More than half of U.S. homeowners and renters have a “negative view” of housing affordability and want 2024 presidential candidates to address the issue, according to a new survey released by Redfin on Monday.
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Statistically, a chaotic housing cycle has pushed housing affordability policy to the top of voters’ minds ahead of the 2024 presidential election Redfin survey released Monday.
53% of U.S. homeowners and renters say they “fully agree” or “somewhat agree” that housing affordability will influence whether they vote for Democratic incumbent Joe Biden or Republican front-runner and presumptive presidential candidate Donald Trump general.
Another 64% of respondents said housing affordability “makes them feel negative about the economy” as rising home prices and mortgage rates push average mortgage payments lower About $2,200 per month.
Darryl Fairweather
“Housing affordability is a top concern among voters as rising mortgage rates and home prices, coupled with a severe housing shortage, have Keeping the dream of homeownership out of reach for many Americans.” “While the economy appears strong, many families are not feeling the benefits because they are struggling to afford the homes they want or already live in.”
“As a result, many people feel stuck and unable to make the actions and life upgrades they want,” she added.
President Joe Biden made housing affordability a focus of his March 7 State of the Union address, proposing a $5,000 annual tax credit for middle-class first-time homebuyers. Homebuyers can use the tax credit for two years, which Biden said is equivalent to a savings of 1.5 percentage points on current mortgage rates for mid-priced homes.
The president is also asking Congress to pass a bill that would provide a $10,000 one-year tax credit to home sellers who sell new homes that sell for less than the county median. Biden also promised to help cash-strapped renters by targeting “big landlords” who “violate antitrust laws through price fixing.”
“I know housing costs are very important to you,” President Biden said in SOTU speech. “If inflation continues to fall, mortgage rates will also fall. But I won’t wait.”
“…now through my plan, build and renovate 2 million affordable homes and lower rents!” he added.
Former President and current Republican front-runner Trump has yet to unveil a comprehensive affordable housing policy for a potential second term; however, he said he plans to “lower prices significantly.”
“When the economy gets better, it’s going to be very difficult for the economy to get better if energy prices remain high,” Trump said in his speech. Events in June 2023. “We’re going to lower prices significantly, then lower interest rates, and then homebuilders will start building again because no one can get money from the banks because interest rates are high.”
During his last term, Trump launched an Opportunity Zone program to revitalize 8,700 low-income communities by giving developers tax breaks when they invest capital gains in approved zones.
“Real wages have increased rapidly as a result, median household income has reached the highest level in our nation’s history, and poverty rates have reached record lows,” the former president’s website says of his 2017 housing policy push. “President Trump created nearly 9,000 Opportunity Zones to revitalize neglected communities.”
While the website describes the program as a complete success, results have been mixed at best, with some third-party researchers noting that as of 2019 the program failed to increase median home prices in 80% of Opportunity Zones. Median home prices will rise by 2022 Listings are booming in these areas as fast-growing markets and a lack of inventory prompt homebuyers to compete for affordable listings.
Despite this, three-quarters of areas still have median house prices below the median house price.
Email Marianne McPherson
