New Poll Reveals Voter Concerns Over Homeownership Affordability
Ohio GOP gubernatorial candidate Vivek Ramaswamy discusses his economic vision for the state, calling for deregulation and expanded housing on ‘Kudlow.’
American voters are increasingly worried about the affordability of homeownership as they prepare to vote in this fall’s midterm elections, according to a recent poll. The survey, conducted for the National Association of Realtors by Public Opinion Strategies and Hart Research, reveals that over half of voters (52%) consider housing affordability a critical issue in their voting decisions.
Current sentiment regarding the housing market is notably low. The poll indicates that only 17% of voters believe now is a good time to buy a home, a stark decline from 69% in 2013. Despite these challenges, homeownership continues to be viewed as a vital component of the American dream, with 85% of respondents affirming its importance—up from 79% a decade ago—showing strong support across various political affiliations.
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Homeownership remains a key part of how voters view the American dream, the NAR poll showed. (Loren Elliott/Bloomberg via Getty Images)
Concerns are particularly pronounced among renters and non-homeowners, with 76% believing they will never be able to afford a home. Additionally, 59% of this group expressed a desire to buy but cited a lack of affordable options in their communities. In contrast, only 27% of all voters shared concerns about never being able to afford a home, and just 21% identified a lack of affordable options as a barrier.
Homeowners were also surveyed about their reasons for not moving. A significant 35% indicated that their current mortgage rate is low, making it difficult to afford a higher rate. Furthermore, 30% expressed a desire to buy another home but felt there were no affordable options available, while 16% mentioned being unable to sell due to tax implications on the profits from the sale.
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Voters cited a lack of affordable homes as a key barrier to homeownership. (iStock/Getty Images Plus)
Across the political spectrum, voters generally believe that federal government policies hinder home buying. Majorities of Democrats (56%) and Independents (53%), along with a plurality of Republicans (41%), share this view. The NAR poll also explored opinions on various congressional proposals aimed at enhancing housing affordability.
Support for allowing prospective home buyers to save money tax-free for home purchases was overwhelming, with 84% of voters in favor, including over 80% from all political groups. Additionally, 76% of voters supported a proposal to allow a one-time sale of a home without tax on the profit, with the strongest backing from Republicans (87%) and some skepticism from Democrats (65%).
HOUSING EXPERT WARNS PRE-PANDEMIC AFFORDABILITY LEVELS MAY NEVER RETURN IN AMERICA
NAR’s poll asked voters about proposals aimed at making housing more affordable. (Mandel Ngan/AFP via Getty Images)
Another proposal to increase the profit threshold before sellers incur taxes garnered support from two-thirds (67%) of voters, with Republicans (78%) and Independents (66%) showing greater favor than Democrats (58%). Furthermore, 71% of voters supported tax incentives for building developers to create affordable rentals for low-income households, with Democrats showing the highest support at 90% compared to 53% of Republicans.
Incentives for home rental investors to sell homes to first-time buyers also received backing from 71% of voters, reflecting similar levels of support across political lines.
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When asked whether passing these proposals would ease the process of buying or selling a home, 64% of respondents agreed it would, while only 9% felt that current federal policies facilitate home transactions.
Ohio GOP gubernatorial candidate Vivek Ramaswamy discusses his economic vision for the state, calling for deregulation and expanded housing on ‘Kudlow.’
American voters are increasingly worried about the affordability of homeownership as they prepare to vote in this fall’s midterm elections, according to a recent poll. The survey, conducted for the National Association of Realtors by Public Opinion Strategies and Hart Research, reveals that over half of voters (52%) consider housing affordability a critical issue in their voting decisions.
Current sentiment regarding the housing market is notably low. The poll indicates that only 17% of voters believe now is a good time to buy a home, a stark decline from 69% in 2013. Despite these challenges, homeownership continues to be viewed as a vital component of the American dream, with 85% of respondents affirming its importance—up from 79% a decade ago—showing strong support across various political affiliations.
EFFORTS TO REIN IN WALL STREET LANDLORDS COULD PUSH US HOME PRICES UP, INVESTORS SAY
Homeownership remains a key part of how voters view the American dream, the NAR poll showed. (Loren Elliott/Bloomberg via Getty Images)
Concerns are particularly pronounced among renters and non-homeowners, with 76% believing they will never be able to afford a home. Additionally, 59% of this group expressed a desire to buy but cited a lack of affordable options in their communities. In contrast, only 27% of all voters shared concerns about never being able to afford a home, and just 21% identified a lack of affordable options as a barrier.
Homeowners were also surveyed about their reasons for not moving. A significant 35% indicated that their current mortgage rate is low, making it difficult to afford a higher rate. Furthermore, 30% expressed a desire to buy another home but felt there were no affordable options available, while 16% mentioned being unable to sell due to tax implications on the profits from the sale.
TRUMP SAYS HE’S ‘NOT A HUGE FAN’ OF 401(K) WITHDRAWAL PLAN FOR HOMEBUYERS’ DOWN PAYMENTS
Voters cited a lack of affordable homes as a key barrier to homeownership. (iStock/Getty Images Plus)
Across the political spectrum, voters generally believe that federal government policies hinder home buying. Majorities of Democrats (56%) and Independents (53%), along with a plurality of Republicans (41%), share this view. The NAR poll also explored opinions on various congressional proposals aimed at enhancing housing affordability.
Support for allowing prospective home buyers to save money tax-free for home purchases was overwhelming, with 84% of voters in favor, including over 80% from all political groups. Additionally, 76% of voters supported a proposal to allow a one-time sale of a home without tax on the profit, with the strongest backing from Republicans (87%) and some skepticism from Democrats (65%).
HOUSING EXPERT WARNS PRE-PANDEMIC AFFORDABILITY LEVELS MAY NEVER RETURN IN AMERICA
NAR’s poll asked voters about proposals aimed at making housing more affordable. (Mandel Ngan/AFP via Getty Images)
Another proposal to increase the profit threshold before sellers incur taxes garnered support from two-thirds (67%) of voters, with Republicans (78%) and Independents (66%) showing greater favor than Democrats (58%). Furthermore, 71% of voters supported tax incentives for building developers to create affordable rentals for low-income households, with Democrats showing the highest support at 90% compared to 53% of Republicans.
Incentives for home rental investors to sell homes to first-time buyers also received backing from 71% of voters, reflecting similar levels of support across political lines.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
When asked whether passing these proposals would ease the process of buying or selling a home, 64% of respondents agreed it would, while only 9% felt that current federal policies facilitate home transactions.
