Rising costs made housing a priority in national and local races
Housing affordability was a major factor for many early voters in the 2024 US presidential election, with 38% saying it influenced their choice, according to a recent Redfin survey.
The survey, conducted by Ipsos at the end of October, highlighted the role of rising home costs amid a challenging economic landscape as Donald Trump secured another presidential victory.
Among those who voted for Kamala Harris, 43% cited housing affordability as a factor, while 29% of Trump voters said the same. Despite its importance to some, housing affordability ranked lower than other issues, with the economy (63%), inflation (59%), and the protection of democracy (56%) emerging as top concerns.
When it comes to local elections, housing affordability takes on even more weight. About 40% of early voters said it impacted their choices in races for local officials, where issues like crime and safety (50%), the economy (46%), and inflation (41%) were the leading concerns. For local ballot measures, housing affordability was cited by 37% of voters, showing its significance in community-level decisions.
“It has become much more difficult to afford to buy or rent a home since the pandemic-driven moving boom, which drove up housing costs,” the report read. “It’s worth noting that homes in traditionally blue parts of the country are typically quite expensive, which is likely one reason Harris voters were more likely to say housing affordability impacted their vote than Trump voters.”
The survey also revealed differing expectations on mortgage rates depending on who would win the presidency. Nearly one-third (32%) of voters believe mortgage rates will drop if Trump wins, while 23% expected rates to fall had Harris been elected.
Meanwhile, 32% thought rates would rise under Harris, and 28% predicted the same under Trump, with around one-quarter of voters uncertain about potential changes either way.
Although mortgage rates are primarily guided by broader economic conditions and the Federal Reserve, voters appear to see the potential for the next administration’s policies to influence the economy—and potentially, the direction of mortgage rates. With mortgage rates recently climbing to 7%, homebuyers face additional challenges as purchasing power declined by $33,000.
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“The Federal Reserve cut interest rates in September and outlined plans for future cuts, but mortgage rates continue to rise as investors try to gauge the odds of increased tariffs and government spending after the election,” Redfin said.
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