Housing Affordability a Hot Topic for the 2024 Election

One-fifth of the overall U.S. economy is the housing market. With that in mind, the costs of homeownership is an important factor in the upcoming election, no matter what side you prefer.

With home prices hitting a record high earlier this year, a recent Gallup poll asked Americans to name their family’s top financial concern. Inflation was number one, continuing a three-year trend, but housing ranked as number two—higher than at any time since Gallup started asking the open-ended question in 2005. Similarly, in a national survey, an almost equal 70% share of Democrats, Republicans and Independent voters ranked their ability to afford a home as a top concern. There’s no question, housing is front and center, and Americans want action.

With housing supply and affordability sinking to unsustainably low levels, the 2024 presidential nominees—Vice President Kamala Harris for the Democrats and former President Donald Trump for the Republicans—would be wise to make this issue a focal point of their campaigns.

68% of Americans believe the federal government should do more to expand affordable housing and rental options, and 58% will consider a candidate’s housing plan when voting in the presidential election.

Both Harris and Trump touched on housing policy at their respective party conventions and have pledged to lower housing costs, floating proposals ranging from down payment assistance to tax incentives to deregulation.

The candidates sought to clarify their housing positions after earlier surveys showed that more than half of swing-state voters were dissatisfied with how politicians were addressing this issue. This is a major disconnect, considering 59% of overall voters and 82% of renters say better housing policy would improve their lives.

The housing affordability crisis supersedes political, generational and geographical divides. As more families sit on the sidelines waiting for their shot at the American Dream, there’s no question of the importance this issue holds for this year’s elections.

I have experience with different lending solutions that make homeownership more attainable in this market. If you, or anyone you know, is having trouble buying a home, please let me know. I have mortgage brokers on standby with unique options. Also, I have experience in helping buyers to have sellers cover some of their costs while being a champion for their side of the transaction.