Young Voters Struggle with Housing Affordability Amid Rising Costs
Housing affordability is becoming an increasingly pressing issue for young voters in the U.S., particularly as mortgage rates and rent prices continue to rise. A recent CNBC and SurveyMonkey survey found that one in five Americans who either rent or have a mortgage spend at least half of their pre-tax income on housing, with 49% spending between 25% and 49%. This financial strain is especially pronounced among younger voters aged 18–34, for whom housing costs are now the top political concern ahead of the November midterm elections. In Pennsylvania—a key swing state—housing remains more affordable than the national average. However, the share of income required to rent or own a home has increased significantly since 2019. The rising cost is pushing many potential buyers and renters out of the market as mortgage rates climb above 7.5%, with median home prices up nearly 60% from pre-pandemic levels. Experts warn that this affordability crisis could influence voter behavior in key races, particularly for younger demographics who feel financially squeezed but do not expect significant policy solutions from political candidates.
Topics: housing costs inflation midterm elections voter behavior