Housing affordability could affect voter pick for president

Housing affordability could affect who voters pick for president, study says

By Susan Carpenter Seattle

PUBLISHED 4:55 PM ET Mar. 12, 2024 PUBLISHED 4:55 PM EDT Mar. 12, 2024

With rent and home prices remaining at or near record highs, many Americans say the lack of housing affordability will affect how they plan to vote this November. More than 53% of U.S. homeowners and renters in a new Redfin survey said it will impact who they are likely to support in the General Election.

What You Need To Know

53% of U.S. homeowners and renters in a new Redfin survey said housing affordability will impact who they are lkely to vote for in November

64.2% of survey respondents said the lack of housing affordability makes them feel negatively about the economy

The Redfin survey comes as the U.S. Labor Department reported hotter-than-expected inflation in February

The national median home price in February was $415,500, according to the National Association of Realtors

“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 a statement.

The Redfin survey comes as the Consumer Price Index rose to 3.2% in February, according to the U.S. Labor Department. Housing costs were up 0.4% last month.

Home values have increased 6% over the past year, according to Redfin. Nationally, the median home price increased from $409,500 in January to $415,500 in February, according to the National Association of Realtors, while rent now averages $1,702 per month nationally for a 900-square-foot space, according to RentCafe.

Almost two-thirds of respondents to the Redfin survey said housing affordability makes them feel negatively about the overall economy.

“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 said. “As a result, many feel stuck, unable to make their desired moves and life upgrades.”

For its study, Redfin surveyed 3,000 U.S. homeowners and renters in February.

The survey did not ask which candidate respondents were likely to support as a result of their views on housing. In his State of the Union address last week, President Biden said he would introduce tax credits for first-time home buyers and sellers and planned to build at least 2 million new homes to increase supply and help affordability. The 2024 campaign website for GOP frontrunner former President Donald Trump does not state a housing policy.