The story at a glance
- The median monthly home payment in battleground states has nearly doubled since the 2020 election, increasing 92% to a record high of $2,161.
- Since 2020, housing costs have risen faster than incomes, making the typical home in battleground states unaffordable for the average family as a result.
- The change could have a major impact on the next election, as voters continue to consider which candidate will improve their standard of living.
(News Nation) — Monthly housing costs have skyrocketed in recent years. Now, home buyers in the state making the decision to buy a home are… Next Presidential Election They’re paying almost double what they were paying four years ago. According to new data from Redfin.
Average Monthly Housing Costs Battleground States It has nearly doubled since the 2020 election, increasing 92% to an all-time high of $2,161.
Home prices in battleground states are also on the rise, up nearly 40% since the last election and are expected to reach a record high of $316,063 in 2024, according to the report.
Redfin’s analysis of housing and income data looked at trends in Republican and Democratic states, as well as seven battleground states: Arizona, Nevada, Wisconsin, Michigan, Pennsylvania, Georgia and North Carolina.
Since 2020, housing costs have risen faster than incomes, making homes in typical battleground states unaffordable for the average family. Today, a family in a battleground state needs to earn $86,421 to spend less than 30% of their income on a median-priced home, nearly double the $45,140 needed in 2020.
The change could have a major impact on the next election, as voters continue to consider which candidate will improve their standard of living.
“Voters in battleground states are concerned about home affordability as rising home prices, mortgage rates and a shortage of homes for sale make homeownership feel impossible for some Americans,” Elijah de la Campa, senior economist at Redfin, said in a statement.
Recent polleng suggests that swing state voters prefer the former president. Donald Trump President and above Joe Biden When it comes to the economy, and housing in particular, the two are intrinsically linked.
According to the Redfin report, housing costs have soared in both Republican and Democratic states: The median housing cost in Republican states is $2,066, up 95% since 2020. In Democratic states, monthly payments are even higher ($3,311) and have risen less (83%).
Still, Republican states like Texas and Florida have been aggressive in building them. Add new housing It has a larger population than any other state in the country, surpassing even more populous states like California.
In March, Biden A series of proposals It aims to make housing more affordable, including plans to build more than 2 million homes.
The president also Request to Parliament However, they will pass legislation that would ban certain tax breaks for corporate landlords who raise rents by more than 5% per year. Homebuilders warn This could discourage developers from building new units, further reducing inventory.
on the other hand, Republican 2024 Policiespledges to make housing more affordable by “opening up limited swaths of federal lands to allow for new housing construction,” promoting homeownership through tax incentives, and cutting “unnecessary regulations that drive up housing costs.”
both Trump and Biden They have raised tariffs on lumber, steel and other building materials, helping to push up home prices.
Rising home prices also became an issue during Trump’s 2020 runoff against Biden. Median home prices in battleground states rose 40% between 2016, when Trump took office, and 2020, according to Redfin, but that’s partly because the pandemic-fueled housing boom had already begun.
