SEATTLE, Oct. 29, 2020 /PRNewswire/ -- (NASDAQ:
RDFN) -- More homeowners expect Trump (44%) to be better for
the housing market than Biden (35%), while the opposite is true for
renters, with 45% picking Biden and only 28% picking Trump. This is
according to a new report from Redfin (www.redfin.com), the
technology-powered real estate brokerage. The two candidates were
essentially tied on who will be better for the housing market
overall.
"The current housing shortage and affordability crisis has been
decades in the making," said Redfin chief economist Daryl Fairweather. "Neither Republican or
Democratic presidents have solved the problem of housing costs
rising faster than incomes, so it's not surprising that so many
people believe neither candidate will help the housing market. But
it should be encouraging that both candidates have brought up
housing during their campaigns in recognition that housing policy
is of national importance."
Trump has a four-point lead as the candidate that voters expect
will be better for homeowners, with 42% of respondents giving him
the edge compared to 38% of people who said Biden would be better
for homeowners. Trump's lead widens among homeowners, 46% of whom
expect Trump to be better for themselves, compared to 36% who
expect Biden to be better. Among renters the results flip, with far
more renters (45%) expecting Biden to be better for homeowners than
Trump (31%). On the flip side, Biden has a seven-point edge as the
candidate people expect to be better specifically for renters,
leading 42% to 35%.
Biden holds an even larger lead among renters, with nearly half
(49%) saying that Biden will be better for renters, compared to
just a quarter who expect Trump to be better for renters.
Homeowners are close to evenly split between who they think will be
better for renters.
"Trump has promised to preserve suburban home values, and Biden
has promised to do away with exclusionary housing policies that
limit housing available for low-income renters," explained
Fairweather. "Those campaign promises explain in part why people
believe Trump would be better for homeowners, but Biden would be
better for renters."
The same Redfin survey of over 3,000 U.S. adults, which the
company conducted in early October, also found that over half of
respondents (56%) think the government should provide incentives
for builders to build more housing, but less than half as many
(27%) support zoning policies that would allow more dense housing
in their own neighborhood.
According to another new Redfin report expanding on these
findings, people who are voting for Joe
Biden were more likely to support government programs for
housing, with 61% supporting down payment assistance, 73%
supporting incentives for low income housing, and 66% supporting
incentives for creating any type of housing. However, when it comes
to zoning for density in their own neighborhood, just 32% of Biden
voters said that they support such policies.
Trump voters were less likely to support any of the three
pro-housing policies Redfin asked about, with just 43% in favor of
down-payment assistance and 49% supporting incentives for
low-income housing or any kind of housing. Only 24% of Trump voters
support policies that make more dense housing possible in their
neighborhood.
"Housing is one of the few types of policies that does not fall
neatly into liberal or conservative camps," said Fairweather.
"While many Americans across both major parties can agree that
there's a need for more housing—particularly affordable
housing—both Democrats and Republicans are reluctant to see their
own neighborhoods become more dense. This will be a challenge for
those elected into local, state and federal offices next week, but
hopefully politicians will work together to create bipartisan
housing reforms like down-payment assistance or incentives to build
more affordable homes."
Support for down-payment assistance was predictably high among
renters, with 62% in support compared to just 48% among homeowners.
However, renters were not much more likely than homeowners to
support government incentives for low-income or other types of
housing, with support from both groups ranging between 55% and 61%.
Renters were also mostly opposed to density in their own
neighborhood, with just 31% supporting the idea, compared to 26% of
homeowners.
To read both of these reports complete with charts of Redfin's
survey findings, please visit:
https://www.redfin.com/news/us-election-trump-biden-housing-market
https://www.redfin.com/news/support-for-housing-not-density/
About Redfin
Redfin (www.redfin.com) is a
technology-powered residential real estate company, redefining real
estate in the consumer's favor in a commission-driven industry. We
do this by integrating every step of the home buying and selling
process and pairing our own agents with our own technology,
creating a service that is faster, better and costs less. We offer
brokerage, iBuying, mortgage, and title services, and we also run
the country's #1 real estate brokerage search site, offering a host
of online tools to consumers, including the Redfin Estimate.
We represent people buying and selling homes in over 90 markets in
the United States and Canada. Since our launch in 2006, we have
saved our customers over $800 million
and we've helped them buy or sell more than 235,000 homes worth
more than $115 billion.
For more information or to contact a local Redfin real estate
agent, visit www.redfin.com. To learn about housing market trends
and download data, visit the Redfin Data Center. To be added
to Redfin's press release distribution list, email
press@redfin.com. To view Redfin's press center, click here.
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SOURCE Redfin