Almost three-quarters of Americans see home affordability as significant problem

NHC survey also reveals pessimistic outlook on affordability moving forward

Almost three-quarters of Americans see home affordability as significant problem

NHC survey also reveals pessimistic outlook on affordability moving forward
CONCEPT Meter showing high home price growth

Nearly three-quarters of Americans are concerned about the state of housing affordability in the country, according to a recent study performed by the National Housing Conference (NHC).

According to a May survey conducted by the NHC in partnership with the Bipartisan Policy Center and Morning Consult, 74% of respondents believe the lack of affordable homes is a significant problem. The sentiment is widespread across political demographics, with 83% of Democrats, 71% of independents and 68% of Republicans indicating the affordability crisis is a substantial concern.

Increasing unaffordability has been noticed by a majority of Americans, with 65% of survey respondents saying that home prices have become less affordable over the past year. Many expect the problem to persist; 52% say they expect home prices to become less affordable in the upcoming year.

The grim view of affordability has taken a toll. Renters remain hopeful of becoming homeowners, with 69% saying they are either “very interested” or “somewhat interested” in owning a home one day. But the share of renters who expressed a strong interest in homeownership dropped by 10% since a prior survey conducted in September 2022.

With 2024 being an election year and such concerns on the upswing, a bipartisan majority of adults are looking to the government to help address housing issues. Seventy-eight percent of adults think that passing bipartisan legislation to increase the supply of affordable homes and help address high housing costs should be a priority for Congress this year. That view crosses party lines, with 86% of Democrats, 70% of independents and 77% of Republicans believing such legislation should be prioritized.

Americans also want to hear from the presumptive presidential candidates on housing. Seventy-seven percent of respondents (83% of Democrats, 69% of independents and 77% of Republicans) to the NHC’s survey believe it’s important that Joe Biden and Donald Trump release plans to improve affordable home supply and tackle the costs of housing.

The most crucial issue for the candidates to address, according to the survey? Inflation. Some 88% of adults said that it’s important for Biden and Trump to release a plan to bring inflation down.

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