When it comes to Republican red-voting states, Democrat blue-voting states or the swing states, who fares the best in real estate? The National Association of Realtors research team evaluated the data to see which has the biggest homes, priciest residences, and the most home owners.
Note: The states that were considered swing states (and identified as “purple” in the study) were Colorado, Florida, Iowa, Michigan, Nevada, New Hampshire, North Carolina, Ohio, Pennsylvania, Virginia, and Wisconsin.
Priciest homes: Blue states
The median home value in blue states is $301,000, about 91 percent more than some of the more conservative areas of the country. Hawaii, Washington, D.C., and California have the most expensive homes in the country. Blue states tend to have higher incomes, which can help explain the higher home prices too. The median household income in blue-dominant states is $62,564, about 23 percent more than red states ($50,820) and 13 percent higher than in swing states ($55,524).
Home ownership rates tend to be highest in red states, where homes tend to cost less. Nearly 68 percent households in red-leaning states are home owners compared to 63.5 percent in Democratic stronghold states and 67.8 percent in swing states. “Owning a home is more attainable in red states, because the cost difference [in home prices] is substantially more significant than the income difference,” says Jonathan Smoke, realtor.com’s chief economist. “[And] you also get more in terms of space.”
The biggest homes: Red states
Land tends to be cheapest in the South and in rural America, which tend to be red-leaning states. The median red-state listing is about 2,000 square feet, about 210 square feet larger than a blue-leaning state and 100 square feet bigger than in swing states.
The most second-home owners: Blue states
Residents in blue states are 14 percent more likely to own a second home as well as 9 percent more likely to own real estate as an investment.
So Who do American's think is better for housing; Trump or Clinton?
Trump has a 10-point lead on Clinton when Americans are asked about which candidate will spur higher home prices. Primary results also suggest candidates weren’t popular in places where housing prices had a strong recovery.
So of the two presumptive major-party nominees for U.S. presidency, whom do you think will be best for housing prices? The self-described successful real estate executive Donald Trump? Or the former U.S. Senator, first lady and U.S. Secretary of State, Hillary Clinton?
Americans appear to have more faith in Trump. When asked what would likely happen to home prices if either Trump or Clinton were elected, 39% of Americans said prices would rise a little or a lot if Trump was elected compared to 29% for Clinton, according to survey conducted online by Harris Poll on behalf of Trulia. The survey was conducted from June 7-9, 2016, among 2,034 U.S. adults ages 18 and older. In addition:
- Nearly half of Democrats, 47%, said housing prices would likely rise if Trump were elected, compared to just 24% of Democrats who said the same about Clinton.
- Likewise, 38% of Republicans said home prices would rise if Clinton were elected, 33% said the same should Trump be elected.
- Americans who identified as Independents also were more likely, 34% to 28% to foresee rising housing prices under Trump than Clinton. Forty-four percent of unmarried respondents and 46% or renters also saw higher housing prices under Trump, compared to 26% of unmarried respondents and 26% of renters for Clinton.
- Millennials and younger voters, aged 18-34, were more likely to believe housing prices would rise under Trump vs. Clinton, by a margin of 49% to 26%.
Q. If each of the following presidential candidates is elected president in November, what do you think will happen to home prices?
Thinking about your living situation in the next two years, if each of the following presidential candidates is elected president in November, which of the following would you be more likely to do because of their election?
|Buy a home||6%||6%|
|Go from renter to owner||4%||3%|
|Sell a home||2%||4%|
|Change nothing about my living situation||79%||