It’s hard to overstate how tough it has become for millions of Americans to purchase a home — a cornerstone of the so-called American Dream.
Home prices are sky-high, mortgage rates remain higher than anything seen from 2008 to 2022 and housing supply is not keeping up with demand. Vice President Kamala Harris and former President Donald Trump, the two leading candidates for US president, both recognize that Americans are dealing with a housing crisis.
Building on plans proposed by President Joe Biden, Harris unveiled her solutions for housing last month, which include up to $25,000 in down-payment support for first-time homebuyers, a $10,000 tax credit for first-time buyers, tax incentives for builders that build starter homes, and an expansion of a tax incentive for building affordable rental housing. Experts praised some parts of Harris’ plan, but were skeptical of others, CNN previously reported.
Trump, meanwhile, has proposed using federal land to help alleviate the housing shortage. The Republican National Committee said that its party will “promote homeownership with tax incentives and support for first-time buyers and cut unnecessary regulations that raise housing costs.”
With housing costs likely the largest monthly payment for Americans, the issue can weigh heavily on voters’ minds. Do you feel that housing is one of the defining factors in how you’ll cast your vote in the presidential election? Please share your story with us in the form below.
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