Homeowners and renters are going to have a big say…
Over half of US homeowners and renters said housing affordability will heavily influence their choice at the ballot box.
A new survey from Redfin revealed that 53.2% of American voters are factoring housing affordability into their voting decisions for the upcoming presidential election.
“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,” Redfin chief economist Daryl Fairweather said in the report.
The nationally representative survey of roughly 3,000 respondents points to deep frustrations over the affordable housing crunch gripping much of the country.
“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,” Fairweather added. “As a result, many feel stuck, unable to make their desired moves and life upgrades.”
The strain is also souring many Americans’ economic outlook. Nearly two-thirds (64.2%) of homeowners and renters surveyed say housing affordability makes them feel negative about the overall state of the economy.
In response, President Biden has unveiled initiatives aimed at easing housing costs, including tax credits for first-time homebuyers and plans to construct over two million new homes.
“What the housing market needs most to address the affordability crisis is more supply,” said Fairweather. “If two 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.”
Read more: White House takes aim at housing affordability crisis with bold policy moves
Whether the administration can deliver on those housing growth targets may prove pivotal with so many voters seemingly motivated by frustrations over skyrocketing home prices and rental costs.
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