Survey: Will Trump’s presidency be good for aspiring homeowners? Many Americans think so.
+1 more
Amid a contentious election season and a period of high inflation, many Americans delayed making major purchases, such as a new home or car. Now that the country’s outlook for the next four years has come into focus, with President-elect Donald Trump set to return to the White House, are Americans ready to resume spending?
Whether you’re preparing to take out a mortgage or still not yet ready to buy a home, the changing administration may affect the national economy — and with it, housing markets across the country.
To understand how the 2024 presidential election outcome will affect Americans’ spending habits and attitudes about homeownership, ConsumerAffairs surveyed 1,000 voters on their views on the economy and housing market. Results have been adjusted through a weighting process to reflect demographic characteristics of the U.S. population.
Trump's policies bring homeownership hopes for many, with 43% of voters believing Trump's policies will make homeownership more accessible for aspiring buyers.
Jump to insightThere is optimism regarding mortgage rates — 39% of voters believe mortgage rates will improve with Trump as president, while a smaller percentage think rates will rise.
Jump to insightOne-third of voters (33%) postponed a major financial decision while awaiting the election results. Of those who delayed, 77% are now prepared to move forward with their purchase.
Jump to insightDespite mortgage rate optimism, 42% of voters are worried about the stability of the housing market under Trump.
Jump to insightMany Americans feel confident about homeownership in 2025
This fall has marked a national turning point. Not only did the 2024 election result in a major shift in power in the U.S., but in recent months, measures of inflation have cooled, while consumer confidence has improved and federal officials have cut interest rates.
Our survey of 1,000 voters found that 43% believe Trump’s policies will positively impact aspiring homeowners. Just 36% say they believe Trump’s policies would be unlikely to support aspiring homeowners.
Respondents also expressed optimism about mortgage rates, which in October 2023 reached their highest mark in over 20 years. Following the election, nearly 4 in 10 voters are more optimistic about mortgage rates in the near future, while just 28% are now less optimistic.
Older American voters are evidently more concerned about the future of mortgage rates; 45% are less optimistic about rates after the election. Many baby boomers, who range in age from about 59 to 78, were homebuyers in the early 1980s, when mortgage rates were significantly higher than they are today.
Americans are still divided over the direction of the broader economy
Despite optimism about certain aspects of the housing market, Americans remain divided over economic outlook more generally. Our survey found that more voters are concerned about the future of the economy (47%) than are optimistic (44%).
While that split comes at a time of political division, economic indicators are pointing in the right direction for the United States. The annual percentage change in the consumer price index, a common measure of inflation, was 2.6% in October, close to the Federal Reserve’s target of 2%.
Americans are ready to resume big purchases after the election
After the election, Americans are showing readiness to spend.
Our survey found that 1 in 3 voters delayed financial decisions pending the election, including buying a car (16%), making home improvements (12%), taking a vacation (12%), and buying a home (11%). Of these individuals, 77% now plan to move forward.
The table below shows the percentage of voters who delayed financial decisions until after the election who are now ready to make different types of purchases. (Some will make more than one purchase.)
Concerns about housing market still common
Despite their optimism about improving mortgage rates, voters’ views about the broader housing market are less rosy. Our survey found that more voters are concerned about the stability of the housing market (42%) than are optimistic (37%).
In comparison, voters appear slightly more hopeful about inflation under Trump, with 42% optimistic. Over the past couple of years, consumer sentiment in general has been rising. In fact, on the eve of the election, sentiment had improved for four straight months and hit its highest level in six months, according to the University of Michigan’s consumer sentiment index.
Still, the affordability of critical expenses is on voters’ minds. Across all age groups except Generation Z, voters identified health care costs as the issue they are most concerned about under Trump.
Bottom line: What is the future of the housing market?
Voter optimism about the economy ebbs and flows — not least after presidential elections. Following this year’s results, we found that more voters than not think a second Trump term will make homeownership more accessible, and more voters are optimistic about rates improving than not.
If you’re considering buying a home, it’s important to consider not just national policy and economic factors but also characteristics of your local housing market. Here are the best places for prospective homebuyers.
Methodology
ConsumerAffairs commissioned Pollfish to conduct this survey. The total sample size was 1,000 American voters in the 2024 election. The survey was conducted online on Nov. 7, 2024, with figures stratified to account for sample demographics.
For questions about the data or if you'd like to set up an interview, please contact rsowell@consumeraffairs.com.
Reference policy
We love it when people share our findings! If you do, please link back to our original article to credit our research.
Article Sources
ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. Specific sources for this article include:
- Federal Reserve Bank of St. Louis, “30-Year Fixed Rate Mortgage Average in the United States.” Accessed Nov. 12, 2024.
- U.S. Bureau of Labor Statistics. “12-month percentage change, Consumer Price Index, selected categories.” Accessed Nov. 12, 2024.
- University of Michigan, “Surveys of Consumers.” Accessed Nov. 12, 2024.
Figures