Housing costs have become the top political issue for Americans ages 18 to 34 ahead of the 2026 midterm elections, according to CNBC's latest All-America Economic Survey, highlighting how affordability is emerging as a key issue for younger voters.
The survey found housing ranked above the cost of food and groceries and protecting democracy among respondents ages 18 to 34. It was also the top issue for men ages 18 to 49 and the second-most important issue for voters ages 35 to 49, trailing only food costs.
Housing Drives Political Debate
"I think housing could be the healthcare of 2024, given especially the need for Democrats to turn young people out who are inclined to be anti-Trump and pro-democratic," Jay Campbell, a partner at Hart Research and the Democratic pollster for the survey, told CNBC.
The affordability challenge has been fueled by rising home prices, mortgage rates, insurance costs and property taxes. A June report from Harvard University's Joint Center for Housing Studies found that 49% of renter households spent more than 30% of their income on housing, while 12.1 million renter households devoted more than half their income to housing costs.
Housing affordability remains a challenge across the U.S. Earlier this month, CNBC's second-quarter Housing Market Survey found buyers were gaining more negotiating power as inventory improved, but mortgage rates and elevated home prices continued to be the biggest obstacles for prospective buyers. Agents also reported sellers becoming more willing to cut asking prices as market conditions shifted.
Borrowing costs, meanwhile, have remained stubbornly high despite signs of easing inflation. HousingWire Lead Analyst Logan Mohtashami recently said mortgage rates are likely to stay within their recent range as the Federal Reserve maintains a hawkish stance and geopolitical uncertainty keeps long-term borrowing costs elevated. The Mortgage Bankers Association also said the average rate on a 30-year fixed mortgage climbed to 6.65%, the highest level since August 2025, while purchase applications fell 7% from the previous week, underscoring continued pressure on prospective homebuyers.
Affordability pressures extend beyond financing costs. Zillow recently said the number of U.S. cities where starter homes cost at least $1 million has nearly tripled since 2020 as persistent housing shortages and strong demand pushed prices higher.
Democrats Hold Narrow Edge
Housing has also become a key campaign issue after a bipartisan bill aimed at increasing housing supply, lowering the cost of renting and buying homes, and limiting the role of private equity in the housing market became law earlier this month. President Donald Trump declined to sign the measure after canceling a planned signing ceremony, but he also did not veto it, allowing the legislation to take effect
The survey found Democrats held a modest advantage on the issue, with 38% of respondents saying they would do a better job handling housing compared with 32% for Republicans. Among voters who ranked housing among their top two concerns, 53% favored Democrats. Overall, respondents gave Democrats a 49% to 45% edge over Republicans on control of Congress after the midterm elections.