2024 Political Rallying Cry: ‘It’s the Housing, Stupid’
The National Association of REALTORS® (NAR) is mobilizing to make home affordability a central theme in the upcoming general election, recognizing it as a top concern for voters. The phrase “It’s the economy, stupid!” from the 1992 presidential election is relevant again in 2024, but this time the focus is on the housing market, which constitutes about one-fifth of the U.S. economy. With home prices reaching record highs, a recent Gallup poll revealed that housing is the second most significant financial concern for Americans, following inflation. This concern is shared across political lines, with 70% of Democrats, Republicans, and Independents ranking home affordability as a top issue.
Both Vice President Kamala Harris and former President Donald Trump, the 2024 presidential nominees for the Democrats and Republicans respectively, have acknowledged the importance of housing policy in their campaigns. They have proposed various measures to address housing costs, including down payment assistance, tax incentives, and deregulation. This focus comes in response to earlier surveys indicating widespread dissatisfaction among swing-state voters with current political approaches to housing issues. A significant majority of voters, including 82% of renters, believe that better housing policies would improve their lives.
NAR is actively working to elect REALTOR® Party champions at all levels of government to achieve legislative victories that will make homeownership more accessible. Of the 384 congressional primary contests, 361 candidates supported by the REALTORS® Political Action Committee (RPAC) have advanced to the general election. The Opportunity Race Program has supported 57 candidates, with 53 winning their primaries, emphasizing candidates' support for first-time homebuyer programs, tax reforms, fair housing, and community reinvestment tools.
Additionally, NAR’s State and Local Independent Expenditures Program has backed over 250 candidates committed to prioritizing housing issues in their states and communities. NAR’s Issues Mobilization and Advocacy Everywhere programs have facilitated crucial victories across the country to boost housing supply, including zoning reforms and housing legislation, while defeating transfer tax and rent control proposals. Recognizing that supply constraints drive rising prices, REALTORS® continue to advocate for legislative and regulatory solutions to increase housing inventory nationwide.
NAR highlighted these issues at both political conventions this summer by hosting events with Politico, featuring discussions with federal, state, and local officials on addressing the country’s housing challenges. NAR Chief Advocacy Officer Shannon McGahn emphasized the bipartisan nature of housing issues, noting that politicians from both parties are increasingly willing to seek solutions. The housing affordability crisis transcends political, generational, and geographical divides, making it a critical issue for the 2024 elections. NAR is committed to ensuring that candidates prioritize housing affordability in their campaigns.
