Americans have handed the new Congress its marching orders: tackle the affordability crisis that’s keeping so many young people locked out of the housing market.

Housing affordability was one of several key themes that resonated with voters from South Carolina to Texas, Ohio, Montana and beyond, helping more than 40 Democrats to flip seats in both the Senate and House during last week’s midterm elections. Survey after survey point to young people, in particular, who feel downtrodden about the prospect of homeownership—and various indicators underscore why.

Earlier this year came news that the typical first-time homebuyer is now 40 years old, a record high and a sharp increase from even five years ago, when the age was 33, according to the National Association of Realtors. Meanwhile, surging home prices and particularly in areas of the country where wages haven’t kept pace saw the share of first-time buyers fall to a record low of 21% last year and barely budge since then, figures from the Chicago-based trade group show.

But voters will need to see that the new, Democrat-controlled Congress is taking these issues seriously or the party risks being ousted once again in 2028, Donna Brazile, a veteran Democratic strategist, cautioned during a conference hosted by the National Association of Realtors over the weekend.

“Affordability, affordability, affordability. It’s not a slogan that Democrats can use again unless they do something about it,” Brazile said, as reported by Realtor.com. 

While Congress passed landmark legislation over the summer with the 21st Century ROAD to Housing Act that targeted boosting the supply of affordable housing, Wall Street also seems optimistic about the implications of a greater focus on affordability.

Source link