As Dream Of Home Ownership Fades, Young Voters Turn To Socialism
Socialism is on the rise in America. With Zohran Mamdani leading in the polls for Mayor of New York City, the leftward trend among under 40-year-old voters is undeniable.
More than half of all under forty year old voters —53% — would be like to see a “democratic socialist” as the next president according to a Rasmussen Reports survey of 1,201 U.S. Likely Voters ages 18 to 39, conducted on August 26-27, 2025.
And 76% said they “somewhat” or “strongly” agree that “major Industries like health care, energy, and big tech should be nationalized to give more control and equity to the people.”
Driving this dangerous trend is economic frustration and pessimism about the prospects of home ownership among young voters.
The high interest rates the Fed is artificially maintaining is extinguishing the dream of home ownership for young voters and driving them to socialism. And they are embracing increasingly radical policies in their frustration.
The median price of a home is now $415,000 according to the National Association of Realtors.
While President Trump has been quick to identify this problem, his demands for lower interest rates have yet to resonate with the gray heads in whose hands the decision rests.
But there are important steps the president and Congress can take to increase the inventory of homes for sale and to lower their price.
First among these is to relieve the burden of high capital gains taxes that freezes the inventory of dwellings and drives up their price. Federal action to exempt single family homes from capital gains taxes, or at least, to declare a “holiday” suspending these taxes for a period of several years, would unleash massive new numbers of affordable homes onto the market.
The President and Congress can also act to cap the interest rates credit card companies can charge consumers. Particularly when late payments of defaults threaten, credit card companies routinely are charging more than 20 percent interest and some have gone even higher.
Usury laws are ineffective because of inter-state banking that the lenders use to evade them.
In the campaign, Trump called for a cap of ten percent on credit card interest rates. A study by Vanderbilt University released last month suggests that a such a cap save Americans $100 billion in annual interest costs.
The study found that “banks and credit card companies would be able to withstand a national cap of 15 percent” if the banks continued to offer rewards and perks like points and airport lounge access. “If interest rates were capped at 10%, the business model gets more difficult,” the study found but said that “most lenders could still make money off most card customers.”
Socialist politicians like Vermont Senator Bernie Sanders have introduced a bill in Congress that would match Trump’s campaign proposal of capping interest rates at 10%.
Unless we act to relieve the financial strains on young families, we risk reaping the socialist whirlwind.
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