Thirty-eight p.c of early voters mentioned housing affordability influenced their presidential vote. Harris voters (43 p.c) had been extra more likely to care about housing than Trump voters (29 p.c), Redfin mentioned.
Whether or not it’s refining your online business mannequin, mastering new applied sciences, or discovering methods to capitalize on the subsequent market surge, Inman Join New York will put together you to take daring steps ahead. The Subsequent Chapter is about to start. Be a part of it. Be a part of us and 1000’s of actual property leaders Jan. 22-24, 2025.
Thirty-eight p.c of early voters mentioned housing affordability influenced their vote, in accordance with a survey from Redfin.
Voters who supported Vice President Kamala Harris‘ ticket had been extra doubtless (43 p.c) than voters who supported former president Donald Trump’s ticket (29 p.c) to say their chosen candidate’s housing insurance policies impacted their vote. Though housing affordability was a part of the highest 14 points on voters’ minds, it nonetheless ranked nicely under different hot-button points together with the economic system (63 p.c), inflation (59 p.c), defending democracy (56 p.c), immigration (55 p.c) and healthcare (52 p.c).
“Whereas voters who’ve already solid their poll had been extra more likely to cite points aside from housing affordability, it’s nonetheless an essential issue for a lot of voters,” the report learn.
Harris and Trump have each provided plans to enhance affordability and increase homeownership charges. Harris’s plan is arguably extra complete and contains $25,000 in down-payment help for first-generation homebuyers, a $10,000 tax credit score for middle-income owners, a closing value waiver on refinanced mortgage loans and $1 billion towards reasonably priced housing.
In the meantime, Trump’s housing coverage focuses on chopping constructing laws, decreasing vitality prices and limiting undocumented immigrants’ housing rights, as he blames them for the nation’s housing scarcity.
“It has turn into rather more troublesome to afford to purchase or hire a house because the pandemic-driven transferring growth, which drove up housing prices,” the report learn. “It’s value noting that properties in historically blue elements of the nation are sometimes fairly costly, which is probably going one cause Harris voters had been extra more likely to say housing affordability impacted their vote than Trump voters.”
Though housing coverage ranked towards the underside for the presidential race, Redfin’s survey revealed the difficulty had a barely higher impression on voters’ native ballots. Forty p.c of respondents mentioned housing affordability impacted how they voted for native officers — a 5.26 p.c improve from voters who mentioned the identical for his or her presidential vote.
Crime and security (50 p.c), the economic system (46 p.c), and inflation (41 p.c) had been the one points to outrank housing affordability on the native degree with healthcare (37 p.c) and defending democracy (36 p.c) rounding out the highest 5 native voting issues.
Lastly, voters on each ends of the spectrum mentioned they consider the election’s outcomes will impression mortgage charges.
Thirty-two p.c of Trump voters mentioned mortgage charges will fall if their candidate will get elected, whereas 23 p.c of Harris voters mentioned the identical. For individuals who anticipate charges to rise, Harris voters had been extra doubtless (32 p.c) to anticipate a bump if their candidate wins in comparison with Trump voters (28 p.c). Roughly a fourth of voters on each side of the spectrum mentioned they “don’t know” what is going to occur to charges whereas roughly 20 p.c mentioned they assume charges will keep the identical.
Redfin mentioned the Federal Reserve has the largest affect on mortgage charges, as they set the federal funds fee in response to inflation and different macroeconomic developments. Nonetheless, the president and Congress can affect the “long-term course of the economic system” by way of coverage adjustments.
E-mail Marian McPherson
