Consumer sentiment regarding home prices will play an important role in who Americans choose for president in 2024, according to new research from Redfin.
More than half of U.S. households — 53.2% — said their election decision will be
The results point to the significant extent current housing market challenges are impacting the American public,
“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,” she said in a press release.
The Redfin-commissioned research was conducted by Qualtrics, which surveyed approximately 3,000 U.S. homeowners and renters.
At the other end of the scale, though, 19.9% of survey respondents said housing affordability had no sway over their presidential election decision-making, while another 26.9% also disagreed with the view, but to a lesser degree.
But whether or not they
In
He also reiterated plans for expanding U.S. housing supply, which would go furthest in addressing current challenges, Fairweather said.
“If 2 million homes are actually built over the next several years like President Biden is proposing, that’s where the rubber will meet the road in addressing housing affordability.”
While critical of some components of the president’s proposals, the National Association of Realtors welcomed his supply goals. “The administration’s increasing focus on housing production, however, signals a positive turn, as the housing shortage is the root of our affordability crisis,” said NAR President Kevin Sears.