Impact of Trump Presidency on Housing Market

Housing affordability has become a notable point in the U.S. presidential campaign, with a recent Redfin survey indicating that only 38% of voters considered it a pivotal factor in their decisions, overshadowed by concerns like the economy and inflation. Despite a perceived lack of attention to housing issues, Donald Trump performed better in counties with significant housing challenges, suggesting that voters may have more confidence in his ability to address these problems. Trump's proposed policies, such as lowering mortgage rates and deregulation, could impact the housing market, albeit with uncertainties regarding their effectiveness. In Minnesota, a new Renter’s Credit for eligible renters is set to simplify tax refunds and provide financial relief starting in 2025. Additionally, with 60% of U.S. homes owned by seniors, challenges related to housing inventory and affordability are expected to persist, especially as older homeowners consider the equity they hold. Experts predict that the aging population will continue to shape the housing landscape, affecting both renters and first-time homebuyers.