House payment nearly doubles in swing states since last election, Redfin says
File photo. Credit: Joyce Lupiani/FOX 5 Atlanta
ATLANTA - A recent survey commissioned by Redfin reveals that over 90% of adult Gen Zers consider housing affordability a crucial factor in deciding their vote in the upcoming presidential election.
The median monthly housing payment for homebuyers in swing states has nearly doubled since the 2020 election, now at an all-time high of $2,161. This surge is attributed to rising home prices and mortgage rates, with Redfin's analysis covering housing-market data from 2016 to 2024 across blue, red, and swing states.
Housing costs have also dramatically increased in red and blue states, with median housing payments rising to record levels.
In red states, the median payment has gone up by 95% to $2,066, and in blue states by 83% to $3,311.
Swing states, where voters will likely determine the 2024 presidential election outcome, have seen a 40% increase in the median home-sale price, reaching $316,063 in 2024. The average mortgage rate in these states is now 6.89%, significantly higher than the 2.65% recorded in early 2021, exacerbating affordability issues.
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The typical home in swing states has transitioned from affordable to unaffordable for the average family since the 2020 election.
A median-priced home now requires a household earning the median income to spend 32.8% of their earnings, up from 21.8% in 2020. This trend is mirrored in red and blue states, with median income households needing to spend 32.9% and 41.3% of their income, respectively, on housing, up from much lower percentages in 2020.
Affordability in swing states has declined sharply, with only about one-third of homes listed for sale this year being affordable to a median-income household, compared to two-thirds in 2020.
In red states, just over a third of homes are affordable, down from 69% in 2020, and in blue states, only a quarter of homes are affordable, down from 50% in 2020.
This significant drop in affordable listings highlights the growing housing affordability crisis impacting voters' decisions in the 2024 presidential election.