“Housing Costs Out of Reach: How the Midterms Will Be Shaped by the Housing Crisis”
As the US midterm elections approach, the housing market is continuing to deteriorate, with 49% of metropolitan areas requiring a household income of $100,000 to qualify for a mortgage. This is up from 6% in 2019 and has major implications for the election. With consumer sentiment at a record low, the Federal Reserve raising interest rates, and 30-year mortgage rates climbing to 6.95%, the outlook for housing remains grim. The issue of housing affordability is a top concern for voters, with many feeling that they're being priced out of the market. As the White House continues to struggle to provide relief, the economy remains a major concern for both parties.
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