Rising Housing Costs and Economic Concerns

The increasing cost of housing is a major concern for many Americans, particularly as home prices and rents continue to escalate. Current average home prices have reached approximately $495,000, which marks a 6% increase from the previous year and highlights the barriers many face in accessing affordable housing. Rising mortgage rates, which have surged to around 7%, further exacerbate this situation, making home buying unattainable for many potential buyers. As a result, housing affordability has emerged as a pressing issue, especially among younger voters who are more likely to be renters and feel the pangs of rising costs acutely.