How many houses does Joe Biden have? A look at the real estate empire and net worth of former vice-president
The second and final debate between President Donald Trump and former vice-president Joe Biden took place on Thursday, October 22, in Nashville, Tennessee. The event was a final chance for the two candidates to face off before the November 3 presidential election and prove their candidature. Moderated by NBC News’ Kristen Welker, the debate had an array of issues ranging from Covid-19, race in America, climate change to national security, American families and leadership.
However, in the debate, Biden was put under scrutiny over his empire, including his property and wealth. For the unversed, Biden has often referred to himself as "one of the poorest members of Congress”. In the past, he has stated about how his father had also suffered from many financial setbacks. However, reports show that the reason why Biden was often at the bottom of the wealth ladder among his colleagues in the Senate had much to do with his life-long fixation with real estate. "Even as a kid in high school I'd been seduced by real estate," he wrote in his 2007 autobiography, ‘Promises to Keep’ as reported by Town and Country.
The site reported that Biden started purchasing houses — especially those that were outside his budget — in his twenties. For this, he took out some mortgages and received loans against life insurance policies, the site reported. It further added that his net worth was often in the negatives — in 2007 when he was ranked as the least wealthy senator. Today, the 77-year-old is no more a middle class. As per 2019 Forbes estimate, Biden and his wife, Jill, are worth $9 million. Of this, about $4 million is the value of his real estate property.
Now, as questions loom on Biden’s wealth, property and empire, here we shed some light on the houses he owns.
How many homes does Joe Biden have?
As per The Sun, Biden owns two homes in Delaware. His current home is located in Greenville, Delaware, in the Wilmington suburb. This is a 6,850-square foot property reportedly costing $350,000 that he bought in 1996. Since the time of purchase, the estate’s market price has increased, making the home worth nearly $1million as per The Sun. During his term as the vice-president in former president Barack Obama’s administration, Biden wanted to rent out this home to the secret service for $2,200. He further wanted to sell this home to afford the expenses of treatment of his son, Beau, who got brain cancer. However, The Sun reported that Obama at the time had convinced him not to sell his home and loaned him the money instead.
In 2017, Biden and Jill bought another property in Delaware for $2.7million. This home is a short walk from the beach and has six bedrooms and outdoor facilities for entertaining guests. It is located in Rehoboth Beach and overlooks Cape Henlopen, State Park.
Are the homes paid off?
The Sun reported that Biden has a $540,000 mortgage on the Wilmington house which is yet to be paid off. Further, the site reported about other liabilities that are to be paid regarding this property — a line of credit, for $15,000 to $50,000 which Biden co-signed with one of his sons. Till now it is unclear if Biden owes a mortgage for the other house.