite the challenges faced in the current economic climate, Biden’s financial history and savvy real estate investments indicate that he could see another windfall in the future. As he continues to navigate the complexities of wealth management and economic fluctuations, Biden’s ability to adapt and capitalize on new opportunities will shape his financial future for years to come.
