According to a recent survey conducted by Ipsos and commissioned by Redfin, the real estate brokerage powered by Rocket, nearly three out of five (59%) Americans believe that improvements in artificial intelligence will remove jobs and make it harder for people to afford homes. Conversely, half as many respondents (30%) think that improvements in AI will improve the U.S. economy and enable more people to purchase homes.
Rapid advancements in AI have dominated headlines due to concerns that a sizable portion of white-collar employment could be automated. According to some estimates, up to 30% of American jobs could be lost, affecting 80% of people in some form and raising concerns about stable income. Uncertainty about the labor market’s future may also lead to fluctuating mortgage rates, which would present an additional challenge for potential homeowners.
Redfin also inquired as to whether immigration laws and regulations would improve or worsen housing affordability:
- More than half (52%) say less immigration will result in fewer construction workers and fewer new homes, driving up home prices.
- On the flip side, 35% say less immigration will reduce demand for housing, making it more affordable.
When broken down by political party, slightly more than three out of five (63%) Democrats claim that improvements in AI will make it more difficult to afford homes and kill jobs. Republicans answer the same thing in just less than three out of five cases (57%).
Redfin also inquired about additional factors influencing people’s perceptions of the affordability of housing. Nearly two-thirds (65%) of Americans think tariffs will keep interest rates high and lead to inflation. According to three out of ten (31%) respondents, tariffs will strengthen the American economy and enable more individuals to purchase homes.
Tighter border security, more deportations, and fewer legal immigration routes are the main goals of President Trump’s tougher immigration policies. When asked about zoning, over half (47%) of Americans believe that less stringent building and zoning regulations will help make homes more affordable, while 19% disagree.
The governors of Michigan, Pennsylvania, and Illinois are among the many state and local officials who favor relaxing zoning regulations to facilitate the construction of homes. Some MPs are against the idea, claiming it will allow taller, denser development while undermining community character.
In conclusion, Republicans and Democrats have different opinions about how zoning, immigration, and tariffs will affect the affordability of housing. For example, compared to 51% of Republicans, some 79% of Democrats believe tariffs will result in inflation and maintain high interest rates. Furthermore, Republicans are much more inclined to think that lower immigration will eventually result in more affordable housing.
To read the full report, click here.
