Key facts
- Housing affordability is a central issue in the lead-up to November's midterm elections.
- Candidates are proposing changes to homebuyer assistance, mortgage financing, property taxes, zoning, and housing construction.
- The National Association of Realtors (NAR) is involved in nearly 20 ballot measures nationwide.
- The 21st Century ROAD to Housing Act, considered a sweeping housing policy change, recently became law.
- NAR cited a continued national housing supply gap of 4.7 million homes.
Housing affordability is a key issue in the lead-up to the US midterm elections, with candidates proposing various changes to homebuyer assistance, mortgage financing, property taxes, zoning, and housing construction. These proposals could significantly impact home sales, inventory levels, development costs, and financial pressures on buyers and homeowners.
Republicans, including President Donald Trump, have focused on reducing regulatory barriers to construction and easing lending rules. Democrats, led by Senate Minority Leader Chuck Schumer, have proposed expanding down-payment assistance and lowering mortgage insurance costs. The outcome of closely contested races for Congress and governor's offices could determine which housing policies gain traction.
Shannon McGahn, Chief Advocacy Officer at the National Association of Realtors (NAR), noted the competitiveness of many races and the significant campaign spending involved. NAR is actively involved in numerous ballot measures across states, aiming to influence housing policy and address the national housing supply gap of 4.7 million homes.
Specific proposals include revisiting first-time homebuyer program eligibility, freezing federal taxes for first-time buyers, encouraging mortgage portability, addressing rental price-setting, and reforming mortgage underwriting and credit-score rules. The recent passage of the 21st Century ROAD to Housing Act, a significant policy change, includes measures like an FHA small-dollar mortgage pilot and restrictions on large investor homebuying.