For the first time in any recent presidential election, the cost of housing has become a prominent issue. With states across the country facing an increasingly severe shortage of affordable housing, both presidential campaigns have made promises to bring down costs.
In Georgia, WABE spoke to voters who are grappling with their own limited housing options as they head to the polls.
Home prices
Caroline Buckner, who voted at the Ocee Branch Library in Johns Creek, is an aspiring homeowner. She’s been serious about reaching that goal.
“I’ve been saving for about two years now to try and get towards the down payment and have been looking at different options for homebuyer support because it’ll be my first time,” she said.
After all her preparations, she was hoping she could finally buy a home this fall. Her lease was up at her rental.
But she found mortgage rates and home prices were still too high. In the last four years, prices in metro Atlanta have gone up by 40% — well outpacing the national rate, according to data from Zillow.
In Buckner’s case, that meant she had to sign onto her lease for another year.
“I work about 60 hours a week,” she said. “And so not being able to purchase and own my own home is a little concerning.”
Interest rates
Celeste Sola, a voter at the Buckhead Library in Atlanta, does own a townhome with her husband. Still, they’re also feeling the constraints of the current housing market.
“We’re kind of locked into our property right now,” she said.
When they purchased their townhome, they secured a good price and a good mortgage rate. Just a few years ago, mortgage rates were at their lowest — around 2%. While they’re not as high as they’ve been, they’re still at about 6%.
“Basically we can’t move anywhere because we can’t afford any other home in the area. And then we wouldn’t get the rates that we have,” she said.
So, they’re staying put even though they would like more space for their two kids.
Rising rents
Voting at the Metropolitan Library on the southside of Atlanta, Belinda McMichael isn’t looking for change. She wants to remain where she is. But rising rents have made that hard.
Metro Atlanta has seen increases of about 30% since the last election, according to Zillow data.
In McMichael’s neighborhood, the rent increases have been tied to rapid new development. She’s afraid she’ll have to move from her apartment.
“The availability of affordable housing — and I’m holding up air quotes ‘affordable housing’ — is not so affordable for a lot of people,” she said.
She may be more fortunate than some because her family still has their longtime home in the area. But McMichael doesn’t think shared housing should be her only choice.
“I may want my own space that I would like to be able to afford, in my area that I’m familiar with, and not be run out,” she said.
Candidate solutions
To lower housing costs, the presidential campaigns have offered very different plans.
For Vice President Kamala Harris, her promises include building 3 million new homes to boost supply, $25,000 for help affording down payments and fighting large landlords accused of colluding to drive up rents.
Donald Trump’s plan has focused on lowering interest rates, which is traditionally the job of the Federal Reserve, and deporting immigrants, who he argues are filling up housing.
Some voters, like Sola, are looking for the candidate who addresses not just their own needs, but others’ too.
“I don’t think it’s a situation where you can say it’s not my problem because I have my home. It doesn’t affect me,” she said.
She said the cost and availability of housing should be everybody’s problem.
