## Housing Affordability: A Key Election Issue Dividing Renters and Homeowners
The upcoming presidential election is shaping up to be a battleground for voters concerned about housing affordability, particularly those facing the brunt of rising costs – renters. According to new data from Redfin, renters are twice as likely as homeowners to place housing affordability among their top three election concerns.
A September 2024 survey conducted by Ipsos for Redfin revealed that 31.6% of U.S. renters ranked housing affordability as a critical issue, compared to just 17.1% of homeowners. This disparity reflects the divergent financial realities of these two groups.
While the broader economic landscape dominates voter priorities – with the economy topping the list for 46% of respondents, followed by inflation (40.4%) and healthcare (26.3%) – the stark difference in housing concerns highlights the unique challenges faced by renters. Over the past four years, a majority of homeowners (52.1%) have reported improved financial standing, whereas only 44.2% of renters can say the same. This gap is attributed to the record-low mortgage rates during the pandemic, which benefited many aspiring homeowners but also contributed to a surge in housing prices, making homeownership unattainable for many others.
The survey also unveiled a political dimension to housing concerns. Support for housing affordability as a top issue was notably higher among supporters of Harris (25.1%) compared to Trump (20.4%). Redfin Chief Economist Daryl Fairweather attributes this difference to demographics, noting that Democrats tend to be concentrated in expensive coastal areas, where housing affordability is a more pressing concern.
Among renters specifically, Harris enjoys a lead on housing policy. A separate Redfin survey indicated that 48.4% of renters believe she would be more effective in addressing affordability concerns, compared to 31.2% who believe Trump would be better equipped. This translates to broader support, with 43.6% of renters planning to vote for Harris compared to 28% for Trump.
Both presidential candidates have presented plans to tackle 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, however, links housing affordability to immigration policy, arguing that reducing immigration would alleviate housing demand.
However, housing experts caution against oversimplifying the issue. Jenny Schuetz, senior fellow at Brookings Metro, told the Los Angeles Times that federal influence over housing construction is limited, emphasizing the need for coordinated efforts across multiple levels of government to effectively address the housing challenge.
The Ipsos survey, which gathered responses from 894 renters and 805 homeowners aged 18-65, underscores the growing influence of housing costs on political preferences, especially among renters struggling with affordability. The report highlights that while renters and homeowners share similar views on most issues, “housing affordability was the exception.”
This data reveals that the housing affordability crisis is no longer just an economic concern but a political hot button, particularly for renters facing persistent challenges. The upcoming election will likely see candidates vying for the support of these voters by offering solutions that address their unique needs and priorities.