Housing: A Key Issue for Voters in the 2024 Presidential Election
As the 2024 Presidential Election approaches, housing affordability and accessibility have emerged as top issues for American voters. Politicians on both sides recognize the significant challenges facing potential homebuyers, particularly renters aspiring to become first-time homeowners. With homeownership being one of the most significant economic hurdles for many, candidates are eager to present their visions for improving the market, hoping to resonate with voters who see government intervention as essential to achieving their homeownership goals.
The Upcoming Election
The Presidential election on November 5th is rapidly approaching, and housing is at the forefront of the discussion. Among the candidates, Kamala Harris has been particularly vocal, sharing her ideas on how to make homeownership more affordable and attainable for Americans. Her proposed initiatives, if implemented, could have a profound impact on the housing market.
Kamala Harris’s Housing Plan
Harris’s housing plan includes several key initiatives aimed at supporting first-time homebuyers. One of the most notable proposals is providing up to $25,000 in down-payment support for first-time homebuyers. This assistance would be available to working families who have consistently paid their rent on time for two years. Harris’s campaign estimates that this initiative alone could help over 1 million first-time buyers annually, including many first-generation homebuyers.
In addition to down-payment support, Harris’s plan also proposes a $10,000 tax credit for first-time homebuyers. This credit, which builds on a similar idea proposed by President Biden earlier this year, is designed to provide further financial relief and make the dream of homeownership more attainable for millions of Americans.
Addressing the Housing Shortage
Harris’s housing plan also seeks to address the ongoing housing shortage in the United States. Long before the pandemic, issues like supply chain disruptions and the rise of remote work, the nation was already dealing with low inventory levels, which contributed to higher prices and reduced affordability. To combat this, Harris is advocating for the construction of 3 million new housing units.
To encourage the development of these new homes, Harris proposes the first-ever tax incentive specifically for builders who construct starter homes for first-time buyers. Additionally, she plans to expand an existing tax incentive for the construction of affordable rental housing. By increasing the supply of both affordable rental units and homes for purchase, Harris aims to alleviate the housing shortage and provide more options for working Americans.
Why Is Housing a Hot Topic?
The dream of homeownership is becoming increasingly elusive for many American families. According to a recent CNN poll conducted by SSRS, 86% of current renters in the United States say they would like to buy a home but cannot afford one. Even more concerning, among those renters, 54% believe it’s unlikely they’ll ever be able to afford a home.
These statistics highlight the urgency of the housing issue and why it has become such a crucial topic in the 2024 Presidential Election. With so many Americans feeling that homeownership is out of reach, the policies and proposals put forth by candidates could play a decisive role in shaping the future of the nation’s housing market.
