• Key Insight: The reason nearly two-thirds of Americans expect nothing from politicians regarding housing affordability.
• What's at Stake: Lenders are trying to capture prospective buyers who don't believe conditions will improve.
• Supporting Data: 70% of Americans said housing costs are a bigger issue in this election than in 2024, and 78% want Congress to make housing affordability a priority.Overview bullets generated by AI with editorial review.   

Potential borrowers aren't expecting the midterm elections to solve housing affordability struggles, signaling lenders should act now.Although the 30-year fixed-rate mortgage sits at 7.4%, nearly two-thirds of Americans don't think the midterms will improve the housing market, according to Clever Real Estate's latest survey. Lenders must position themselves as the primary problem-solvers through marketing affordability tools and creative financing solutions.

"Lenders shouldn't wait for the midterm elections to bring buyers back," Kristen Herhold of Clever told National Mortgage News in an emailed response. "Many Americans already see lenders as part of the affordability problem, and the fastest way to change that is to start helping now, whether that's pointing buyers to down payment assistance or giving them a straight answer about what they can afford."

Sixty percent of respondents said housing costs have kept them from reaching financial goals, such as saving for emergencies, at 29%, or retirement, at 25%. More than half also said they feel financially worse off than they did two years ago.

Multiple lenders have launched initiatives to help offset affordability barriers over the past few years. Rocket Mortgage, Guild Mortgage and Guaranteed Rate each rolled out programs that require a 1% down payment from the borrower, paired with a 2% lender contribution. Meanwhile, United Wholesale Mortgage offers a 3% down payment assistance loan structured as a second lien, effectively allowing buyers to purchase with no upfront cash.

The report also found 63% of respondents said they feel angry about housing costs, while 58% can't afford to buy a home.

As a result, 70% said housing costs are a bigger issue in this election than in 2024, and 78% want Congress to make housing affordability a priority. Among Americans who plan to vote, 85% said housing affordability is at least somewhat important, yet 64% don't know where candidates stand on housing.

Two-third of respondents said President Donald Trump's policies have made the market worse, and nearly half blame the administration for the affordability struggles. But 71% weren't aware of the 21st Century ROAD to Housing Act, which was notable considering 61% want large corporations restricted from buying homes, 60% want the same for foreign investors and 35% want to limit companies that buy houses for cash, according to the report.

Reducing property taxes was the most popular policy for improving local housing affordability at 60%, followed by reducing home insurance costs and lowering mortgage rates, each at 53%, respectively. 

Americans want housing to cost less, yet many don't want more built near them. Only 21% support building more high-density housing in their area, as the survey displayed a strong "not in my backyard" sentiment. 

Data center development and artificial intelligence were just as likely as home prices, at 39%, to be an important issue in midterm elections. Inflation and cost of living remained the top issue at 77%, the survey found.