CBS Highlights Housing Market Woes And Potential Impact On Upcoming Election

In a noteworthy segment on Thursday’s CBS Mornings, the network addressed the growing concern of the housing market, particularly in swing states, and the potential economic crisis that could result. Political correspondent Ed O’Keefe traveled to Arizona, where affordable housing has become a major issue, with 42% of Arizonans finding homeownership out of reach, according to a CBS poll.

O’Keefe interviewed local residents who expressed their frustrations with the current housing situation. One woman stated, “Whether you’re housing, whether you’re renting, everything’s increasing,” while another lamented, “Oh, it’s outrageous right now. At this point, we’re saying that we’re probably not going to be able to move.”

Local realtor Nathan Clairborn echoed these sentiments, emphasizing the affordability crisis: “I mean, affordability is certainly the issue here. Your police, your teachers, your firefighters, they can’t afford this house.” He pointed to a three-bedroom home listed for over half a million dollars, noting that what was once considered a starter home 20 to 40 years ago is now an unattainable “move up home” for many.

Recent data from online real estate brokerage Redfin supports these observations, with the median U.S. home sale price reaching a record high of $387,600 during the four weeks ending May 19, a 4% increase from a year ago. The corresponding monthly mortgage payment at this price, factoring in the current median interest rate of 7.02% for a 30-year mortgage, is now a staggering $2,854.

Perhaps most importantly, O’Keefe highlighted the potential impact of the housing crisis on the upcoming November election. While none of the interviewees had decided who they would vote for, it was clear that the situation had worsened compared to four years ago. As Clairborn put it, “It doesn’t just seem out of reach, it is mathematically out of reach for lots and lots of people.”

Both President Biden and former President Donald Trump have addressed the high cost and supply of housing on the campaign trail, recognizing its importance to voters in key swing states. As the election approaches, the housing market’s challenges are likely to remain a central focus for many Americans struggling to achieve the dream of homeownership.