Affordability takes center stage as voters feel the squeeze of rising prices

As housing costs continue to rise, the issue of housing affordability has become a critical concern for voters, increasingly shaping the conversation on the campaign trail. With many Americans feeling the squeeze of these prices, the prospect of homeownership has become a distant dream for many, making housing affordability a top priority in the upcoming elections.

A recent survey conducted by Redfin, which included 3,000 U.S. homeowners and renters, revealed that “housing affordability” is now one of the most pressing issues across all age groups. For Generation Z, in particular, it has emerged as the number one concern, with 91% of respondents deeming it “very important” or “somewhat important” when considering their choice in the presidential election.

This sentiment is echoed in a July poll by the Wall Street Journal, which found that housing ranks as the second biggest concern for voters in terms of high prices, second only to groceries. The struggle is especially pronounced in Minnesota, where a survey by the Center of the American Experiment found that 84% of 18-34-year-olds are concerned about their ability to afford a home.

“This trend has been building for many years,” said Mark Foster, vice president of legislative and political affairs at Housing First Minnesota. “As housing costs continue to climb and new housing options are limited by government policies, it is no wonder that an increasing number of voters are asking candidates up and down the ballot to do something about it.”

The leading presidential candidates have acknowledged this growing frustration but offer differing approaches to addressing it. Vice President Kamala Harris has proposed a $25,000 down payment assistance program for first-time homebuyers while also pushing for an increase in construction.

“There’s a serious housing shortage,” Harris said. “In many places, it’s too difficult to build, and it’s driving prices up. As president, I will work in partnership with industry to build the housing we need both to rent and to buy.”

On the other hand, former President Donald Trump has focused on borrowing costs in his recent comments on housing.

“Under this administration, our current administration, groceries are up 57%, gasoline is up 60% and 70%, mortgage rates have quadrupled, and the fact is, it doesn’t matter what they are because you can’t get the money anyway,” said Trump. “Can’t buy houses. Young people can’t get any financing to buy a house.”

In July, the Twin Cities experienced a year-over-year inflation rate increase of 3.5%, outpacing the national rate of 2.9%. Much of this inflation was driven by escalating housing costs, underscoring the urgency of the issue.

“Housing affordability is likely to remain a top-tier issue for some time,” said Foster. “Without needed policy changes, our supply and cost issues simply will not resolve themselves.”