Is the next generation of homeowners set up to fail?
Ahead of the upcoming US presidential election, a new survey of 1,000 adults from seven swing states found that 61% of parents surveyed are worried about whether their children will be able to buy a home when they grow up.
Over the past five years, 80% of adults in Arizona, Georgia, Michigan, North Carolina, Nevada, Pennsylvania and Wisconsin have seen home prices increase in their state, an average increase of 33%.
Arizona saw the largest housing cost increase at 38%, while Wisconsin saw the least (27%).
The research, commissioned by Built, a real estate and construction finance and management platform, and conducted by Talker Research, found that 58% believe it is harder to find a home today than it was five years ago. It was found to be particularly difficult for those surveyed who live in Arizona (63%) and Nevada (63%).
And many believe it’s caused by general inflation (59%), rising rents (40%), rising interest rates (31%), a lack of affordable housing (28%) and rising tax rates in property (28%).
Almost half (46%) of homeowners said they were dissatisfied with current mortgage rates, with dissatisfaction reaching 48% in Michigan and Georgia.
Respondents were asked if they think the various levels of government are taking the appropriate responsibility in addressing housing issues. Nearly a third (30%) believe their city government is doing enough.
Still, many think more action is needed at various levels of government: 48% think their city could do more, 53% believe their state needs to step up, and 57% say the federal government isn’t doing enough .
“With housing affordability top of mind for voters, political candidates won’t be able to sidestep the pressure to offer real, workable solutions,” said Built CEO Chase Gilbert. “With 10% of all U.S. housing construction spending managed on our platform, we have a front-row seat to the factors accelerating housing development nationwide.
“As voters head to the polls, especially in key states, housing will be a key issue. The right combination of tools and policies can break down barriers, ensuring that homes are built more quickly and efficiently to meet growing demand.”
Respondents were also asked whether they were for or against certain policies proposed by the two major party presidential candidates.
Poll results reveal broad support for the housing policies of both major candidates, with stronger majorities supporting Vice President Harris’ initiatives.
A majority of 67% support Harris’ proposal for a $25,000 first-time homebuyer grant, with just 19% against, and 58% favor building 3 million new housing units, while only 18% oppose the plan .
In contrast, former President Trump’s housing policies face more divisions among respondents. Forty-two percent support the idea of opening federal lands to large-scale housing construction, but a substantial 31% oppose it.
Similarly, 52% of respondents are in favor of banning mortgages for undocumented civilians, although 20% oppose the policy.
Within their local elections, 51% believe a future, challenging candidate could do a better job addressing housing issues than the incumbent.
Respondents shared which housing policies they would favor if enacted in their local area: rent control (47%), rent increase restrictions (45%), multifamily housing in areas with one families (26%) ), and increased residential development (26%).
Potential voters in each state indicated how much of an impact they believe the current presidential election will have on the housing market for them.
More than half of respondents from Georgia (54%) and Michigan (51%) said the results of the presidential election will have a “big impact” on them. Meanwhile, 40% of North Carolina and Wisconsin residents agreed it would have a “moderate” impact on them.
Pennsylvania was less concerned — 28% said the election had “little or no” impact on their state’s housing market.
“During an election year, attention on policies and promises sharpens,” Gilbert said. “Housing costs are front and center for millions of Americans, and rightfully so. The past five years have forced many people to rethink their cost of living and whether home ownership is more attainable – no matter which side of the aisle they’re on.”
Survey methodology:
Talker Research surveyed 1,000 Americans from swing states (Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin); the survey was commissioned by Built and administered and conducted online by Talker Research between September. 24 and September. 30, 2024.
#Americans #swing #states #dont #children #buy #home #poll
Image Source : nypost.com