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Are future homeowners facing insurmountable challenges?
As the U.S. presidential election approaches, a new study sheds light on the growing anxiety among parents regarding their children’s ability to purchase homes in the future. Conducted by Talker Research and commissioned by Built, the survey of 1,000 adults from seven pivotal swing states reveals that a staggering 61% of parents are worried about homeownership prospects for their children.
Rising housing prices and their impact
Over the past five years, housing prices have surged dramatically across the nation, with an average increase of 33% in the surveyed states: Arizona, Georgia, Michigan, North Carolina, Nevada, Pennsylvania, and Wisconsin. Arizona leads the pack with a 38% increase, while Wisconsin experiences the smallest rise at 27%.
This trend has left many feeling that finding affordable housing is increasingly difficult, with 58% of respondents believing it is harder to secure a home today than it was five years ago.
Factors contributing to the housing crisis
The survey highlights several factors contributing to this crisis.
A significant 59% of participants attribute the challenges to overall inflation, while 40% point to rising rents. Additionally, 31% cite increasing interest rates, and 28% mention a lack of available residential housing. These issues are compounded by rising property tax rates, which also affect affordability.
Government responsibility and public sentiment
When asked about government accountability, nearly a third of respondents (30%) feel their city government is adequately addressing housing issues. However, many believe more action is necessary, with 48% advocating for increased efforts at the city level, 53% at the state level, and 57% at the federal level.
As Chase Gilbert, CEO of Built, notes, “With housing affordability top of mind for voters, political candidates won’t be able to sidestep the pressure to deliver real, actionable solutions.”
Voter preferences and housing policies
The survey also explored voter preferences regarding housing policies proposed by major party candidates.
A notable 67% of respondents support Vice President Harris’ proposal for a $25,000 first-time homebuyer grant, while 58% favor the construction of 3 million new housing units. In contrast, former President Trump’s policies reveal more division, with 42% supporting the opening of federal lands for large-scale housing construction.
Local elections and their implications
As the election draws near, potential voters express varying degrees of concern about how the presidential election results will impact the housing market. Over half of respondents from Georgia (54%) and Michigan (51%) believe the election will have a “major impact,” while only 28% of Pennsylvanians feel it will have “little to no” effect.
As the housing crisis continues to unfold, it is clear that the future of homeownership hangs in the balance. With rising prices, inflation, and government accountability at the forefront of public discourse, the upcoming election may prove pivotal in shaping the landscape of housing for generations to come.
