The swing states where housing costs have almost DOUBLED since last election

House prices in swing states have almost doubled to an all-time high since the last presidential election, a bombshell report reveals. 

The median monthly payment for homeowners in battleground states has rocketed 92 percent to $2,161 since 2020, according to data from Redfin. 

Arizona, Nevada, Wisconsin, Michigan, Pennsylvania, Georgia and North Carolina are the key swing states which will decide the 2024 election. 

Incomes are rising in swing states too - but housing costs driven by an increase in mortgage rates are vastly outpacing this at a rate of 1:3.  

Redfin Senior Economist Elijah de la Campa said housing prices will be a priority issue for voters this year as homeownership now feels 'impossible' for many Americans. 

The median monthly housing payment for homeowners in this year's battleground states has rocketed 92 percent to $2,161 since 2020, according to data from Redfin 

'The inability to afford a home is making a lot of voters feel bad about the economy and their financial prospects,' de la Campa said. 

Housing costs have also rocketed in red and blue states since Biden was elected in 2020, due to the effects of the the pandemic-fueled homebuying frenzy.

The median housing payment has risen 95 percent to $2,066 in Republican territories and 83 percent to a record $3,311 in Democrat strongholds. 

But focusing on the states where voters will decide who the next president will be, the Redfin report shows that median home-sale prices in swing states has increased almost 40 percent since 2020, reaching a record high of $316,063.

The average mortgage rate is currently 6.89 percent, more than double the record low of 2.65 percent at the start of 2021. 

Using the guidance that a household should spend a maximum of 30 percent of their income on monthly housing costs, this means the median-priced home is unaffordable to the average earner in swing states. 

The median swing state household income is $79,155 - meaning a resident would spend around 32.8 percent of their earnings to afford the typical home. 

In 2020, the average household would have been able to afford the median home in their state with just 21.8 percent of their earnings. 

Four years later, a swing state family must now earn $86,421 if they want to spend no more than 30 percent of their income on payments for the median-priced home 

The affordability trajectory in Republican states has almost mirrored that of swing states. A median earning household in a red state would spend 32.9 percent of their household earnings on a median priced home, up from 21.4 percent in 2020. 

The affordability trajectory in Republican states has almost mirrored that of swing states 

House prices in swing states have almost doubled to an all-time high since the last presidential election , an eye-opening new report has revealed. (Pictured: a street in Milwaukee, in the swing state of Wisconsin) 

In Democrat states, the picture is much more dire. A household earning the median income would spend 41.3 percent of their income on the median-priced home, up from 28.6 percent in 2020.

More than 90 percent of Gen Z adults consider housing affordability a priority when deciding who to vote for this year, according to another Redfin survey conducted in February this year. 

Other key topics include President Biden's age, the impact of the Trump assassination attempt, and the announcement of Trump's running mate JD Vance. 

Both Biden and Trump have laid out plans to combat the inflated housing market. 

The state of housing affordability echoes a similar situation before the 2020 presidential election. Home prices soared in advance of Biden's election that year, partly because the pandemic boom was already gathering pace. 

The median home price in swing states increased 40 percent from 2016 to 2020. It increased by 27 percent in blue states, and 28 percent in red states.