Days after the election, there’s still no clear answer on who will be occupying the White House for the next four years. But which candidate is better for people occupying less ostentatious dwellings? According to a new survey, it depends on whether you own or rent.
More homeowners (44%) believe President Donald Trump would be better for the housing market than Democratic challenger Joe Biden (35%), while the opposite is true for renters, 45% of whom thought Biden would be better for the housing market, compared to just 28% who picked Trump, according to a recent survey conducted by Redfin.
“The current housing shortage and affordability crisis has been decades in the making,” said Daryl Fairweather, Redfin chief economist. “Neither Republican or Democratic presidents have solved the problem of housing costs rising faster than incomes, so it’s not surprising that 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 of national importance.”
Voters, regardless of homeownership status, expected that Trump would be better for homeowners, with 42% of survey respondents giving him an edge, compared to 38% of people who said Biden would be better. Trump’s lead widened among homeowners, 46% of whom said Trump would be better for homeownership than Biden.
On the other hand, Biden had a seven-point lead as the candidate people think would be better for renters, 42% to 35%. Those who rented their homes gave Biden an even larger edge, with 49% saying that he would be better for renters, compared to only 25% who said Trump would be better.
“Trump has promised to preserve suburban home values, and Biden has promised to do away with exclusionary housing problems that limit housing available for low-income renters,” Fairweather said. “Those campaign promises explain in part why people believe Trump would be better for homeowners, but Biden would be better for renters.”
Redfin also found that 56% of respondents thought the government should provide incentives for builders to construct more than housing. However, just 27% supported zoning policies that would allow increased housing density in their own neighborhoods.
“Housing is one of the few types of policies that does not fall neatly into liberal or conservative camps,” Fairweather said. “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.”