A recent survey conducted last month by Redfin Real Estate Brokerage, showed that most homebuyers don’t see Housing as an important political issue for this year’s elections.
When asked about how a newly-elected president can affect the housing market, 75% of the respondents believed that the winner won’t affect the industry that much. 15% said that the next president can worsen the current housing market, while only 11% believed that out next leader can improve it.
For the average homebuyer, an individual’s decision to purchase a house is personal, not political. 29% of the survey respondents stated that their decision to buy was brought about by a major life event such as a wedding or having kids. The second most-cited reason for buying, according to the survey, was rent fluctuations- usually, the rent is becoming too high for most people.
Issues such as rent hikes, school quality, accessible city infrastructure, sufficient parking spaces, the availability of green spaces, urban planning and zoning, property taxes… all of these factors are unquestionably political. These are the most common considerations for people before purchasing a house, and we can’t deny that they are linked to good governance.
State and local races are therefore the concern of every citizen.
But what about for the national candidates? Well, housing accounts for roughly 18% of our nation’s economy. Taxpayers back most US home loans, whether directly or indirectly. The Federal Reserve sets monetary policy, which then in turn affects mortgage rates. The US Congress determines fiscal policy and therefore has the power to decide on issues about mortgage tax deductions and tax breaks. Furthermore, national environmental and safety laws can hugely affect how and where your house will be built.
According to Redfin Chief Economist, Nela Richardson, “Housing is seen by the government as an engine of wealth creation for the middle class. With income inequality a growing concern, housing still plays a crucial role in economic well-being for most families and that’s an issue worth voting for.”
In addition, our next president will also be forced to set a national housing agenda whether he wants to or not.
So in the end, your vote still does matter. As homeowners, builders, and contractors, we all have a stake in this. As informed industry professionals, let us do our part in reminding the public about how every vote truly counts.
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