According to a new report out from Redfin, More than half (of U.S. homeowners and renters say housing affordability is impacting who they plan to vote for in the upcoming presidential election. Some 53.2 percent, in fact, say affordability will affect their vote, while 64.2 percent of homeowners and renters say housing affordability makes them feel negative about the economy.
The survey conducted by Qualtrics in February 2024 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.”
As we previously reported, President Biden took affordability head on in his State of the Union address, outlining a number of proposals including a mortgage relief credit for first-time buyers and an expansion of the Low-Income Housing Tax Credit.