Housing Costs Will Affect Voters In November

More than half of homeowners and renters will partly base their choice for President on housing affordability.

That’s according to a new survey commissioned by Redfin and conducted by Qualtrics last month.  The survey found that 53.2% of respondents will be informed by housing in November’s presidential election.

On top of that, 64.2% of homeowners and renters said the state of housing makes them feel negative about the economy. 

“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. 

Analysts say the economy is actually doing well by many metrics, but the typical American may only feel the impact on food and housing costs, which remain elevated.

In a recent CNN poll, 55% of respondents said they believe President Joe Biden’s policies have worsened economic conditions, not bettered them.

“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,” Fairweather added.

Biden used the State of the Union address to address the nation’s housing crisis and propose big plans to boost activity.

“I know the cost of housing is so important to you. If inflation keeps coming down, mortgage rates will come down as well. But I’m not waiting,” he said in the address.

The administration proposed a mortgage relief plan providing tax credits for first-time homebuyers and current homeowners selling their starter homes in an effort to increase stock turnover. Biden also urged Congress to pass legislation aimed at boosting new construction.

Analysts appeared split on the proposals, with some arguing that tax credits would increase demand before sufficient inventory is added, leading to further price gains.

Biden is expected to face Donald Trump again in November.

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