Most Americans believe housing affordability is a huge problem in the United States, but you wouldn’t know it if you tuned into the blockbuster US presidential debate. 

US presidential candidates Vice President Kamala Harris and former President Donald Trump sparred on many issues on the debate stage on Tuesday, but housing was barely mentioned by the candidates or the debate moderators.  

“We know that we have a shortage of homes and housing, and the cost of housing is too expensive for far too many people,” Ms Harris said in her opening debate remarks.

However, there was little said from either candidate on housing after that.  

It comes as 74% of Americans believe that the lack of affordable homes is a significant problem in the US, according to a June 2024 poll of 2,200 respondents for the Bipartisan Policy Centre, National Housing Conference and Morning Consult. 

The poll found 65% of respondents reported that home prices in their community had become less affordable over the past year, while 44% of rent had seen increases in their monthly rent.  

Dennis Shea from the Bipartisan Policy Centre said the polling demonstrated strong bipartisan concern about high housing costs.

"It is time for our nation’s political leadership to catch up to public sentiment and take meaningful action to help Americans who are struggling to afford a home," Mr Shea said.

US presidential candidates former President Donald Trump and Vice President Kamala Harris debate for the first time. Picture: Win McNamee/Getty

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The latest figures show home prices are at record highs in the US, making it ever harder for Americans to buy a home.

The S&P Corelogic Case-Shiller Index - a leading measure of US home prices - rose 5.4% year-on-year to a new all-time high in June, according to its most recent findings.

Brian D. Luke, head of commodities, real and digital assets at S&P Global, said the index continued to show above-trend real price performance when accounting for inflation.

“Home prices and inflation continue to factor into the political agenda coming into the election season," Mr Luke said.

To help combat the country’s housing affordability challenges, the presidential candidates have put forward different plans in the lead up to the November election.  

Vice President Kamala Harris wants to provide up to $25,000 in down payment assistance for first-home buyers who have paid their rent on time for at least two years. Picture: Win McNamee/Getty

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How Harris, Trump plan to fixing US housing

The Harris campaign’s signature housing policy calls for up to $25,000 in down payment assistance for first-home buyers who have paid their rent on time for at least two years. 

Their housing plan includes a new tax credit to incentivise builders to construct starter homes, curbs on investor purchases of single-family homes and other initiatives.  

Altogether, the Harris campaign is pushing for the construction of three million new housing units over a four-year term.  

The Trump campaign plans to help new home buyers by slashing inflation in order to reduce mortgage rates, according to their campaign website.  

The Republicans’ plan would also open limited portions of federal land to allow for new home construction and promote homeownership through tax incentives and support for first-time buyers, as well as cutting unnecessary regulations that raise housing costs. 

The Trump campaign also told media that, if elected, they would “stop the unsustainable invasion of illegal aliens which is driving up housing costs”. 

Former President Donald Trump wants to slash inflation in order to reduce mortgage rates for homeowners. Picture: Win McNamee/Getty

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While housing didn’t get much of a mention on the debate stage, both campaigns have been attacking each other in dueling ads. 

How Australia is tackling the housing crisis 

In Australia, the federal government has focused on building new homes and increasing supply to help alleviate the country’s housing crisis. 

The federal government has set a goal to support the construction of 1.2 million new homes nationally over the five years to mid 2029 through its Housing Accord.  

The government has committed about $3 billion to incentivise the states and territories to build more homes, as well as investing more than $1 billion to deliver housing infrastructure such as power and water connections.  

To boost social and affordable housing, the government has invested $10 billion into the Housing Australia Future Fund (HAFF) and provided $2 billion for the Social Housing Accelerator. 

To boost home ownership, the government has expanded the Home Guarantee Scheme, which helps buyers avoid paying lenders mortgage insurance.  

The Australian government is also trying to pass its Help to Buy shared equity scheme, which would help boost home deposits for buyers in exchange for a temporary equity stake in the home.