Peach Tree Times

Voters in key battleground states such as Georgia are increasingly concerned about rising housing costs and income erosion, according to a poll released last week by the League of American Workers. The poll, which focused on the swing states of Arizona, Georgia, North Carolina, and Wisconsin, revealed significant voter dissatisfaction with President Biden’s handling of the economy.

Steve Cortes, chairman and founder of the League of American Workers mentioned in his column at Real Clear Politics that 77% of respondents believe that the country is headed down the wrong track. Cortes suggested this lack of confidence could be attributed to disapproval towards President Biden's economic management with only 39% approval rate while 57% registered "strong disapproval."

The survey conducted by North Star Research polled 800 registered voters across these four states. Economic issues and inflation emerged as top priorities for voters - with a first mention from 23%. When asked to elaborate on these concerns, 39% cited income erosion while 29% pointed out rising housing prices.

"While the President may be selling 'Bidenomics', these results indicate that Battleground state voters aren't buying," commented Jon McHenry, partner with North Star who conducted the survey in Peach Tree Times.

According to Bureau of Labor Statistics (BLS), national shelter index increased by 7.2 percent between Sept. 2022 and Sept. 2023 while rent index rose by 7.4 percent during same period.

Zillow Home Values Index indicated that as of Sept. 30, typical home value in Georgia stood at $320,082 marking a staggering increase of 67.2 percent since Oct. 2018.

Data provided by BLS shows an increase in housing costs by about 7.8 percent from Aug.2022 to Aug. 2023 in the Atlanta-Sandy Springs-Roswell area.

NerdWallet reported that on Oct. 31, average APR on a 30-year fixed-mortgage rate in Georgia was slightly above national average at 7.859 percent, indicating an increase of 0.84 percent from the previous year.

A study by QuoteWizard by Lending Tree showed that average cost to rent a one-bedroom apartment in Georgia stood at $1,222 marking a rise of 27-percent over the rates in 2020.

U.S. Bureau of Labor Statistics noted that real average weekly earnings for all employees decreased by 0.2 percent between Aug. and Sept. 2023, falling further by 0.1 percent when comparing data between Sept.2022 and Sept.2023.

According to the U.S. Census Bureau, real pre-tax median household income in the United States in 2022 was $74,530, representing a 2.3% decrease from the 2021 estimate of $76,330. The decrease in real median income after taxes from 2021 to 2022 was more significant, declining by 8.8%. Per the Bureau, this decrease was largely due to American Rescue Plan Act (ARPA) tax policies expiring, and the lowest-income households felt the greatest negative impact on their post-tax household incomes.

Federal Reserve Bank of St.Louis' FRED database suggests that the median pre-tax household income in Georgia was around ten percent lower than the national median pre-tax household income standing at approximately $67,730 in 2022.