Housing costs affect voter decisions more than ever as the 2024 presidential election looms, with rising home prices and rental rates influencing voter priorities. As affordability continues to be a growing concern, both renters and homeowners are increasingly basing their political decisions on candidates’ housing policies. A survey conducted by Redfin reveals that 32% of renters rank housing affordability as a top-three issue in choosing their preferred candidate, while 17% of homeowners share the same concern. This disparity highlights how differently housing costs are impacting segments of the population, driving their voter choices in critical ways.
The Rising Impact of Housing Costs on Voters
The housing costs affect voter decisions in ways not previously seen. The Redfin survey shows that renters, who are often more financially vulnerable due to escalating rents and high home prices, are almost twice as likely as homeowners to prioritize housing affordability. This trend is largely due to the fact that renters are less likely to have benefited from rising home values and are more exposed to inflationary pressures in the rental market. Housing costs are now a pivotal issue, alongside the economy, inflation, and healthcare, as voters weigh their options in the upcoming election.
Redfin survey:
| Share of overall respondents who ranked it a top-three issue | Share of homeowners who ranked it a top-three issue | Share of renters who ranked it a top-three issue | |
| The economy | 46.0% | 49.4% | 43.7% |
| Inflation | 40.4% | 42.2% | 39.5% |
| Health care | 26.3% | 25.7% | 27.7% |
| Housing affordability | 25.1% | 17.1% | 31.6% |
| Crime and safety | 23.5% | 24.3% | 23.5% |
| Immigration | 21.6% | 25.1% | 18.7% |
| Protecting democracy | 20.5% | 22.5% | 19.8% |
| Gun violence | 15.8% | 15.8% | 15.3% |
| Access to abortion | 15.2% | 14.8% | 15.2% |
| Climate change | 13.5% | 15.0% | 12.9% |
| Freedom of speech | 11.7% | 11.8% | 10.4% |
| US’ standing in the world | 8.8% | 10.5% | 6.8% |
| US involvement in foreign wars | 8.1% | 9.0% | 7.1% |
| Access to gender affirming care | 3.6% | 3.9% | 3.1% |
Homeowners vs. Renters: Diverging Priorities
There is a clear divide between how renters and homeowners perceive housing costs in relation to their financial well-being. According to the Redfin-commissioned survey, 52% of homeowners reported being better off financially than they were four years ago, compared to just 44% of renters. Many homeowners have built equity as home prices soared during the pandemic, cushioning the blow of rising living costs. In contrast, renters have faced higher rents and stagnant wages, making housing affordability a pressing concern that could swing their vote.
Why Housing Costs Will Shape the 2024 Election
As housing costs affect voter decisions, the divide between renters and homeowners is becoming a significant political issue. Many renters who feel priced out of homeownership are turning to political candidates who promise to address the housing crisis through affordable housing policies and rent control measures. In particular, renters who support Kamala Harris are more likely to prioritize housing affordability, as 25% of her voters cite it as a top-three issue, compared to 20% of Donald Trump’s voters. This difference in priorities reflects the broader economic and geographical divide, with Democrats often residing in expensive coastal cities where the cost of living is higher.
Housing Costs Affect Voter Decisions
The housing costs affect voter decisions by influencing how Americans perceive their financial stability and future. Whether it’s renters struggling with rising rents or homeowners benefiting from increased equity, the cost of housing has become a defining issue in the 2024 election. As the campaign season progresses, candidates’ policies on housing affordability will likely sway a significant portion of the electorate, particularly among renters who feel the most economic pressure.
