"Many Americans felt like the last four years, and in many ways the last few decades, had just gotten too unaffordable when it came to the most important parts of their life, especially housing. And you look at this right now, you know, extremely high share of Americans are spending more than 30% of their income on rent or on mortgages."
"It was just recently reported a few weeks ago that the average age of the first-time home buyer has increased to an all-time high. It's very, very difficult for many Americans to afford rent, but it's particularly hard for young people to buy into this market. And so I don't think it's a coincidence that you saw young people, and in particular young men, move sharply away from the Democratic party, which has historically been the home of young voters toward the Republican party."
"But something very strange has happened to the American dream in the last few decades, which is that in many cases, Americans are moving to more affordable areas, but these affordable areas aren't as good at social mobility and helping the lower class move into the middle class, move into the upper class. So on the one hand, you have these cheaper places where upper mobility is difficult, and on the"
Housing affordability shaped voter behavior in 2024. Many Americans now spend over 30% of income on rent or mortgages, and the average age of first-time homebuyers has risen to an all-time high. Young people, particularly young men, shifted sharply toward the Republican party as a protest against an unaffordable status quo. Rent and homebuying are especially difficult for younger cohorts. Historically, housing supply expanded in productive metro areas to meet demand, but recent decades have seen migration toward cheaper areas that offer weaker social mobility and harder upward mobility for lower-income households.
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