The cost of housing has emerged as the paramount political issue for young American voters heading into the 2026 midterm elections, eclipsing concerns about food prices and the protection of democracy, according to CNBC's All-America Economic Survey released this month. The poll, which interviewed 1,000 registered voters nationwide between July 8 and 12, found that respondents aged 18 to 34 ranked housing affordability as their single most pressing concern. Male voters between 18 and 49 years old also identified housing costs as their top issue, underscoring the demographic reach of the affordability crisis.

Across all age groups surveyed, housing and healthcare costs tied for fourth place among the most important issues facing the country, trailing only the cost of food and groceries, protecting democracy, and immigration and border security. For respondents aged 35 to 49, housing ranked as the second-most important issue after food costs. The survey carries a margin of error of 3.1%.

The housing affordability challenge is underpinned by a confluence of structural pressures. Forty-nine percent of renting households now spend more than 30% of their income on housing, according to a June report by Harvard University's Joint Center for Housing Studies. Of the 22.7 million households in that category, 12.1 million devote more than half of their income to housing expenses. Rising insurance premiums and property taxes have further inflated mortgage costs relative to household income.

The salience of housing costs varies along partisan lines. Self-described Democrats surveyed placed housing as their third-most important issue, behind only food costs and protecting democracy. Independents ranked it fourth, after food costs, democracy, and immigration and border security. Republicans, meanwhile, prioritised immigration, food costs, and Iran over housing affordability.

Both parties have sought to claim ownership of the housing issue in recent months. A bipartisan bill aimed at increasing housing supply, lowering rental and purchase costs, and limiting private equity's role in the residential market passed Congress with overwhelming support in June. The legislation advanced out of both chambers, which are controlled by Republicans, but President Donald Trump declined to sign the bill, calling it a "big yawn" and cancelling a planned signing ceremony at the Capitol on such short notice that the event had already been set up. The bill became law earlier this month without Trump's signature, based on a technicality.

Democrats hold a clear advantage on the housing issue, the CNBC survey found. Thirty-eight percent of respondents said Democrats would do a better job on housing, compared with 32% who favoured Republicans. Among voters who ranked housing costs as a top-two issue, 53% said Democrats would handle the matter more effectively than Republicans.

"It was my contention and the contention of some other people that Democrats had a huge miss in 2024 by not talking more about healthcare. It is an issue where Democrats have had an advantage in polling for a long time," said Jay Campbell, a partner at Hart Research, the Democratic pollster for the survey. "I think housing could be the healthcare of 2024, given especially the need for Democrats to turn young people out who are inclined to be anti-Trump and pro-democratic."

Frustration over housing costs reflects broader consumer dissatisfaction with inflation and the ongoing war with Iran. Sixty percent of those polled said they disapprove of Trump's handling of the economy, while 63% disapproved of his management of the Iran situation. Sixty-eight percent of respondents disapproved of the administration's performance on inflation and cost of living.

When asked which party they would prefer to control Congress after the midterms, respondents gave Democrats a 49% to 45% edge over Republicans. Democrats are widely projected to reclaim the House, though the path to a Senate majority remains more challenging. "Americans are struggling with rising rents, unaffordable home prices, and costly mortgage rates — all happening under Republican rule," Democratic Congressional Campaign Committee spokesperson Viet Shelton said in a statement. "Voters blame Republicans for their broken promises to lower housing costs, and Trump's refusal to address this affordability crisis has left" households grappling with record expense burdens, the statement suggested.