Trump hopes to keep prices of homes rising

President Trump wants to keep home prices high, bypassing calls to ramp up construction so people can afford what has been a ticket to the middle class.

- JOSH BOAK

CONSTRUCTION equipment near homes in Happy Valley, Ore., in July. Pending construction has fallen under the Trump administration.

Trump has instead argued for protecting existing owners who have watched the values of their homes climb. It's a position that flies in the face of what many economists, the real estate industry, local officials and apartment dwellers say is needed to fix a big chunk of America's affordability problem.

"I don't want to drive housing prices down. I want to drive housing prices up for people that own their homes, and they can be assured that's what's going to happen," Trump told his Cabinet on Jan. 29.

That approach could bolster the Republican president's standing with older voters, a group that over time has been more likely to vote in midterm elections. Those races in November will determine whether Trump's party can retain control of the House and Senate.

"You have a lot of people that have become wealthy in the last year because their house value has gone up," Trump said. "And you know, when you get the housing — when you make it too easy and too cheap to buy houses — those values come down."

But by catering to older baby boomers on housing, Trump risks alienating the younger voters who expanded his coalition in 2024 and helped him win a second term, and he could wade into a "generational war" in the midterms, said Brent Buchanan, whose polling firm Cygnal advises Republicans.

"The under-40 group is the most important right now—they are the ones who put Trump in the White House," Buchanan said.

Logic in appealing to older voters

In the 2024 presidential election, 81% of Trump's voters were homeowners, according to AP VoteCast data. This means many of his supporters already have mortgages with low rates or own their homes outright, possibly blunting the importance of housing as an issue.