Affordability Takes Center Stage as Midterm Voters Weigh Costs of Housing, Health Care and More

Worries about the price of everyday goods such as gas and groceries are straining household budgets, and the coming midterm elections are shaping up as a major test of economic sentiment. CNBC's latest All-America Economic Survey, which polled 1,000 registered voters nationwide in mid-October, found that most Americans hold a pessimistic view of the economy.

William Galston, a senior fellow and chair of governance studies at the Brookings Institution, called affordability "the central issue" in the contest. "Nothing else is close," he said. With the Nov. 3 vote less than a week away, policy experts point to several money-related topics that could influence ballots.

Housing is one of them, and concern crosses party lines. A recent Pew Research Center survey found 66% of U.S. adults are very concerned about housing costs, including 76% of Democrats and Democratic-leaning independents and 53% of Republicans and Republican-leaning independents. The median price of an existing home reached $417,500 in September, according to the National Association of Realtors. That is up 1.3% from a year earlier but nearly 54% above the level in September 2019. Among renters, 22.7 million households, or 49% of the total, spent more than 30% of income on rent and utilities in 2024, per the Harvard Joint Center for Housing Studies. Congress passed the bipartisan 21st Century ROAD to Housing Act this year, and it became law without President Donald Trump's signature after he neither signed nor vetoed it. Edward Golding, a former head of the Federal Housing Administration, wrote that its short-run effects will be modest at best.

Taxes are another recurring theme. The 2025 One Big Beautiful Bill Act made Trump's 2017 tax changes permanent and added breaks for tips, overtime, seniors and auto loan interest. As of May 8, the average refund was $3,276, compared with $2,939 in 2025, according to the IRS. Experts say it is hard to know whether that will matter at the polls. Garrett Watson of the Tax Foundation said taxes "may take more of a backseat" given attention on affordability, the Iran war, oil prices and artificial intelligence. A Politico poll found fewer than 10% of respondents name taxes as the single most important issue.

Health care is also on voters' minds. Enhanced Affordable Care Act premium tax credits expired at the end of 2025 after Republicans did not extend them, and the lapse has led to sharp increases in monthly premiums and in the number of uninsured Americans. The law also added work requirements and more frequent eligibility checks for certain Medicaid adults. KFF's Larry Levitt said many Republican candidates are on the defensive over those votes.

Social Security looms as well. The program's trustees say the retirement trust fund may be depleted in 2032, at which point 78% of benefits would be payable unless Congress acts. Some Democratic candidates favor raising or eliminating the payroll tax cap, which stands at $184,500 in 2026, while some Republicans have backed the law's temporary senior deduction of up to $6,000, set to expire in 2028.

Interest rates are not on the ballot, but borrowing costs concern many voters. The Federal Reserve raised rates to a range of 3.75% to 4% last month, its first hike since 2023, and futures markets put the chance of another quarter-point increase at about 10% at this week's meeting. Mark Zandi of Moody's said a divided government could ease inflationary pressures, though only "on the margin."

Student debt is a further flashpoint. About 9.3 million federal borrowers were in default as of late June, and new borrowing caps that took effect in July limit graduate students to $20,500 a year and professional students to $50,000. Expert Mark Kantrowitz said Democrats who win a chamber would likely push to restore the SAVE plan and raise the caps, while Republicans would continue implementing the law's changes.

Family caregiving costs round out the picture. An Edward Jones study found Americans caring for aging relatives spend an average of $8,737 a year out of pocket. AARP polling in swing states including Ohio, Georgia and Texas found at least half of voters age 50 and older are or have been family caregivers.