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American voters are concerned about affordability of homeownership amid rising housing costs as voters prepare to vote in midterm elections this fall, a new survey shows.
A survey conducted for the National Association of Realtors by Public Opinion Strategies and Hart Research showed that more than half of voters (52%) say housing affordability is the most important voting issue to them.
Sentiment surrounding the housing market remains at historically low levels, with the survey showing that only 17% of voters think now is a good time to buy a home – down from 69% in 2013.
Despite the storms that affect affordability of housinghomeownership remains an important part of what voters view as the American dream, with 85% calling it an important part of the American dream, an increase from 79% in 2013 with strong support across political parties.
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Home ownership remains an important part of how voters view the American dream, the NAR survey showed. (Loren Elliott/Bloomberg via Getty Images)
Renters and other non-homeowners have expressed concern about the inability paying for home ownership76% of that group expressed the belief that they will never be able to buy a house and 59% said they want to buy but do not have affordable options in their community.
In contrast, only 27% of all voters were concerned that they would never be able to afford a home and only 21% cited a lack of affordable options in their community as a barrier.
In this survey, homeowners were asked about the reasons why they can’t move, 35% said currently mortgage rate it’s low, and they can’t afford a high rate.
Additionally, 30% said they would like to buy another home but don’t have affordable options in their community, and 16% said they would like to sell but I can’t pay taxes from the proceeds of the auction.
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Voters cited the lack of affordable housing as a key barrier to homeownership. (iStock/Getty Images Plus)
Voters of all political parties often say that provincial government policies makes it harder to buy a home, with a majority of Democrats (56%) and Independents (53%) and a majority of Republicans (41%) expressing that sentiment.
The NAR survey also measured respondents’ views on minorities congressional proposals aimed at improving housing availability.
More than four-fifths of all voters, 84%, expressed support for allowing homebuyers to save tax-free money that could be used to buy a home, more than 80% of all political parties.
More than three-quarters of voters, 76%, supported the proposal to provide a one-time option sell your house without paying tax on the profit. That view was overwhelmingly supported by Republicans (87%) and saw skepticism among Democrats (65%).
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The NAR survey asked voters about proposals aimed at making housing affordable. (Mandel Ngan/AFP via Getty Images)
A similar proposal that would increase the amount of profit that retailers can take before paying taxes is supported by two-thirds (67%) of voters, Republicans (78%) and independents (66%) view the idea more favorably than Democrats (58%).
Providing tax incentives that require property developers to provide affordable rental Low-income families are supported by 71% of voters, and Democrats are more opinionated (90% support) than Republicans (53%).
Encouraging rent-to-own investors to sell homes to first-time buyers was supported by 71% of voters, with similar levels of support across political parties.
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NAR and its polling partners then asked voters if Congress passed those proposals would make it easier to buy or sell a home, and 64% of respondents said they would, compared to 9% who thought current policies would make it easier to buy or sell a home.
