Housing laws, local zoning laws and federal spending are not considered important in the presidential race, but Vice President Kamala Harris and former President Donald Trump have made headlines as the election approaches. While recent data shows the U.S. economy is strong, housing affordability remains a pressing issue for voters and has both candidates focused on the issue. Jim Parrott, a nonresident partner and former senior advisor to the National Economic Council, worries. Housing affordability has become an increasingly common concern for Americans over the past two years. Voters have singled out ‘housing costs’ as the top economic issue influencing their votes. Nationwide, home prices have increased 45% from 2020 through August 2024, according to the S and P CoreLogic Case-Shiller Home Price Index. The National Association of Realtors reported that median home sales prices hit an all-time high this summer and are close to that peak.
They have increased nearly 40% since Redfin checked in October. States such as Arizona, Nevada, Wisconsin, Michigan, Pennsylvania, Georgia and North Carolina have all seen high housing prices. %) combined to create a ‘brutal duopoly,’ Parrott said, adding that this is a disappointment to many people. ‘much more important than that,’ he said. While lack of access may have a negative impact, the increase in prices of other products will not. Nearly half of American renters spend more than 30% of their income on housing, classifying them as ‘cost-burdened,’ according to September’s U.S. Census cost data. The need for more housing is increasing.
This shortage will also affect the cost of rent. On one side, it includes up to $25,000 in down payment assistance and a $10,000 tax credit for first-time buyers. He also plans to work with the private sector to build 3 million new homes and provide tax incentives to encourage developers to focus on building starter homes for first-time buyers. In addition, his plan includes two major changes to lower rents: one would prevent landlords from using algorithmic rents and the other would eliminate taxes that are important for investors and businesses that buy multiple single-family homes. Both of Harris’ rental assistance proposals would require federal approval, meaning they could be difficult to implement even if she wins the presidency.
He has called for a ban on the loans, claiming that undocumented immigrants are driving up housing prices. In a speech to the Economic Club of New York in September, Trump promised to keep the federal government ‘very low taxes and very low regulations.’ Trump has claimed that lower interest rates will help lower home prices, saying they will fall to about 3% or less and save home buyers thousands of dollars each year.
However, bond prices typically track yields on 10-year Treasury bonds, which the prime minister does not directly control. Supportive housing. According to the Federal Reserve, 64% of U.S. adults will own a home by 2023. Adults with a household income of $50,000 own a home 87% of the time. ‘Housing is not a factor in my vote this year.’