A new survey from Redfin found that 46% of the respondents said rising home prices over the past decade have made their lives worse and just 16% said their lives are better.
The survey revealed that those who bought a home at the bottom of the housing market in 2012 have earned $203 billion in home equity. Thirty-two percent of respondents said rising home prices have had no impact on their lives.
Additionally, 41% of those surveyed said Federal Tax Reform has had no impact on their lives. Jut 20% said that has made their lives better compared to 25% who said it has not.
Also, 63% of respondents say the government should provide down payment assistance to working class families buying their first home. Redfin surveyed more than 3,000 people who bought or sold a primary residence over the past year.
The survey also found that respondents are twice as likely to support policies designed to keep homes affordable rather than to strengthen home values. Respondents said they would support policies designed to limit an investors ability to buy a home to flip or rent.
Redfin states that homebuyers and sellers support policies that help potential homebuyers struggling to achieve homeownership. Presidential candidates Elizabeth Warren and Kamala Harris have proposed policies to assist Americans in buying a home. President Donald Trump also released a plan to address housing affordability, reducing barriers to the construction of housing.
Of those surveyed, 71% of African-Americans said they would support government assistance for down payments. This was followed by Hispanics (67%), Asian (65%), and White (61%). Just 24% said they would not support policies that would provide down payment assistance.
Recent insight form CoreLogic studied home prices, and noted that rising housing costs are impacting entry-level buyers the most.
CoreLogic states that since May 2018, prices of homes more than 25% above the average have risen 3%, compared to 5.5% for homes priced more than 25% below the median.
“With prices rising, many would-be homebuyers are scrambling to find homes within their price range. This puts higher demand on affordable homes and raises their prices,” CoreLogic states.