BAM Key Details: 

  • A new Redfin report shows a majority of U.S. homeowners and renters say housing affordability will impact their vote in this year’s presidential election. 
  • More than two-thirds of Redfin’s survey respondents also say today’s housing affordability situation makes them feel bad about the U.S. economy. 

More than half (53%) of today’s homeowners and renters in the U.S. say housing affordability, or the lack thereof, will impact their choice for president in this year’s election. 

That’s the number one takeaway from a nationally represented survey commissioned by Redfin, conducted by Qualtrics, and fielded to about 3,000 homeowners and renters in February 2024. 

Redfin-Over-half-of-ppl-say-housing-affordability-impacts-voting

Source: Redfin

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

Daryl Fairweather

Redfin Chief Economist

The second takeaway is closely related: nearly two-thirds of the survey respondents (64.2%) say today’s housing affordability situation makes them feel negative about the U.S. economy. 

Redfin-Two-thirds-of-pll-say-housing-affordability-makes-them-feel-bad-about-economy-chart

Source: Redfin

Both takeaways could spell trouble for the incumbent president, even after last week’s announcement of Biden’s new housing initiatives, including a two-year $5,000 annual mortgage relief tax credit for middle-class first-time homebuyers. 

The plan also provides incentives to build more than two million new homes, the goal being to increase the supply of affordable homes for buyers. Because as more buyers take advantage of mortgage rate relief, the current shortage in housing supply will worsen, driving up home prices.

Tom Toole and Lisa Chinatti discussed Biden’s housing initiatives in last week’s Knowledge Brokers Podcast