Is the future generation of homeowners set up to fail?
Ahead of the upcoming US presidential election, a new study of 1,000 adults from seven swing states found that 61% of parents surveyed are worried about whether their children will be able to buy a home when they grow up.
Over the past five years, 80% of adults in Arizona, Georgia, Michigan, North Carolina, Nevada, Pennsylvania and Wisconsin have seen housing prices in their state increase by an average of 33%.
Arizona has seen the fastest increase in housing costs at 38%, while Wisconsin has seen the least increase (27%).
Research, commissioned by MakeConducted by Talker Research, a real estate and construction finance and management platform, and 58% believe it is harder to find a home today than five years ago. This was found to be especially difficult for those living in Arizona (63%) and Nevada (63%).
And many believe this is due to overall inflation (59%), rent increases (40%), interest rate increases (31%), not enough residential housing available (28%), and increased property tax rates. (28%)
Nearly half (46%) of homeowners said they are dissatisfied with current mortgage rates, with dissatisfaction reaching a high of 48% in Michigan and Georgia.
Respondents were asked whether they felt that different levels of government were taking enough responsibility in addressing housing issues. Nearly a third (30%) believe their city government is doing an adequate job.
However, many think more action is needed at different levels of government: 48% think their city could do more, 53% think their state should step up, and 57% Says the federal government isn’t doing enough.
“With housing affordability top of mind for voters, political candidates will not be able to escape the pressure to deliver real, actionable solutions,” said Chase Gilbert, CEO of Built. “With 10% of all U.S. residential construction spending managed on our platform, we have a front-row seat to the factors driving housing growth across the country.
“As voters head to the polls, especially in key swing states, housing will be a key issue. The right combination of tools and policies can break down barriers, ensuring homes are built faster and more efficiently to meet growing demand.”
Respondents were also asked whether they were in favor of or against certain policies proposed by the two major party presidential candidates.
The survey results reveal broad support for the housing policies of both major candidates, with a strong majority supporting Vice President Harris’ initiatives.
A 67% majority supports Harris’ proposal for a $25,000 grant for first-time homebuyers, with only 19% opposed, and 58% supporting the creation of 3 million new housing units, while only 18% % have opposed this plan.
In contrast, former President Trump’s housing policies face greater divisions among respondents. Forty-two percent support the idea of opening federal lands to large-scale housing construction, but a significant 31% oppose it.
Similarly, 52% of respondents favor banning mortgages for undocumented citizens, although 20% oppose this policy.
In their local elections, 51% believe an up-and-coming, challenger candidate could do a better job addressing housing issues than the current incumbent.
Respondents shared which housing policies they would favor if implemented in their local area: rent control (47%), limits on rent increases (45%), multi-family in single-family areas Housing (26%), and increase in residential development (26%).
Likely voters in each state shared how much of an impact they believe the current presidential election will have on the housing market for them.
More than half of respondents in Georgia (54%) and Michigan (51%) said the results of the presidential election would have a “big impact” on them. Meanwhile, 40% of North Carolina and Wisconsin residents agreed it would have a “moderate” impact on them.
Pennsylvania was the least concerned – 28% said the election had “little or no” impact on their state’s housing market.
“During an election year, discussions over policies and promises intensify,” Gilbert said. “The cost of housing is front and center for millions of Americans, and rightfully so. The past five years have forced many people to reconsider their cost of living and whether home ownership is even within their reach anymore – no matter which side of the aisle they’re on.
Survey Method:
Talker Research surveyed 1,000 Americans from swing states (Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin); The survey was created and administered by Talker Research and conducted online between September 24 and September 30, 2024.
