Fifty-three percent of U.S. homeowners and renters say housing affordability is impacting who they plan to vote for in the upcoming presidential election, according to a new survey from  Redfin, a national real estate brokerage based in Seattle.

Voters who want to buy homes are also grappling with a surge in homeowners insurance prices and and skyrocketing home prices that are more than  40% higher than they were in 2020, according to Redfin.

“Housing affordability is top of mind for voters because elevated mortgage rates and home prices, along with an acute housing shortage, have pushed the dream of homeownership out of reach for many Americans,” Redfin Chief Economist Daryl Fairweather said in a statement.

“While the economy is strong on paper, a lot of families aren’t feeling the benefits because they’re struggling to afford the house they want or already live in. As a result, many feel stuck, unable to make their desired moves and life upgrades,” he added.

In addition, 64.2% of homeowners and renters say housing affordability makes them feel negative about the economy, according to the survey of 3,000 U.S. homeowners and renters fielded in February.

To help aspiring homeowners, as well as those who want to trade up or down on their home, President Joe Biden last week announced a number of initiatives he said would make housing more affordable, including tax credits for first-time buyers and sellers of starter homes and a plan to build more than two million new homes.

“I know the cost of housing is so important to you. If inflation keeps coming down, mortgage rates will come down as well. But I’m not waiting,” Biden said.

Biden also announced a set of new tax credits that would require congressional approval. The first is a $10,000 refundable credit for middle-class homebuyers that would work like an interest rate buy-down. The administration estimates this program would help more than 3.5 million buyers close a deal on their first home over the next two years.

For existing homeowners, Biden wants to create a $10,000 tax credit aimed at getting people to put their starter homes on the market. The tax credit is designed to make up the difference for middle-class families who sell a home priced below the area’s median home price to someone who will live in the home. The White House estimated the tax credit would incent three million sellers to move.

Additionally, the president is calling on Congress to pass legislation that he says could result in the building and renovation of more than two million homes to close the housing supply gap and lower housing costs.

Biden said the proposals would counter decades of underbuilding, which has led to a shortage of homes, and the surge in mortgage ratges to multi-decade highs. The average rate on March 7 was 7.37% for a 30-year fixed mortgage, more than double what it was before Biden took office, Bankrate said.

The high rates have stifled the supply of new homes on the market because a majority of homeowners have mortgage rates of less than 3%.

The average monthly mortgage payment in the U.S. has risen from $1,349 in January, 2021 to $2,148 in January $2,148, according to Bankrate.com.

“What the housing market needs most to address the affordability crisis is more supply,” Fairweather said. “If two million homes are actually built over the next several years like President Biden is proposing, that’s where the rubber will meet the road in addressing housing affordability.”

Some 53% of renters are in lockstep with homebuyers in reporting lack of housing affordability as a major determinant of who they’ll vote for president in November, the Harvard Joint Center for Housing Studies said in January. A record high 22.4 million renter households—or half of renters nationwide—were spending more than 30% of their income on rent in 2022, the center said. The number of affordable units—with rents under $600—also dropped to 7.2 million that year, 2.1 million fewer than a decade earlier.