BAM Key Details:
- CNBC’s Q2 2026 All-America Economic Survey found that voters ages 18 to 34 rank housing as the single most important issue facing the country, ahead of food costs and protecting democracy.
- 49% of renter households now spend more than 30% of their income on housing, according to a June 2026 Harvard report, and 12.1 million of the 22.7 million cost burdened households pay more than half their income toward housing.
- 38% of respondents said Democrats would do a better job on housing compared to 32% for Republicans, a trust split that widens to 53% among voters who rank housing as a top two issue.
Housing costs just beat out food prices and protecting democracy on one of the closest-watched political surveys of the year.
CNBC’s Q2 2026 All-America Economic Survey polled 1,000 registered voters between July 8 and 12, and found that among voters ages 18 to 34, housing costs ranked as the single most important issue facing the country.
And while both parties contributed to the passing of the ROAD to Housing Act, which became law earlier this month, the survey shows voters are more likely to trust Democrats to make housing more affordable.
Here’s a closer look at what the survey found, and what it means heading into the 2026 midterms.
Why Housing Is Topping the List for Young Voters
Housing ranked as the top issue overall for voters 18 to 34. It also ranked first for men ages 18 to 49, and second for all-gender respondents ages 35 to 49, trailing only food and grocery costs.
Nationally, housing and healthcare tied for fourth-most important issue, behind food costs, protecting democracy, and immigration and border security.
The ranking looks different, though, when broken down by political party:
- Democrats ranked housing third overall, behind food costs and protecting democracy
- Independents ranked housing fourth, behind food costs, democracy, and immigration
- Republicans ranked housing lower still, with immigration, food costs, and Iran ahead of it on their list
Jay Campbell, a partner at Hart Research and the Democratic pollster for the survey, sees a parallel to how healthcare played out in the last cycle.
“It was my contention and the contention of some other people that Democrats had a huge miss in 2024 by not talking more about healthcare. It is an issue where Democrats have had an advantage in polling for a long time…
“I think housing could be the healthcare of 2024, given especially the need for Democrats to turn young people out who are inclined to be anti-Trump and pro-democratic.”
If you’re working with younger buyers and renters, those rankings probably square with what you’re already hearing in your conversations.
Affordability is shaping how a generation of voters is thinking about the fall midterm elections.
What’s Actually Driving the Affordability Squeeze
The political numbers trace back to the real cost pressure buyers are feeling right now.
Mortgage costs have been climbing, pushed up by rising insurance premiums and property taxes layered on top of already-high home prices.
A June 2026 report from Harvard University’s Joint Center for Housing Studies puts hard numbers behind that cost pressure:
- 49% of renter households spend more than 30% of their income on housing
- Of the 22.7 million renter households carrying that burden, 12.1 million pay more than half their income toward housing
Those numbers explain why younger and lower-income voters feel the rise in housing costs more acutely than most. Rent burden of that scale doesn’t leave much room (if any) for saving toward a down payment.
The Housing Bill Both Parties Are Fighting to Own
A bipartisan housing bill passed Congress in June 2026 with broad support from both sides. It was built to increase housing supply and lower the cost to rent or buy.
It also took aim at the role of private equity in the housing market.
Then, on the day the bill passed, President Trump canceled the planned signing ceremony on short notice, after it had already been set up at the Capitol, and refused to sign the bill, calling it a “big yawn.”
The bill became law in July anyway, without his signature. But voters noticed.
Trump’s very public snub opened the door for Democrats to make their case. Democratic Congressional Campaign Committee spokesperson Viet Shelton stated:
“Americans are struggling with rising rents, unaffordable home prices, and costly mortgage rates, all happening under Republican rule. Voters blame Republicans for their broken promises to lower housing costs, and Trump’s refusal to address this affordability crisis has left vulnerable Republicans looking like incompetent stooges incapable of delivering on pocketbook issues.”
Naturally, with the midterms just months away, Republicans are pushing back on that argument. National Republican Congressional Committee spokesman Mike Marinella pointed to the party’s role in getting the bill through Congress in the first place.
“Democrats have spent years fueling a housing crisis with their failed policies. Republicans have taken real action to build more homes, lower costs, and help more families achieve the American Dream.”
Judging by the survey, trust in Democrats’ ability to improve housing affordability is pulling ahead of trust in Republicans to do the same:
- 38% said Democrats would do a better job on housing
- 32% said Republicans would do a better job on housing
Among voters who ranked housing as a top-two issue, that split widens to 53% favoring Democrats.
What This Means for the Midterm Map
The housing numbers line up with a broader pattern in this survey:
- Voters currently favor Democrats to control Congress after the midterms, 49% to 45%
- 60% disapprove of Trump’s handling of the economy
- 68% disapprove of how his administration is handling inflation and cost of living
Affordability is going to stay in the headlines through the fall election. Clients are hearing about housing costs on the news and at the ballot box, and that’s going to shape how they approach decisions right now.
Staying current on this debate, and having the data ready, helps you meet clients where they are.
