As voters face rising housing costs and a bleak outlook on homeownership, housing affordability has emerged as a prominent issue in the presidential campaign. A recent Redfin survey of 3,000 U.S. homeowners and renters reveals that housing affordability is a top concern across all age groups, with Gen Z identifying it as the most critical issue. An impressive 91% of Gen Z voters view housing affordability as “very important” or “somewhat important” in their voting decisions.
Further emphasizing the issue, a July Wall Street Journal poll found that housing affordability is the second biggest concern for voters, following grocery prices. In Minnesota, the Center of the American Experiment reports that 84% of 18- to 34-year-olds are worried about their ability to afford a home.
“This trend has been building for many years,” said Mark Foster, Housing First Minnesota’s vice president of legislative and political affairs. “As housing costs continue to climb and new housing options are constrained by government policies, it is no wonder that an increasing number of voters are urging candidates to address this issue.”
Political Responses:
- Kamala Harris: The vice president proposes $25,000 in down payment assistance for first-time homebuyers and supports increasing housing construction to address shortages. “There’s a serious housing shortage,” Harris said. “In many places, it’s too difficult to build, and it’s driving prices up. As president, I will work in partnership with industry to build the housing we need both to rent and to buy.”
- Donald Trump: The former president focuses on borrowing costs, stating, “Under this administration, groceries are up 57%, gasoline is up 60% and 70%, mortgage rates have quadrupled, and the fact is, it doesn’t matter what they are because you can’t get the money anyway. Young people can’t get any financing to buy a house.”
Regional Impact:
In July, the Twin Cities experienced a 3.5% year-over-year inflation rate, surpassing the national average of 2.9%, largely due to rising housing costs.
Foster emphasizes that “housing affordability is likely to remain a top-tier issue for some time.” He warns that without significant policy changes, the challenges of supply and cost will persist.
As the election approaches, housing affordability remains a critical topic, influencing both voter concerns and campaign strategies.
Candidate Endorsements:
Housing First Minnesota’s Political Action Committee (PAC) recently endorsed 44 candidates for election and re-election to the Minnesota legislature. Housing First Minnesota’s PAC endorsement reflects each candidate’s demonstrated commitment to a vibrant housing market that ties together the communities of our great state. These leaders share our goals of providing the opportunity for homeownership for everyone, everywhere.
“Homeownership opportunities and housing affordability rank as one of the top issues for more and more Minnesotans,” said James Vagle, CEO of Housing First Minnesota. “As we saw last legislative session, addressing the barriers unnecessarily driving up the costs of housing is an opportunity for bipartisan agreement. Without significant statewide reforms, our housing market will remain woefully undersupplied.”
“As voters consider their options at the polls, these legislative candidates stand out as leaders committed to addressing the complex issues that are having a real-world impact on Minnesota’s housing market. We look forward to working with these housing champions during the 2025 legislative session.”
The endorsement process utilizes an analysis of a candidate’s voting record, candidate questionnaire, and demonstrated support for Housing First Minnesota’s policy platform. Further endorsements may be considered prior to the general election.
The full slate of the Housing First Minnesota PAC Endorsements can be found at the Housing First Minnesota blog.
