Record\u002Dlow U.S. housing affordability is squeezing homebuyers and renters while threatening to spill into presidential politics.
“It contributes to a general sense that the American dream is out of reach, and that if the Democratic Party promises a middle-class American dream and it’s failing, then I think those voters are more likely to listen to the Republican Party,” said Wendy Schiller, a Brown University political science professor.
“It was definitely very frustrating and kind of heartbreaking,” Golab said of the home-buying process, noting that prices for homes in certain neighbourhoods were way higher than she anticipated.Milwaukee historically has had a relatively stable and affordable housing market, meaning higher costs have a larger proportional affect there than in volatile markets such as in the Sun Belt, said Mark Eppli, director of the Graaskamp Center for Real Estate at the University of Wisconsin-Madison.
Few buyers are insulated from the challenges. In the suburban county of Waukesha, just west of Milwaukee, home prices have risen almost three times more than incomes while available inventory hasn’t met demand, according to a July report by the Wisconsin Policy Forum. A Pew Research Center survey conducted March 27 to April 2 found that 66% of U.S. 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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