Redfin Survey: Majority of U.S. Homeowners and Renters Say Housing Affordability Affects Their Pick for President

Meanwhile, nearly two-thirds of respondents say housing affordability makes them feel negative about the economy

SEATTLE--(BUSINESS WIRE)-- (NASDAQ: RDFN) — More than half (53.2%) of U.S. homeowners and renters say housing affordability is impacting who they plan to vote for in the upcoming presidential election. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

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Findings are from a Redfin-commissioned survey conducted by Qualtrics in February 2024. (Graphic: Redfin)

The findings are from a Redfin-commissioned survey conducted by Qualtrics in February 2024. The nationally representative survey was fielded to roughly 3,000 U.S. homeowners and renters.

“Housing affordability is top of mind for voters because elevated mortgage rates and home prices, along with an acute housing shortage, have pushed the dream of homeownership out of reach for many Americans,” said Redfin Chief Economist Daryl Fairweather. “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.”

In addition, nearly two-thirds (64.2%) of homeowners and renters say housing affordability makes them feel negative about the economy.

President Biden last week unveiled a number of initiatives aimed at making housing more affordable. His proposal includes tax credits for first-time buyers and sellers of starter homes, along with a plan to build more than 2 million new homes.

“What the housing market needs most to address the affordability crisis is more supply,” said Fairweather. “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.”

To view the full report, please visit: https://www.redfin.com/news/housing-affordability-election-2024

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix it up to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.6 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 4,000 people.

Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240311165972/en/

Redfin Journalist Services:
Angela Cherry, 913-638-8249
press@redfin.com

Source: Redfin

Released March 11, 2024