Record-low US housing affordability is squeezing homebuyers and renters while threatening to spill into presidential politics.
Milwaukee, the largest city in key swing state Wisconsin, saw affordability deteriorate in its rental market more than almost any US metro area in the year ended July, according to a measure by the National Association of Realtors. The region also recorded one of the greatest increases in mortgage burden among the biggest 50 metros in the past year, data from Zillow show.
That could shape voters’ views of their own prosperity and the wider US economy, creating a political vulnerability for President Joe Biden — especially with young voters, who are hard-hit by declining housing affordability. Biden can ill afford any setback in a state he won by just 20,682 votes in 2020.
“It was definitely very frustrating and kind of heartbreaking,” Golab said of the home-buying process, noting that prices for homes in certain neighborhoods were way higher than she anticipated. “It’s very tough to be a buyer,” said Beth Jaworski, who’s been a real estate agent for 31 years in the Milwaukee area and represents Golab and Rechlicz. “I don’t think I’ve ever seen it quite like this.”
A Pew Research Center survey conducted March 27 to April 2 found that 66% of US adults ages 18-29 were not too confident or not at all confident that Biden can make good decisions about economic policy, and 62% of adults ages 30-49 feel the same way. Polling of Generation Z by SocialSphere Inc. found that the inability to buy a home was their second-largest source of unhappiness.
Ka Seng Lim, a 25-year-old engineer and Democrat from Milwaukee, said he doesn’t blame Biden for the low inventory and the fierce competition for affordable houses that he and his fiancée encountered before finally buying a starter home last month.
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