A political spotlight continues to shine on housing, with both presidential candidates outlining their plans to increase construction to ease a historic shortfall of homes and to make ownership more affordable.
The importance of housing should not be underestimated in this election, even though it receives little media attention.
Some 40% of renters believe they’ll never own a home.
A Redfin survey earlier this year found housing was the top issue for 91% of Generation Z adults and 87% of Millennials.
Their frustration is due to America’s lack of an estimated 4.5 million homes, which has pushed up prices even in a high interest rate environment.
Property values compound the problem. In June, the National Association of Realtors (NAR) reported the highest-ever median price of $426,900.
So, what are the presidential candidates promising voters? Here’s a quick breakdown:
President Donald Trump:
The Trump camp blames the housing shortage on burdensome regulations.
He said recently: “Federal, state, local and tribal governments impose a multitude of regulatory barriers — laws, regulations and administrative practices — that hinder the development of housing.
“These regulatory barriers increase the costs associated with development, and, as a result, drive down the supply of affordable housing. They are the leading factor in the growth of housing prices across metropolitan areas in the United States.”
Trump claims the Democrats’ $25,000 first-time homebuyer assistance plan would benefit illegal immigrants.
Vice-President Kamala Harris:
A $25,000 first-home grant would be offered to those wanting to own their own home.
CBS recently quoted her as saying: “There’s a serious housing shortage. 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. We will take down barriers and cut red tape, including at the state and local levels.
“Some corporate landlords buy dozens if not hundreds of houses and apartments. Then they turn them around and rent them out at extremely high prices, and it can make it impossible then for regular people to buy or even rent a home.”
The Harris campaign released a TV ad to draw attention to her plan to build 3 million homes.