'Housing Affordability Was The Exception': Renters And Homeowners Differ On Key Election Issue, Redfin Says

Housing affordability is a dividing line between renters and homeowners before the presidential election. According to new data from Redfin, renters are twice as likely to prioritize the issue when choosing a candidate.

A September 2024 survey conducted by Ipsos for the real estate company shows that 31.6% of U.S. renters rank housing affordability among their top three election issues, while just 17.1% of homeowners share the same concern.

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The broader economic landscape dominates voter priorities, with 46% of all respondents listing the economy as a top-three issue, followed by inflation at 40.4% and health care at 26.3%.

The housing concern split reflects the diverging financial trajectories of owners and renters over the past four years. Most homeowners (52.1%) report improved financial standing compared to 2020, while only 44.2% of renters say the same.

According to the report, record-low mortgage rates during the pandemic enabled many Americans to become homeowners. However, others were unable to buy homes due to the surge in housing prices caused by increased demand.

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The survey also revealed a political dimension to housing concerns. About 25.1% of Harris supporters rank housing affordability as a top issue compared to 20.4% of Trump supporters. Redfin Chief Economist Daryl Fairweather attributes the gap to demographics, noting that Democrats typically concentrate in expensive coastal areas.

Among renters specifically, Harris holds an edge on housing policy. A separate Redfin survey found 48.4% of renters believe she would better address affordability concerns, versus 31.2% for Trump. This translates to broader support, with 43.6% of renters planning to vote for Harris compared to 28% for Trump.

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Both candidates have outlined plans to address the housing crisis. Harris proposes building three million new homes over four years and offering $25,000 in down-payment assistance to first-time buyers. Trump links housing affordability to immigration policy, arguing that reducing immigration would ease housing demand.

However, housing experts warn against oversimplifying the issue. Jenny Schuetz, senior fellow at Brookings Metro, told the Los Angeles Times that federal influence over housing construction is limited, suggesting the challenge requires coordinated efforts across multiple levels of government.

The Ipsos survey, which gathered responses from 894 renters and 805 homeowners aged 18-65, points to how housing costs increasingly shape political preferences, particularly among renters facing persistent affordability challenges.

According to the report, while renters and homeowners share similar views on most issues, "housing affordability was the exception."

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