Latest survey highlights housing priorities forward of 2024 election

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Because the 2024 presidential election approaches, a Redfin-commissioned survey carried out by Ipsos final month reveals notable variations in priorities between householders and renters concerning candidates and key points affecting housing.

The survey, targeted on 805 householders out of 1,802 respondents aged 18-65, requested individuals: No matter who you intend on voting for, which candidate do you assume can be finest for maintaining residence values excessive?

Based on the survey, roughly 41.6 % of U.S. householders imagine that Donald Trump is finest suited to take care of excessive residence values, whereas 35.3 % favor Kamala Harris for this function.

Though householders typically see excessive residence values as useful since a lot of their wealth is tied to residence fairness, one-third of Individuals don’t personal their houses. Roughly 49 % of renters surveyed imagine Kamala Harris could be higher for housing affordability, in comparison with 31 % for Donald Trump.

Moreover, 30 % of renters listed housing affordability as a top-three concern influencing their presidential alternative, in comparison with solely 17 % of householders. Owners have been extra more likely to cite the economic system as a prime concern.

A separate a part of the survey requested a group of 804 U.S. homeowners and 894 U.S. renters to rank an inventory of 14 points to find out: “How necessary will every of those points be in your alternative of which candidate to assist.” The survey’s findings spotlight that the economic system is the main concern general, with 46 % of respondents rating it as a prime concern, adopted by inflation (40.4 %), well being care (26.3 %), housing affordability (25.1 %), and crime and security (23.5 %).

Homeownership patterns

The pandemic influenced homeownership patterns; whereas many achieved homeownership on account of low mortgage charges, others have been priced out as housing costs soared. Based on Redfin Chief Economist Daryl Fairweather, excessive mortgage charges are additional complicating affordability for first-time patrons, prompting renters to prioritize housing affordability this election cycle. Though starter-home costs are down from final 12 months, they continue to be above pre-pandemic ranges.

This rising concern is mirrored in purchaser conduct, with 23 % of potential first-time patrons indicating they’re ready till after the election to see whether or not Harris’ housing affordability plan or Trump’s proposed insurance policies can be enacted earlier than making their buy, in line with a Redfin report.

Financially, 52.1 % of householders reported feeling higher off than 4 years in the past, in comparison with 44.2 % of renters. This disparity is basically attributed to rising housing costs, which have helped householders construct important fairness.

Amongst voters, these supporting Kamala Harris are barely extra more likely to prioritize housing affordability, with 25.1 % rating it as a prime concern in comparison with 20.4 % of Trump supporters. This development might mirror the truth that Democrats are likely to reside in costlier coastal and concrete areas.

Shifting populations reshaping voting habits

A report from Realtor.com additionally explores the influence of migration on the 2024 presidential election. Danielle Hale, chief economist at Realtor.com, notes that shifting populations might reshape voting habits, significantly in swing states the place even minor modifications in demographics can affect outcomes.

“The affect of migration on election outcomes is a compelling matter of debate, sparking curiosity in how shifting populations may reshape the political panorama, ” stated Hale. “As extra individuals transfer throughout state strains, their voting habits might have the potential to sway election outcomes, particularly in essential swing states, the place even small modifications within the citizens can tip the scales. This dynamic raises necessary questions on how migration developments might affect the way forward for American politics this 12 months and past.”

Key findings on migration embrace potential developments for numerous states within the upcoming election:

• 4 blue states (Connecticut, Delaware, Washington, D.C. and Maine) might development bluer.
• Seven blue states (California, Colorado, Illinois, Minnesota, New York, Oregon and Washington) might development redder.
• Three crimson states (Alaska, Florida and Ohio) might shift bluer.
• Twelve crimson states (Kansas, Kentucky, Louisiana, Missouri, Nebraska, North Dakota, South Carolina, South Dakota, Tennessee, Texas, Utah and Wyoming) might development redder.
• Three swing states (Arizona, Georgia and North Carolina) might development redder, whereas two swing states (Wisconsin and Nevada) may shift bluer.
• Michigan and Pennsylvania present combined shifts with no clear course.

New Jersey reveals the biggest distinction favoring blue customers, whereas Tennessee is the best choice for crimson patrons. Florida, Texas and North Carolina are among the many main locations for each blue and crimson homeshoppers, seemingly on account of their comparatively inexpensive housing markets and favorable climates.

As voters put together for the upcoming election, the connection between housing developments and political preferences continues to evolve. With important consideration on housing affordability, opinions on candidate housing coverage might considerably influence voter turnout and decision-making within the 2024 presidential election.

Email Richelle Hammiel