(Credit: mikeledray/Shutterstock)
- A new poll asked potential voters in Arizona, Georgia, Michigan, North Carolina, Nevada, Pennsylvania, and Wisconsin about the current housing market.
- 58% say housing availability is worse than it was 5 years ago.
- 61% of parents fear their children will never be able to buy a home.
- 51% say housing problems will sway their vote in local elections too.
NEW YORK — Is the next generation of homeowners being set up to fail? According to a new poll of people living in the nation’s swing states, most Americans are not better off than they were four years ago. This frustration with the country’s housing market could be the deciding factor in a 2024 presidential race that’s coming down to the wire.
Ahead of November’s election, a study of 1,000 adults from the seven swing states found that 61% of parents are worried about whether their children will be able to buy a home as they get older.
Over the past five years, 80% of adults in Arizona, Georgia, Michigan, North Carolina, Nevada, Pennsylvania, and Wisconsin say they’ve seen housing prices increase in their state, going up by a staggering 33% on average.
Arizona has seen the steepest housing cost increase at 38%, while Wisconsin saw the smallest jump, but that was still a 27% increase.
The research, commissioned by Built, a real estate and construction finance and management platform, and conducted by Talker Research, also revealed that 58% believe it is harder to find a home today than it was five years ago. It was especially difficult for those polled in Arizona (63%) and Nevada (63%).
Respondents believe this problem is the result of inflation (59%), rent increases (40%), interest rate increases (31%), not enough residential housing being available (28%), and increased property tax rates (28%). Nearly half of all homeowners polled (46%) are dissatisfied with current mortgage rates. That dissatisfaction is at its highest in Michigan and Georgia (48% in both states).
Americans were also asked whether they feel various levels of government are taking adequate responsibility in addressing housing issues. Just a third (30%) believe their city government is doing enough.
However, many think more action is needed at different levels of government: 48% feel their city could do more, 53% believe their state should step up, and 57% say the federal government isn’t doing enough.
“With housing affordability top of mind for voters, political candidates won’t be able to sidestep the pressure to deliver real, actionable solutions,” says Built CEO Chase Gilbert in a statement. “With 10 percent of all U.S. residential construction spend managed on our platform, we have a front-row seat to the factors speeding up housing development nationwide.”
“As voters head to the polls, especially in key swing states, housing will be a pivotal issue. The right combination of tools and policies can break down barriers, ensuring homes get built faster and more efficiently to meet the growing demand.”
Researchers also asked Americans whether they were in favor or against certain policies proposed by the two major party presidential candidates. The results of the survey reveal broad support for both major candidates’ housing policies, with stronger majorities backing some of Vice President Harris’ initiatives.
A 67% majority supports Harris’ proposal for a $25,000 first-time homebuyer grant, with only 19% opposed, and 58% favor the construction of three million new housing units, while just 18% oppose this plan.
In contrast, 42% support former President Trump’s idea of opening federal lands for large-scale housing construction, while 31% oppose it. Similarly, 52% of respondents are in favor of banning mortgages for undocumented immigrants, though 20% oppose this policy.
Changes Coming to the House and Senate?
Swing state voters are thinking about more than just a change in the White House this November. Within their local elections, 51% believe an incoming challenger could do a better job addressing housing issues than the current incumbent.
Americans also shared which housing policies they would support if they were implemented in their local area. Respondents expressed varying levels of support for rent control (47%), caps on rent increases (45%), multi-family housing in single-family zones (26%), and increased residential development (26%).
Will the Housing Marketing Decide the 2024 Election?
Potential voters in each state shared just how much of an impact they believe the current presidential election will have on the housing market for them. Over half of respondents from Georgia (54%) and Michigan (51%) said the results of the presidential election will have a “major impact” on them.
Meanwhile, 40% of North Carolina and Wisconsin residents agreed it will have a “moderate” impact on them. Pennsylvanians were the least concerned — 28% said the election has “little to no” impact on their state’s housing market.
“During an election year, the spotlight on policies and promises sharpens,” Gilbert concludes. “Housing costs are front and center for millions of Americans, and rightly so. The past five years have forced many to rethink their cost of living and whether homeownership is even within reach anymore — no matter which side of the aisle they’re on.”
Survey methodology
Talker Research surveyed 1,000 Americans from swing states (Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin); the survey was commissioned by Built and administered and conducted online by Talker Research between Sept. 24 and Sept. 30, 2024.
