“It’s the economy, stupid!”
This simple phrase became a rallying cry in the 1992 presidential election, acknowledging the frustration driving voters’ decisions at the ballot box. And in 2024, the saying rings just as true. But now the frustration centers on a particular economic segment—one that makes up approximately one-fifth of the overall U.S. economy: the housing market.
With home prices hitting a record high earlier this year, a recent Gallup poll asked Americans to name their family’s top financial concern. Inflation was number one, continuing a three-year trend, but housing ranked as number two—higher than at any time since Gallup started asking the open-ended question in 2005. Similarly, in a national survey by the University of Michigan and the Financial Times, an almost equal 70% share of Democrats, Republicans and Independent voters ranked their ability to afford a home as a top concern.
There’s no question it’s the housing, stupid, and Americans want action.
With housing supply and affordability sinking to unsustainably low levels, the 2024 presidential nominees—Vice President Kamala Harris for the Democrats and former President Donald Trump for the Republicans—would be wise to make this issue a focal point of their campaigns. As the American Property Owners Alliance reported in June, 68% of Americans believe the federal government should do more to expand affordable housing and rental options, and 58% will consider a candidate’s housing plan when voting in the presidential election.
Both Harris and Trump touched on housing policy at their respective party conventions and have pledged to lower housing costs, floating proposals ranging from down payment assistance to tax incentives to deregulation.
The candidates sought to clarify their housing positions after earlier surveys showed that more than half of swing-state voters were dissatisfied with how politicians were addressing this issue. This is a major disconnect, considering 59% of overall voters and 82% of renters say better housing policy would improve their lives.
The National Association of REALTORS® is listening, putting housing issues front and center to elect REALTOR® Party champions at all levels of government and achieve legislative victories to bring homeownership back into reach for millions of Americans.
Of 384 congressional primary contests, 361 candidates supported by the REALTORS® Political Action Committee (RPAC) have advanced to the general election. The Opportunity Race Program, which sends targeted political communications to REALTORS® on behalf of real estate champions, has supported 57 candidates, with 53 winning their primaries. These efforts highlighted candidates’ support for first-time homebuyer programs, tax reforms to increase housing supply, commitment to fair housing and promotion of community reinvestment tools, such as 1031 like-kind exchanges.
Meanwhile, NAR’s State and Local Independent Expenditures Program has supported more than 250 candidates who are committed to prioritizing housing issues in their states and communities. NAR’s Issues Mobilization and Advocacy Everywhere programs have helped state and local REALTOR® associations achieve crucial victories across the country to boost housing supply, from ensuring passage of zoning reforms and sweeping housing legislation to defeating transfer tax and rent control proposals.
Knowing supply constraints are the driving force behind rising prices, REALTORS® continue to advocate for legislative and regulatory solutions that will unlock inventory and increase housing options nationwide. NAR put a spotlight on these issues at both political conventions this summer by hosting events with Politico that featured federal, state, and local officials discussing how to address the country’s housing challenges.
As NAR Chief Advocacy Officer Shannon McGahn said at the Republican National Convention in Milwaukee, “Because [housing issues] impact every single person in every single ZIP code, we’re seeing more politicians who are willing to come to the table. We are always working with Republicans, Democrats—anyone who is seeking a solution.”
The housing affordability crisis supersedes political, generational and geographical divides. As more families sit on the sidelines waiting for their shot at the American Dream, there’s no question of the importance this issue holds for this year’s elections.
The real question is: Will candidates listen? NAR is here to ensure they do.