Residential Real Estate News
Majority of U.S. Voters Say Housing Affordability Affects Their Pick for President in 2024
Based on new research by national property broker Redfin, more than half (53.2%) of U.S. homeowners and renters say housing affordability is impacting who they plan to vote for in the upcoming 2024 presidential election.
The findings are from a Redfin-commissioned survey conducted by Qualtrics in February 2024. The nationally representative survey was fielded to roughly 3,000 U.S. homeowners and renters.
"Housing affordability is top of mind for voters because elevated mortgage rates and home prices, along with an acute housing shortage, have pushed the dream of homeownership out of reach for many Americans," said Redfin Chief Economist Daryl Fairweather. "While the economy is strong on paper, a lot of families aren't feeling the benefits because they're struggling to afford the house they want or already live in. As a result, many feel stuck, unable to make their desired moves and life upgrades."
In addition, nearly two-thirds (64.2%) of homeowners and renters say housing affordability makes them feel negative about the economy.
President Biden last week unveiled a number of initiatives aimed at making housing more affordable. His proposal includes tax credits for first-time buyers and sellers of starter homes, along with a plan to build more than 2 million new homes.
"What the housing market needs most to address the affordability crisis is more supply," said Fairweather. "If 2 million homes are actually built over the next several years like President Biden is proposing, that's where the rubber will meet the road in addressing housing affordability."
Speaking at an event in Iowa last year, former President Trump laid out his own strategy to break the consumer gridlock in the nation's persistently competitive and expensive housing market. Trump said his plan was to: "First, cut energy costs. Then, cut interest rates. Then, the economy will improve."
Based on a transcript from that event President Trump further commented, "We'll get energy prices way down, then the interest rates down, then home builders will start building again -- because nobody can afford to get money from banks now because of high interest rates."
