The State of the Housing Market Prior to the Presidential Election
Many voters are concerned with how the election will affect the housing market, but what does it look like now?
Oct. 4, 2024
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Many voters are concerned with how the upcoming presidential election will affect the housing market.
With an ongoing affordability crisis, the U.S. housing market has become a major topic of discussion ahead of the 2024 presidential election. And while many voters are concerned with how the outcome of the election will affect the housing market, it's also important to examine the housing market in its current state. The National Association of Home Builders’ Eye On Housing blog analyzed the variations between different congressional districts to understand where voters’ heads are at as the election approaches. While around 65.2% of U.S. households own homes, there are 40 districts where renters are the majority. In 12 of those districts, renters make up more than two-thirds of households.
New York stands out with simultaneous congressional districts with the lowest and second highest homeownership rates. Close to 84% of households in New York’s 1st district located in eastern Long Island are homeowners. The only other congressional district that registers a higher homeownership rate is Michigan’s 9th congressional district located in the Thumb at 85%. In contrast, in New York’s urban 13th and 15th districts, home owners comprise a minority of less than 16% and 13%, respectively.
