4 States To Consider Buying Property If You Think Kamala Harris Will Win the Election
It’s election year, and that brings a ton of questions about how things will change going forward if one candidate or another wins. If you’re thinking about buying property in the near future, you might be wondering if you should base your decision on who takes office. And while that’s fine, there are many other factors — like taxes, cost of living, housing prices, quality of life and inflation — to keep in mind when choosing where to live.
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If Kamala Harris wins the election, it might bring about a few changes to the housing market. But historically speaking, the U.S. president doesn’t tend to have major influence in this area. There could, however, be a more nuanced effect.
GOBankingRates spoke with several real estate and finance experts about where they think you should consider buying property if Harris wins the election. Here’s what they said.
Texas
Texas has been a “red” state since 1980, but Donald Trump still only won the state by 6.5% in the 2020 presidential election — the narrowest margin since 1996. If Harris is elected this year, it might have an effect on broader policies, but there’s no guarantee that it’ll directly impact the housing market.
If you’re thinking about buying property, you may want to consider other factors — like housing prices. The average home price in Texas is $308,121, a 0.6% increase from the previous year, indicating a fairly stable market.
In addition to that, there are other benefits to purchasing a home in Texas. For one, there’s no state income tax.
The state also has favorable tax policies for businesses, according to Daniel Rivera, president of Proactive Property Management. This could mean more job opportunities for those moving into the state, or who are already there. It could also mean rising property values in the long term.
According to the U.S. Energy Information Administration, Texas is also one of the leading states in solar energy generation. This combined with Harris’s long dedication to renewable energy could make the state a prime place to purchase a home, particularly for those employed in this sector.
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Florida
Historically speaking, Florida has also leaned heavily Republican. But as the presidential election might not have such a major impact on the housing market, this might not be the most important consideration.
One area that would more directly impact people looking to buy property is taxation. The state has no personal income tax. The general sales tax rate is 6%, lower than other states. And the effective property tax rate is lower than the U.S. average at just 0.99% — all positives for those coming in.
And then there’s the state’s housing market and the various tax breaks available to homeowners.
“Florida’s real estate market has shown consistent growth, with increasing property values in coastal and metropolitan areas,” said Rivera. He also added that the state has some attractive homestead exemptions, which can help offset the cost of homeownership.
As for property values, the average home value is $398,077. This is a 2.5% increase from the past year. Depending on where in the state you buy property, Florida could also be a good investment opportunity.
Oregon
Oregon leans left politically, which could be beneficial if Harris wins the election. But it could also be worth buying property in due to the state’s — and Harris’s — commitment to renewable energies and sustainable development.
“Oregon would be a good state to invest in real estate under a Harris administration because of Harris’s strong position on environmental concerns and dedication to combating climate change,” said Rinal Patel, a licensed real estate agent.
This could mean more incentives or financing for businesses in these sectors, which could bring in more companies and — potentially — higher-paying jobs. These factors could also lead to rising home values over time.
Keep in mind that the current average home value in Oregon is $503,525 — above the national average. This is a 1.5% increase over the past year.
Colorado
In terms of political leanings, Colorado voted Republican from 1920 all the way up to 2004. It has since voted Democrat — including a 13.5% margin toward Joe Biden in 2020.
For potential homeowners, property taxes and housing prices are also important considerations. The state has some of the lowest property taxes in the country — the effective rate is around 0.48%.
Home prices are on the high side, however. The average home value in Colorado is $551,281, a 1.8% increase over the past year.
Still, Patel believes Colorado could be a good place to consider — especially for real estate investors — because of its focus on renewable energy. Just like with Oregon, this could lead to a stronger economy in this sector and be beneficial for those employed in these companies.
Bottom Line
Ultimately, where you buy property is a highly personal decision. The president can affect public policy, social systems and the economy in other ways, but they might not be as impactful to the housing market.
When deciding where to purchase a home — or investment property — be sure to consider other factors, too. These could include current housing market trends, the political leanings of the state, your lifestyle preferences and job opportunities.
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. For more coverage on this topic, please check out I’m an Economist: Here’s My Prediction for the Housing Market If Trump Wins the Election.
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This article originally appeared on GOBankingRates.com: 4 States To Consider Buying Property If You Think Kamala Harris Will Win the Election
