“Economy, stupid!”
This simple phrase became a rallying cry in the 1992 presidential election, acknowledging the frustration that drives voters’ decisions at the ballot box. And in 2024, the saying rings true. But now the frustration is focused on one sector of the economy—one that makes up about one-fifth of the entire US economy: the housing market.
With home prices hitting record highs earlier this year, a recent Gallup poll asked Americans to name their family’s biggest financial concerns. Inflation was number one, continuing a three-year trend, but housing ranked second—highest at any time since Gallup began asking the open-ended question in 2005. Similarly, in a national study conducted by the University of Michigan and Financial Timesnearly 70% of Democrats, Republicans and independents rated their ability to buy a home as their top concern.
There is no question that houses, fools, and Americans want action.
With housing supply and affordability falling to unreasonably low levels, the 2024 presidential nominees—Vice President Kamala Harris of the Democrats and former President Donald Trump of the Republicans—would be wise to make this issue a centerpiece of their campaigns. As the American Property Owners Alliance reported in June, 68% of Americans believe the federal government should do more to expand affordable housing and rental options, and 58% will consider a candidate’s housing plan when voting in the presidential election.
Both Harris and Trump have touched on housing policy at their party conferences and pledged to reduce housing costs, floating proposals ranging from down payment assistance to tax incentives to deregulation.
Candidates are seeking to clarify their housing positions after a previous survey revealed that more than half of state voters are dissatisfied with the way politicians are handling the issue. This is a big cut, considering 59% of voters overall and 82% of renters say better housing policy would improve their lives.
The National Association of REALTORS® is listening, putting housing issues first and focused on electing REALTOR® Party champions at all levels of government and winning legislative victories to restore homeownership to millions of Americans.
Of the 384 congressional primary contests, 361 candidates supported by the REALTORS® Political Action Committee (RPAC) advanced to the general election. The Opportunity Race Program, which sends targeted political communications to REALTORS® on behalf of real estate champions, has endorsed 57 candidates, 53 of whom won their primaries. These efforts highlighted the candidates’ support for first-time homebuyer programs, tax reforms to increase housing supply, a commitment to fair housing and the promotion of community financial recovery tools, such as the uniform 1031 exchange.
During that time, NAR’s State and Local Private Expenditure Program has supported more than 250 candidates committed to prioritizing housing issues in their states and communities. NAR’s Global Advocacy and Advocacy Programs have helped state and local REALTOR® associations achieve significant victories across the country to improve housing supply, from securing the passage of zoning reforms and sweeping housing legislation to defeating transfer tax and housing control proposals.
Knowing supply constraints are what’s fueling rising prices, REALTORS® continue to advocate for legislative and regulatory solutions that will open up inventory and expand housing options across the country. NAR highlighted these issues at both political conferences this summer by hosting events with Politico that brought together federal, state, and local officials to discuss how to address the nation’s housing challenges.
As NAR Chief Advocacy Officer Shannon McGahn said at the Republican National Convention in Milwaukee, “Because [housing issues] we’re reaching out to everyone in every ZIP code, we’re seeing a lot of politicians willing to come to the table. We always work with Republicans, Democrats — anyone who wants a solution. “
The housing affordability problem transcends political, generational and geographic divides. With so many families sitting on the sidelines waiting for their shot at the American Dream, there is no question how important this issue is in this year’s election.
The real question is: Will the candidates listen? NAR is here to make sure they do.
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