Impact of Housing Costs: US Voters Prioritize Affordable Housing in 2024 Election

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As the nation continues to confront a longstanding housing affordability crisis, the gravity of the situation is becoming more evident. This crisis is not only a minor inconvenience but also a significant determinant in how Americans select their future president. It represents a pressing concern that undermines assertions of a thriving economy from the White House and contributes to widespread economic dissatisfaction, particularly among younger voters and individuals with lower incomes.

Affordability is a paramount concern for those looking to buy or sell their homes and is also a crucial factor for renters. The combination of rising mortgage rates, escalating home prices, and a severe shortage of affordable rental homes has made homeownership an unattainable dream for millions of Americans. This trend is particularly distressing for young Gen Z and millennial voters, who are more likely to support Democratic candidates. In a recent survey, over half (53.2%) of homeowners and renters stated that housing affordability influences their voting plans for the upcoming 2024 presidential election.

The findings come from a Redfin-commissioned survey conducted by Qualtrics in February 2024. The nationally representative survey was fielded to roughly 3,000 U.S. homeowners and renters, who were asked whether housing affordability impacts their voting plans. The survey also asked those same individuals how much they believe the current housing situation has made them feel negatively about the overall state of the economy.

While the current economic conditions are frustrating many Americans, there is some good news for housing affordability. Inflation is expected to slow in 2024, which could help make mortgages and rental prices slightly more affordable. Meanwhile, the Federal Reserve plans to start cutting borrowing costs, making it easier for households to afford a mortgage or move to a larger apartment.

While the current economic conditions are causing frustration for many Americans, there is hope on the horizon for housing affordability. Inflation will slow in 2024, potentially making mortgages and rental prices more manageable. Additionally, the Federal Reserve plans to reduce borrowing costs, making it more feasible for households to afford a mortgage or upgrade to a larger apartment. However, the government must act swiftly and decisively to alleviate the burden on consumers already grappling with housing costs and other everyday expenses that have surged in recent years due to the economic boom.

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