Trump VS Biden on Housing: What You Need To Know

With the Presidential Election coming in quickly, we thought it'd be a good idea to round up what we know about each candidate's position on housing and give you the short version. Take a look below to see an outline of what Biden and Trump are planning and read on to learn how it might affect you.

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There's a lot going on here. What does this all mean and what kind of direct affects would these plans have on the housing market?

To keep things short, if Biden were elected and were to immediately begin instituting his plans, we'd see a surge in buyers. As you're probably aware of, the housing inventory is at the lowest it's been since the NAR (National Association of Realtors) started keeping record of it. However, the amount of buyers looking for homes remains steady, creating a substantial seller's market (our current state of affairs). In a Biden Administration, we would likely see a surge of even more buyers (making the market more unbalanced than it already is) before things would eventually calm down with the finished construction of new affordable homes throughout the country. The end result would ideally be more opportunity for people of all income levels, better and stronger housing, incentives for buyers, and therefore a booming marketplace.

In a Trump Administration, we see a different approach. Trump's plans indicate a less drastic approach from the get-go. His enactment of the Council to Eliminate Regulatory Barriers to Affordable Housing in 2019 confirms his intentions to help encourage new construction of affordable housing. His repealing of the FFHA (Federal Fair Housing Act) has, on the other hand, encouraged rates and home appreciation to advance in wealthier suburban areas. His goal to privatize Fannie Mae and Freddie Mac would most likely make it more difficult to be a buyer in today's market and would contribute to steadying the marketplace by reducing the number of people who would qualify to purchase property. In a Trump Administration, we would see a more balanced market to the disadvantage of low-income buyers immediately upon the privatization of Fannie Mae and Freddie Mac, and more equal opportunity for all once the construction of new affordable housing across the country is finished.

While these are two different approaches, the end result of both administrations would ultimately be a stable market. Even so, the question remains: Whose plan would create lasting balance and a better future for the country and its citizens?

We at The Hajdaraj Group encourage you to add your own research to what we've laid out here and voice your opinion through your vote.