As Election Nears, 31% Of Renters Eye Housing Affordability As A Top Concern

Housing affordability is a major concern for voters in the upcoming presidential election, with nearly a third of U.S. renters prioritizing it as a top-three issue when choosing a candidate, according to a new survey from real estate brokerage Redfin.

During the pandemic, record-low mortgage rates helped many Americans achieve homeownership, while others were priced out as surging demand drove housing prices up.

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With elevated mortgage rates compounding high prices, first-time buyers are finding it even more challenging to afford a home.

This has led renters to prioritize housing affordability in this year's election. Although the cost of starter homes has decreased compared to last year, prices remain significantly higher than pre-pandemic levels.

Three Redfin reports that examine housing and the upcoming presidential election are based on a September Ipsos survey of 1,802 people ages 18 to 65.

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The first report looked at the key issues influencing renters and homeowners’ decisions about their preferred candidate in the upcoming election.

• 31.6% of renters identified housing affordability as a top-three concern, compared with 17.1% of homeowners.
• Kamala Harris voters were slightly more inclined than Donald Trump voters to prioritize housing affordability, with 25.1% of Harris supporters listing it as a top-three issue, compared to 20.4% of Trump supporters.
• More than half of surveyed homeowners reported feeling financially better off than four years ago, whereas only 44.2% of renters shared that sentiment. This difference is largely due to rising home prices, allowing homeowners to build more equity.

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The second report highlights the proportion of homebuyers postponing their home purchases until after the election.

• Nearly one-fourth (23%) of prospective first-time buyers planning to purchase a home within the next year are waiting for the election results before making a decision.
• More than 26% of potential buyers are specifically waiting to see whether Harris's housing plan, which includes $25,000 in down payment assistance for eligible buyers, will be implemented.
• Nearly one in six (15.9%) are waiting to see whether Trump's plans to address "issues with affordable housing" will be implemented.

The third report examines which candidate homeowners believe would most effectively maintain high home values.

• 41.6% of homeowners think Trump would be the better candidate for preserving home values, while 35.3% believe Harris would be more effective.
• Nearly half of people who don't own a home – about one-third of Americans – believe that Harris would be better at making homes more affordable, while 31% believe Trump would be better.

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