Rising Home Prices Are Making Life Worse

Redfin asked 3,000 respondents in June how changes to the economy over the last decade such as tax reform, the prevalence of part-time work, the Affordable Care Act, have affected their life. Nearly half (46 percent) said rising home prices made their life worse, compared to just 16 percent who said that rising home prices made their life better.

Homebuyers and sellers in general support policies that help would-be homebuyers struggling to afford a home over policies that benefit existing homeowners or investors and home-flippers.

Four major findings from survey results:
• Respondents are nearly twice as likely to support policies designed to keep homes affordable as they were to support policies designed to strengthen home values.
• Nearly half of respondents said rising home prices over the past decade have made their life worse, while just 16% said rising home prices made their life better.
• 63% of respondents believe the government should provide down payment assistance to working-class families buying their first home.
• Respondents were more likely to support policies designed to limit investors’ ability to buy homes to flip or rent out over policies designed to make it easier for investors to buy homes to flip or rent our rent out.

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