“Housing affordability is top of mind for voters because elevated mortgage rates and home prices, along with an acute housing shortage, have pushed the dream of homeownership out of reach for many Americans,” Redfin chief economist Daryl Fairweather said in the report.
The nationally representative survey of roughly 3,000 respondents points to deep frustrations over the affordable housing crunch gripping much of the country.
“While the economy is strong on paper, a lot of families aren’t feeling the benefits because they’re struggling to afford the house they want or already live in,” Fairweather added. “As a result, many feel stuck, unable to make their desired moves and life upgrades.”
The strain is also souring many Americans’ economic outlook. Nearly two-thirds (64.2%) of homeowners and renters surveyed say housing affordability makes them feel negative about the overall state of the economy.
In response, President Biden has unveiled initiatives aimed at easing housing costs, including tax credits for first-time homebuyers and plans to construct over two million new homes.
Source: mpamag.com