38% of early voters said housing affordability influenced their presidential vote. Redfin said Harris voters (43%) are more likely to care about housing than Trump voters (29%).
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According to the survey, 38% of early voters said housing affordability influenced their vote. Research from Redfin.
Voters who supported Vice President Kamala Harris’ ticket (43%) said their candidate’s housing policies influenced their vote more than voters who supported former President Donald Trump’s ticket (29%). were more likely to say that they had given it. While housing affordability is among voters’ top 14 concerns, it remains a priority for other hot topics such as the economy (63%), inflation (59%), protecting democracy (56%) and immigration (55%). is ranked far below. ) and healthcare (52 percent).
“Voters who had already cast their ballots were more likely to list issues other than housing affordability, which remains an important factor for many voters,” the report said.
Both Harris and Trump have presented plans to improve affordability and increase homeownership rates. Harris’ plan is likely more comprehensive, with $25,000 in down payment assistance for first-generation homebuyers, a $10,000 tax credit for middle-income homeowners, and closing cost relief for mortgage refinances. Includes $1 billion in exemptions and affordable housing.
Meanwhile, President Trump’s housing policy focuses on reducing building regulations, lowering energy costs, and limiting the housing rights of illegal immigrants, blaming illegal immigrants for the country’s housing shortage.
“It has become much more difficult to afford to buy or rent a home since the pandemic-induced relocation boom sent housing costs soaring,” the report said. “It’s worth noting that housing in traditionally blue areas of the country is generally very expensive. This is why Harris voters are more likely to let housing affordability influence their vote than Trump voters. This is thought to be one of the reasons why they are more likely to answer this question.
Although housing policy ranked last in the presidential election, a Redfin study found that the issue had a slightly larger impact on voters’ local votes. Forty percent of respondents said housing affordability influenced how they voted for local officials, a 5.26 percentage point increase over voters who said the same about voting for president.
At the local level, housing affordability was surpassed only by crime and safety (50%), the economy (46%), and inflation (41%), followed by health care (37%) and protecting democracy (36%). occupied the top position. 5 concerns about local voting.
Finally, voters on both ends of the spectrum said they believed the election results would affect mortgage rates.
Thirty-two percent of Trump voters said mortgage rates would go down if the candidate was elected, as did 23% of Harris voters. Among those who expected interest rates to rise, Harris voters were more likely to expect interest rates to rise if their candidate won compared to Trump voters (28%). (32%). About a quarter of voters on both sides said they “don’t know” what will happen to interest rates, and about 20% said they thought interest rates would remain the same.
Redfin said the Federal Reserve has the most influence on mortgage rates because it sets the federal funds rate in response to inflation and other macroeconomic trends. However, the president and Congress can influence the “long-term direction of the economy” through policy changes.
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