Housing Affordability Is a Top Voting Issue for Nearly 1 in 3 Renters
The recent survey highlights a significant disparity between renters and homeowners regarding the importance of housing affordability in their presidential candidate selection. According to the survey, 32% of renters consider housing affordability a top-three issue, compared to only 17% of homeowners. This indicates that renters are nearly twice as likely to prioritize this issue when choosing a candidate.
The survey, commissioned by Redfin and conducted by Ipsos in September 2024, involved 894 U.S. renters and 805 U.S. homeowners aged 18-65. Participants were asked to rank 14 issues based on their importance in deciding which presidential candidate to support. If an issue was ranked as 1, 2, or 3, it was considered a "top-three issue." While renters and homeowners shared similar concerns on most issues, housing affordability was a notable exception.
Overall, the economy emerged as the leading concern, with 46% of respondents listing it as a top-three issue. This was followed by inflation (40.4%), health care (26.3%), housing affordability (25.1%), and crime and safety (23.5%). The survey results showed that 49.4% of homeowners and 43.7% of renters ranked the economy as a top-three issue. Inflation was a top-three issue for 42.2% of homeowners and 39.5% of renters. Health care was slightly more important to renters (27.7%) than homeowners (25.7%).
Housing affordability was a top-three issue for 31.6% of renters, compared to 17.1% of homeowners. This discrepancy can be attributed to the challenges renters face in the current housing market. During the pandemic, many Americans became homeowners due to record-low mortgage rates, while others were priced out as housing prices surged. Elevated mortgage rates continue to exacerbate high prices, making it difficult for first-time buyers to afford homes. This situation has led renters to focus on housing affordability in the election cycle.
Financial well-being also differs between homeowners and renters. Over half (52.1%) of homeowners reported being better off financially than four years ago, compared to 44.2% of renters. This difference is partly due to the equity homeowners have built from soaring housing prices.
Political preferences also influence the importance of housing affordability. Harris voters are slightly more likely than Trump voters to prioritize this issue. About 25.1% of respondents planning to vote for Kamala Harris ranked housing affordability as a top-three issue, compared to 20.4% of Trump supporters. This trend may be linked to the fact that Democrats are more likely to reside in expensive coastal areas.
The survey underscores the varying priorities between renters and homeowners, with housing affordability emerging as a critical issue for renters in the upcoming presidential election. The economic landscape, characterized by high housing prices and elevated mortgage rates, continues to shape the financial experiences and political priorities of Americans.
