American voters are concerned about being able to afford homeownership amid high housing costs as the electorate prepares to cast ballots in this fall’s midterm elections, a new poll shows.
A poll conducted for the National Association of Realtors by Public Opinion Strategies and Hart Research showed that over half of voters (52%) say that the affordability of housing is a very important voting issue to them.
Sentiment around the housing market remains at a historically low level, as the poll shows that just 17% of voters think now is a good time to buy a home – down from 69% in 2013.
Despite the headwinds affecting housing affordability, homeownership remains a key part of what voters view as the American dream, with 85% calling it an essential part of the American dream, an increase from 79% in 2013 with strong support across political groups.
EFFORTS TO REIN IN WALL STREET LANDLORDS COULD PUSH US HOME PRICES UP, INVESTORS SAY
Renters and other non-homeowners expressed concerns about never being able to afford homeownership, with 76% of that group expressing the belief that they will never be able to afford buying a home and 59% saying they want to buy but lack affordable options in their community.
In contrast, just 27% of all voters were concerned about never being able to afford to buy a home and only 21% cited a lack of affordable options in their community as a barrier.
Homeowners in the survey were asked about reasons that are keeping them from moving, with 35% saying their current mortgage rate is low, and they can’t afford a higher rate.
Additionally, 30% said they would like to buy another home but lack affordable options in their community, while 16% said they would like to sell but can’t afford the taxes from the profit on the sale.
TRUMP SAYS HE’S ‘NOT A HUGE FAN’ OF 401(K) WITHDRAWAL PLAN FOR HOMEBUYERS’ DOWN PAYMENTS
Voters across political groups generally said that federal government policies make it harder to buy a home, with majorities of Democrats (56%) and Independents (53%) along with a plurality of Republicans (41%) expressing that sentiment.
The NAR poll also gauged respondents’ views of several congressional proposals aimed at improving housing affordability.
More than four-fifths of all voters, 84%, expressed support for letting prospective home buyers save money tax-free that can be used to buy a home, with over 80% of all political groups.
Over three-fourths of voters, 76%, backed a proposal to provide a one-time option to sell your home without paying taxes on the profit. That idea was most strongly backed by Republicans (87%) and saw some skepticism among Democrats (65%).
HOUSING EXPERT WARNS PRE-PANDEMIC AFFORDABILITY LEVELS MAY NEVER RETURN IN AMERICA
A similar proposal that would increase the amount of profit that sellers can take before having to pay taxes was backed by two-thirds (67%) of voters, with Republicans (78%) and Independents (66%) viewing the idea more favorably than Democrats (58%).
Providing tax incentives requiring building developers to provide affordable rentals for low-income households was backed by 71% of voters, with Democrats more bullish on the idea (90% support) than Republicans (53%).
Incentivizing home rental investors to sell homes to first-time home buyers was backed by 71% of voters, with similar levels of support across political groups.
NAR and its polling firm partners then asked voters whether Congress passing those proposals would make it easier to buy or sell a home, and 64% of respondents said that it would, compared to the 9% who think current federal policies make it easier to buy or sell a home.
Read the full article here