According to the survey, about 41.6 percent of American homeowners believe that Donald Trump is best suited to keep home prices high, while 35.3 percent favor Kamala Harris in this role. While homeowners generally see high home prices as a benefit since most of their wealth is tied up in home equity, one-third of Americans do not.
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As the 2024 presidential election approaches, a Redfin-commissioned survey conducted by Ipsos last month reveals a stark difference in priorities between homeowners and renters regarding candidates and key housing issues.
The survey, which focused on 805 homeowners out of 1,802 respondents aged 18-65, asked participants: Regardless of who you plan to vote for, which candidate do you think would be best at keeping home values high?
According to the survey, about 41.6 percent of American homeowners believe that Donald Trump is best suited to keep home prices high, while 35.3 percent favor Kamala Harris in this role.
Although homeowners generally see high home prices as a benefit since most of their wealth is tied up in home equity, one-third of Americans do not own their own home. About 49 percent of renters surveyed believe Kamala Harris would be better at buying real estate, compared to 31 percent for Donald Trump.
Additionally, 30 percent of employers list housing affordability as a top three issue influencing their choice of president, compared to only 17 percent of homeowners. Homeowners are likely to cite the economy as a top concern.
A separate part of the study asked a group of 804 US homeowners and 894 US renters to rank a list of 14 problems to decide: “How important each issue will be in your choice of who will support you.” The survey findings highlight that the economy is at the forefront of the overall issue, with 46 percent of respondents citing it as their top concern, followed by inflation (40.4 percent), health care (26.3 percent), housing affordability (25.1 percent) , and crime and security (23.5 percent).
Patterns of home ownership
The pandemic had an impact on homeownership patterns; while many achieved home ownership due to low mortgage rates, others sold as housing prices rose. According to Redfin chief economist Daryl Fairweather, mortgage rates are also making it harder to afford for first-time buyers, prompting renters to prioritize housing this election cycle. Although first-time home prices have declined since last year, they remain above pre-pandemic levels.
This growing concern is reflected in consumer behavior, with 23 percent of would-be first-time buyers indicating they are waiting until after the election to see if Harris’s housing affordability plan or Trump’s proposed policies will be implemented before making a purchase, according to Redfin. report.
Financially, 52.1 percent of homeowners reported feeling better than four years ago, compared to 44.2 percent of renters. This divergence is largely due to rising housing prices, which have helped homeowners build greater equity.
Among voters, those who support Kamala Harris are more likely to prioritize housing, with 25.1 percent ranking it as a top issue compared to 20.4 percent of Trump supporters. This trend may reflect the fact that Democrats tend to live in more expensive coastal and urban areas.
Changing demographics are reshaping voting habits
A report from Realtor.com also examines the impact of immigration on the 2024 presidential election. Danielle Hale, chief economist at Realtor.com, notes that demographics can change voting patterns, especially in swing districts where even a small change in demographics can affect the outcome.
“The impact of immigration on electoral outcomes is a compelling topic of discussion, sparking interest in how trans people can shape the political landscape,” it said. Hale. “As more people cross state lines, their voting habits can have the power to change election results, especially in key states, where even small changes in voters can affect the polls. This shift raises important questions about how immigration trends may affect the future of American politics this year and beyond. “
Key findings on immigration include potential trends in various states for the upcoming election:
- Four blue states (Connecticut, Delaware, Washington, DC and Maine) can be bluer.
- The seven blue states (California, Colorado, Illinois, Minnesota, New York, Oregon and Washington) would tend to be red.
- Three red states (Alaska, Florida and Ohio) can change to green.
- Twelve red states (Kansas, Kentucky, Louisiana, Missouri, Nebraska, North Dakota, South Carolina, South Dakota, Tennessee, Texas, Utah and Wyoming) would tend to be red.
- Three swing states (Arizona, Georgia and North Carolina) could turn red, while two swing states (Wisconsin and Nevada) could turn green.
- Michigan and Pennsylvania show mixed shifts with no clear direction.
New Jersey shows the biggest difference in favor of green buyers, while Tennessee is the top choice for red buyers. Florida, Texas and North Carolina are among the top destinations for blue-chip and red-chip home buyers, likely due to their affordable housing markets and favorable climates.
As voters prepare for the upcoming election, the relationship between housing trends and political preferences continues to evolve. With so much attention on housing affordability, candidates’ housing policy opinions could have a major impact on voter turnout and decision-making in the 2024 presidential election.
Email Richelle Hammiel
