Homebuyers in the seven swing states that might determine the winner in this year’s presidential election have seen their median monthly housing payments nearly double since Joe Biden won the 2020 election, according to new data report from Redfin (NASDAQ:RDFN).
Redfin defined the swing states to be Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin. The homebuyers in these states are paying an average of $2,161 per month on their monthly housing payments, a new record high and a 92% spike from four years ago. And homebuyers in blue states are averaging a record $3,311 per month, up 83% from four years earlier, while the homebuyers’ median housing payment has risen 95% to a record $2,066 in red states.
The median home-sale price in swing states has increased nearly 40% since 2020, reaching a record high of $316,063 in 2024. The average mortgage rate is currently 6.89%, more than double the record low of 2.65% at the start of 2021. Redfin noted the steep increase in prices and mortgage rates has made the median-priced home unaffordable to the typical swing state household that earns a median income of $79,155.
“Voters in swing states care about housing affordability because soaring home prices and mortgage rates, along with a shortage of homes for sale, have made homeownership feel impossible for some Americans,” said Redfin Senior Economist Elijah de la Campa. “That’s especially true for young people who are earning low incomes and haven’t yet built up their savings, making them feel it would be an uphill battle to reach their parents’ level of financial success,” “While swing states have historically had lower housing costs than blue states—and most still do—markets in swing states have not been immune to the affordability crunch the country has been facing for the last several years. The inability to afford a home is making a lot of voters feel bad about the economy and their financial prospects.”
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Unfortunately no one knew how bad covid would affect the economy if they didn’t read what was happening. So many businesses closed down, jobs lost, rentals went unpaid and mortgages too. Banks and landlords lost income. Interest rates go up in a bad economy. Banks raise their rates, and Landlords want to recouped their lost income. It is more than difficult to get through this. I don’t think any president can do anything to help in a free market economy. I don’t believe a president has the right to try and control or can control a free market. If a president did than that would be authoritarian or worse. We may have to wait a decade before we recover. People should have worn masks and followed the cdc guidelines. We wouldn’t have had over a million deaths and the economy may have come through this with a better outcome. Oh well, we’re free to do what we want but let’s think about the consequences down the road.
100% and their is such a thing called supply and demand that makes or breaks a market.
Because masks did a lot of good. Printing money by the current administration caused the economic crisis. Biden signed more executive orders than any other president, that’s what an authoritarian does.