Housing costs have nearly doubled in key swing states since 2020
foxbusiness.comThe Bahnsen Group founder and CIO David Bahnsen surveys the real estate market as younger homebuyers struggle with the ongoing housing crisis.
The cost of buying a house has surged in recent years, as high mortgage rates and rising home prices put ownership out of reach for many Americans.
The problem is even worse for the millions living in key battleground states that could determine the outcome of the 2024 presidential election.
New findings from Redfin show the combination of steep mortgage rates and elevated home prices has pushed the median monthly housing payment for homebuyers in swing states to an all-time high of $2,161 – a 92% increase from the 2020 election.
Home prices in those states have also skyrocketed over the past four years, climbing nearly 40% to a record high of $316,063.
MORTGAGE CALCULATOR: SEE HOW MUCH HIGHER RATES COULD COST YOU
Redfin's report is based on trends in seven swing states: Arizona, Nevada, Wisconsin, Michigan, Pennsylvania, Georgia and North Carolina.
A Coldwell Banker LLC sign is displayed outside of a house for sale in Las Vegas, Nevada, U.S., on Tuesday, Nov. 27, 2012. (Photographer: Jacob Kepler/Bloomberg via Getty Images / Getty Images)
«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 Elijah De La Campa, a senior economist at Redfin.
The steep increase in prices and mortgage rates has made the median-priced home unaffordable to the typical swing-state resident, assuming that a household spends no more than 30% of their income on monthly housing costs.
A household earning the median swing-state income – roughly
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