The struggle to afford rent continues to weigh heavily on voters in key swing states, even as some signs of improvement emerge. While the overall affordability picture has improved since the last election, with the typical swing state renter now earning about 17% less than needed to comfortably afford the median-priced apartment (down from a 21% shortfall previously), the challenge remains a significant factor in the lives of many.
Recent data from Redfin highlights the varied experiences across swing states. Arizona has witnessed a notable improvement, with the income gap shrinking from 12.4% to just 2.6% due to a significant increase in median renter household income. On the other hand, Michigan faces a worsening situation, with the typical renter household now earning 16.3% less than needed, a decline from the 11.2% shortfall in 2020.
Pennsylvania stands out as the state with the most challenging rental landscape. With the highest median asking rent among swing states and one of the lowest estimated median renter household incomes, Pennsylvanians face a staggering 29.6% income shortfall when it comes to affording a typical apartment.
Redfin’s Chief Economist, Daryl Fairweather, points to a disconnect between economic indicators and the realities faced by many families. “While the economy has been improving on paper, that’s not what it feels like for many U.S. families,” Fairweather said in the report. “Many renters – especially young people – still feel the rent is too damn high.”
This sentiment could significantly impact voter priorities in the upcoming election. Candidates campaigning in battleground states will face close scrutiny of their plans to address the housing affordability crisis, as voters directly experience the pressure of high rental costs.
Despite some progress, the average swing state renter still dedicates about 36% of their income to housing, exceeding the 30% threshold widely considered the benchmark for affordability. Experts attribute the recent moderation in rent increases to the pandemic-era building boom, which has increased apartment supply and put downward pressure on rents in certain markets.
As the election approaches, the gap between income and rental costs remains a potent force in shaping the political landscape of America’s swing states. This issue is likely to remain a focal point in political discussions, with voters demanding concrete solutions to the housing affordability crisis.
