Is the 2024 election bad news for the US housing market? Should homeowners and investors be concerned? Belong digs into the data and the bigger picture.

Red, White, and Real Estate: The Housing Market During the 2024 Election Year

It’s that time again, the housing market has entered an election year. With the US presidential election on its way in November 2024, homeowners, investors and economists are eager to predict what impact it will have. And some are nervous.  

A recent Investopedia survey found over half (61%) of investors say they're worried about the 2024 U.S. presidential election affecting their portfolios. But should they be? Are elections really bad news for the housing market? 

The truth is no one can ever know for sure. All markets are sensitive to change, so while the election does factor into this, there’s a lot more at play. 

What affects housing prices during an election year?

While we often talk about the real estate market, supply and demand has the greatest impact on the price of housing. This will of course vary between states and local neighborhoods, so some areas can boom when others bust. 

Investopedia lists the four major factors that drive the real estate market:

Demographics such as population age, growth, and migration 

Interest rates and the impact they have on purchasing power

The health of the economy such as stability, employment, inflation, the cost of living

Government policies, tax incentives and subsidies 

When uncertainty hangs over any of these factors, the real estate market tends to stall. Both supply and demand drop if people feel less confident about making moves to buy and sell property. It’s the wait-and-see approach that spooks the market. In an election year, people often want to hold off in case interest rates change or a new government changes housing or tax policies.

But there are much bigger macroeconomic factors at play than the 2024 US election. The economy has faced headwinds, high inflation and speculation of recession. Then there’s the increase in natural disasters and war. All this impacts consumer confidence and the housing market.  

What’s more likely to influence the markets this year is the cost of lending. After so many increases, mortgage rates dropping would likely have a bigger impact on housing activity than who sits in office. 


How has the housing market performed during past elections? 

As one realtor.com article notes, most elections cause more of a ‘blip’ on the housing market than major meltdowns. The uncertainty peaks around November, causing sales to slow down compared to non-election years. But this is usually resolved by December when activity resumes. 

It’s the other factors mentioned earlier that have a bigger impact. For example, 2008 was an election year but that coincided with the global financial crisis. 2020 was an election year, but pandemic-lead demographic changes and record-low interest rates was what drove housing prices and activity. 


Investopedia also looked at historical data around investment performance and found that the S&P 500 recorded positive returns in 20 of the last 24 election years.

How is the housing market performing in 2024 so far?

Housing affordability remains a problem in 2024, with both interest rates and home prices stubbornly high. Real estate analysts at Redfin noted that the year is off to a sluggish start. Home prices are increasing and mortgage rates have stopped falling. 

But they also note that there are plenty of real estate investors still hungry for lower-priced homes and searching for bargains. Redfin’s analysis found that investors bought more than a quarter (26%) of the county’s most affordable homes in the last quarter of 2023, the highest recorded in the last two decades. 


How Belong brings stability to rental homeowners

Don’t sweat the election year. If you’re looking for a long-term solution and stability in your rental experience, Belong has you covered. We’re making rental finances predictable by offering stable, guaranteed rent. We’re providing flexible payment options to keep your cash flow steady. And we’re doing it while providing a better way of living for the millions of Americans who rent. 

Working together, we can put people first and change what it means to rent a home. Belong can help you reach your financial goals, while also creating lasting, positive impact on innumerable lives for decades to come.

See why thousands of US homeowners are ditching outdated Property Management in San Francisco, San Diego, Austin, Los Angeles, Tampa, Salt Lake City, Jacksonville, Concord, Berkeley, Orlando and more.

Red, White and Real Estate: The Housing Market During the 2024 Election Year

Get Predictable, Guaranteed Rent in 2024

Avoid surprise repair bills in 2025 with smart prevention. Learn the 10-step checklist to stop costly home emergencies before they start, and see how Belong’s vetted contractor network and technology keep your property safe, compliant, and stress-free.

How to Prevent Costly Emergency Repairs in 2025?

Owning a home should bring comfort and stability, not surprise bills. Yet in 2025, emergencies like burst pipes, heating failures, or electrical hazards can hit harder than ever. Costs are rising, skilled trades are in short supply, and new regulations demand faster response times than many homeowners are prepared for.

The good news is most emergencies are preventable. With the right systems in place, you can spot problems early, reduce stress, and avoid the financial shock of major repairs. This 10-step checklist shows you how.

Prevention isn’t just about saving money, it’s about protecting safety, complying with regulations, and preserving long-term home value.

In 2025, new standards require that emergencies be acknowledged within 24-48 hours, repairs started within 72 hours, and completed within 7 days. Even if you’re not renting your home out, these timelines reflect the new normal: issues must be addressed quickly, or risks escalate.

We built this checklist around four questions:

Does prevention offer clear cost savings?


How often does this type of repair occur?


Could ignoring it create legal or compliance risk?

By focusing on these areas, you’ll cover the most urgent threats to your home and your wallet.

1. What exactly counts as an emergency repair in 2025?

Not every repair needs a 3 a.m. phone call, but some can’t wait until Monday. Knowing the difference is critical.

Emergencies that require immediate action include:

Gas leaks: fire and carbon monoxide risks make this life-threatening.


Flooding or water intrusion: leads to mold, ruined flooring, and structural damage.


Electrical hazards: sparks or exposed wiring can start house fires.


Heating failures in winter: quickly make a home unsafe and uninhabitable.


Structural damage: collapsing stairs, roof sections, or weakened beams.


If ignored, these issues escalate from a few hundred dollars to tens of thousands, or worse, legal action.

Action step: create a “red flag” list with emergency contacts (plumber, electrician, HVAC tech, roofer) and store it both digitally and in a physical binder. Run an annual drill: call each contractor to confirm they’re still available and insured. If renting out your property, communicating with your tenants is essential and will prevent escalations.

2. How can you build a seasonal preventive-maintenance calendar?

Most emergencies don’t happen overnight, they build up over months of neglect. A preventive calendar keeps you one step ahead.

Top seasonal tasks every homeowner should schedule:

HVAC tune-ups: catch worn belts, clogged filters, and low refrigerant. Regular service reduces breakdowns and cuts repair costs by 12%.


Plumbing checks: inspect exposed pipes, water heaters, and under-sink joints for leaks or corrosion. A $50 fix today avoids $5,000 in water damage later.


Electrical inspections: test breakers, outlets, and panels. Overloaded circuits are one of the leading causes of residential fires.


Roof inspections: identify cracked shingles, damaged flashing, or soft spots before storms expose weaknesses.


Smoke/CO detector testing: replace batteries and confirm alarms are working. This one step can literally save lives.


HVAC service: 12% average repair savings


Roof inspections: $500-$1,000 saved by preventing water intrusion


Action step: sync tasks with the seasons. Do HVAC checks in spring and fall, roof inspections before rainy or stormy seasons, and plumbing checks before the first freeze. Use your phone’s calendar or a property management app to set reminders.

3. How do you handle maintenance requests 24/7 without stress?

Emergencies don’t wait for office hours, and neither do people’s expectations. Today’s standard is instant acknowledgment, anything slower risks frustration and trust.

A clearly visible “Report Issue” button or contact option


Ability to upload photos and videos (to show severity)


A priority selector (emergency vs. routine)


Automated messages confirming the request was received


This combination reassures the person reporting the issue and gives you visibility into what’s really happening.

Action step: test your system by submitting a fake request. How long until you’d feel acknowledged if you were on the other end? If it’s longer than five minutes, the system needs an upgrade.

Belong uses AI-powered routing to send emergencies directly to vetted contractors. Tenants and owners both see real-time updates, estimated arrival times, and cost estimates, so there’s no chasing or second-guessing.

4. How do you keep track of every repair?

Memory isn’t enough. Without records, you can’t identify trends, calculate ROI, or defend yourself in disputes.

Contractor details, license, and insurance


Photos before, during, and after repairs


Action step: use cloud storage or an app to centralize everything. Review quarterly to spot recurring issues, like a roof leak that points to aging shingles, or repeated plumbing calls that suggest a failing water line.

Belong eliminates the hassle by syncing every work order automatically into your dashboard. At year-end, you can generate a tax-ready report in one click.

Unlock Positive Cash Flow in 2024 with Belong

What is the Rule of 72 in real estate? Assess how long your rental investment might take to double in value with this simple shortcut formula as a guide

Understanding Rule of 72 for Rental Property Calculations

When you’re crunching numbers on your rental home, there are a lot of ‘rules’ and shortcuts that can help determine the value of your investment. The ‘Rule of 72’ is one of them, which we’re going to cover in this explainer. 

The Rule of 72 is a simple formula that is used to estimate the time it takes for an investment to double in value, based on a fixed annual rate of return. It is more commonly used to determine compound interest, but it can be used in real estate too. 

How to apply the Rule of 72 to a rental property:

While rental returns can fluctuate and change depending on things like expenses, debt and vacancies, start with a cash flow analysis to determine the average annual rate of return you expect to earn from your rental home from income. This can also include factors that add to your overall profit such as property appreciation and tax benefits. It should be a single number without any decimal places, such as 8%. 

Once you have an estimated rate of return, divide 72 by this number. The result will be the number of years it takes for your investment to double in value.

For example, if you expect an annual rate of return of 8% from your real estate investment:

According to the Rule of 72, it would take approximately 9 years for your investment in real estate to double in value, assuming an 8% annual return. If your annual return was 3%, that number would increase to 24 years. The Rule of 72 is a simplified estimate and may not be perfectly accurate, but it can provide a quick and easy way to consider potential growth of an investment or rental property. 

The Rule of 72 is typically used for interest rates and has limitations that rental homeowners should be aware of. For starters, this simple formula works best when your annual rate of return sits between 6 - 10%. If it exceeds 15%, it will no longer provide an accurate estimate.   

There is also a “Rule of 69.3”, which is used in the same way by replacing 72 with 69.3. In most cases the Rule of 72 is more easily divisible and understood, however the Rule of 69.3 may be more accurate. 

Of course, the biggest drawback of this calculation is that it assumes your annual rate of return won’t change. In reality, the appreciation of your home is subject to current market conditions — as is the amount you can charge for rent. There’s also the condition of your home and the potential for expenses to fluctuate or vacancies to occur.

Ultimately, the Rule of 72 only provides an estimate, and rental property owners should consider other financial metrics when they make investment decisions. 

How does the Rule of 72 apply to rental homes?

The Rule of 72 is best used as an estimating tool in evaluating potential investment properties. You can also use it to estimate the return on your investment for your current rental property.  

For example, suppose you have a real estate investment property valued at $100,000, and that property has an 8% annual return. In that case, you can estimate that your initial investment will take nine years to reach $200,000. 

This could be useful when comparing two homes or planning for the growth of your investment portfolio. If you’re planning to invest in capital improvements, you may also look at how quickly you could expect to make your money back by projecting your predicted rate of return. 

Recent years have seen high rates of inflation, which can also impact your purchasing power. If for example, the inflation rate is around 8% (as it was in 2022), dividing 72 by the rate of inflation shows that in 9 years, the purchasing power of your money will be reduced by 50%. This could help make decisions about when to buy as the cost of living increases. Again, not a perfect calculation however as inflation fluctuates and is not always as high as recent years. 

Simplify how your rental home makes money 

Simple math is one thing, but Belong prefers to simplify the entire renting experience. Whether you’re new to the real estate investing game, dealing with a problematic property management company or burnt out chasing rent every month, Belong can help.  

Our smarter, future-ready services include:

Guaranteed rent every month, regardless of if or when your residents pay

Optimized rental pricing that uses technology and real-time demand to price your home with accuracy

The Belong app that gives you and your residents access to everything you need

Innovative financial products including the option to spread maintenance payments over the term of your lease agreement

Access to dedicated landlords insurance to protect your asset (as well as coverage for your residents)

Integration with the most popular rental platforms to get your home loved faster

Instant access to an expansive vendor network of over 10,000 professionals that can handle everything from routine repairs to home upgrades

…and we’re just getting started! Belong is simplifying the rental experience across the US and helping more homeowners reach their financial goals with the most hassle-free property management service; Belong PRO.

Disclaimer: It’s important to consult with a professional and consider your personal circumstances before making any decision on finances or investments. This article provides a simple formula to a complex calculation and should not be considered financial advice. 

Secure Your Financial Freedom in 2024 with Guaranteed Rent

Cash flow management made simple: Introducing Belong’s Split-It Financing to spread the cost of unplanned expenses to keep your rental home cash flow positive.

How Flexible Payment Options Are Unlocking Positive Cash Flow for Landlords in 2024

For most rental homeowners, positive cash flow is the key to hitting financial goals. That is, having your rental home earn more income than it costs to operate and service debt. Cash flow in real estate is different to profit, because it’s not tied up in the asset itself. Cash flow is the passive income that unlocks a better lifestyle, the reserves to build for retirement — maybe even grow your investment portfolio.

This is why cash flow is so important for individual homeowners. When Belong was throwing out the property management playbook to create a better renting experience, simple cash flow management was a priority. Belong simplifies the renting experience for homeowners and helps to secure cash flow in three ways:

Optimized rental pricing based on livability and real-time demand


Guaranteed rent to avoid gaps in your rental income


‘Split-It Financing’ that spreads the cost of any unplanned expenses

Belong’s innovative approach to cash flow management is available to all homeowners on the Belong PRO network. Let’s dive into how it works. 


How Belong simplifies rental home cash flow management

Large or unplanned expenses can make a serious dent in your rental property cash flow. No matter how prepared you are, there are still some curveballs that can negatively impact your cash flow. Things like:

Large/unexpected maintenance or repair costs

Belong has simplified cash flow management by minimizing these risks. We go the extra mile in placing the best people in your home and reduce vacancies. We guarantee their rent so you never miss a payment. We offer maintenance subscriptions to keep your home in top shape all year round. We even shield you from costly evictions in the rare event that we need to remove anyone we placed in your home. 

Yet even the best made plans can come undone if a pipe bursts, a tree falls through the roof or the heater gives up in the middle of winter. Don’t worry, we’ve covered that too, with Split-It Financing. 

Split-It Financing allows you to cover expenses upfront, while splitting the cost over the term of your lease. No matter how big or small, costs are split into manageable chunks. This means you get your rent paid every month, minus a repayment for any bills you choose to split. This is perfect for anything from landlords insurance payments to emergency repairs. 

Discover Belong PRO: See why thousands of US homeowners are ditching outdated Property Management in San Francisco, San Diego, Austin, Los Angeles, Tampa, Jacksonville, Concord, Berkeley, Orlando and many more.

Why is positive cash flow important in 2024?

If your home is generating more income than it costs to run and service debts, you have positive cash flow. This can help to: 

Protect against economic uncertainty because income generated can help ‘weather the storm’ if property values decrease



Reduce the chance of default or foreclosure by bringing in enough income to service all debts



Improve opportunities for wealth creation with surplus to reinvest or diversify your financial portfolio



Increase the value of your home should you choose to sell, as positive cash flow will attract other investors



Improve your credit rating and financial health, making it easier to secure better terms with lenders when applying for finance


Belong is simplifying the rental experience and helping more homeowners reach their financial goals through real estate. Visit our homeowner's page to find out more about services in places like Seattle, Los Angeles, San Francisco, Austin, Oregon, Oakland, Miami and many more.

Disclaimer: Belong believes the word landlord is outdated and prefers ‘homeowners’ as it better reflects the partnership and community we strive to build. However, in this specific blog, we use 'landlord' to make an essential distinction regarding cash flow management strategies for rental homes. This terminology helps us precisely address the unique financial approaches and benefits our services offer to those managing resident-occupied properties, ensuring clarity and relevance to our readers.

How Flexible Payment Options Are Unlocking Positive Cash Flow for Landlords

From Charlotte to Durham and Wilmington: it’s time to meet Belong and find out how we’re changing renting and property management in North Carolina for good.

Belong Extends a Warm Southern Welcome to North Carolina

The rollouts don’t stop! Hot on the heels of our Belong PRO network expansion in Texas, Utah, and Florida, we’re ready to extend a warm southern welcome to the great state of North Carolina. 

It’s an exciting time to own a rental home in North Carolina and we’re ready to help rental homeowners make the most of the opportunities that 2024 brings. After wage growth outpaced inflation in 2022, CNBC again ranked North Carolina the top state for business in 2023. Workers are flocking there to take advantage of this booming economy and growing operations of major companies like Apple and Bosch. Mix in desirable universities and you’ve got the perfect formula for attracting renters all year round. 

For homeowners, this means there’s never been a better time to rethink how your rental home is cared for. It’s time to join a modern alternative to property management that’s designed for the North Carolina of today, not decades past.   

One that guarantees rent every month. Someone who provides real support 24/7 for both you and your residents. Who does away with hidden fees and gives you better control of your cash flow management. And does it all in one simple app. 

Partnering with Belong means managing your rental home on your own terms, knowing you have the support to achieve your financial goals sooner. 

The best alternative to property management in North Carolina

The mission of Belong is to create authentic belonging experiences — empowering residents to become homeowners and homeowners to become financially free. We’ve set about changing every aspect of renting that fails homeowners and residents (we’re even binning the terms landlord and tenant!). We’re challenging the status quo of property management by putting people first, enabled by best-in-class technology and services.

By partnering with Belong PRO, you won’t have to deal with the common complaints of outdated property management companies. Our team inspect your rental home and help you get it move-in ready. We’ll use clever tech and real-time demand to find the right rental price. We’ll find and vet great people that will care for your home as you would. And we’ll treat them exceptionally well too, so that they stay longer, reducing vacancy.

Earn $1,000 by referring NC homeowners to Belong

Charlotte, Raleigh, Greensboro, Durham, Wilmington — North Carolina is home to many great cities and neighborhoods with a high demand for rentals. If you know someone looking to rent out their NC home, learn about our referral program. You could earn $1,000 by referring a qualified homeowner when they join the Belong PRO network.

Check out our local pages for more information or to get started:

North Carolina Property Management Made Loveable

Washington state rental housing laws are changing in 2024, here's 5 changes Washington state landlords need to know when renting out their home in 2024.

5 New Laws Washington State Landlords Should Be Prepared For in 2024

Washington state passed so much housing legislation in 2023 that it became dubbed “the year of housing” in the state. While most of these initiatives became law six months ago, it’s 2024 where homeowners will most feel their effect.  

Staying across legal changes in Washington state can help you avoid being on the wrong side of tenant-landlord laws in your jurisdiction. Many changes are taking place at a local level too, so what is accurate in Seattle may not apply in Snohomish or Spokane.  

From new rules on security deposits and rent increases to evictions, here are 5 things that landlords in the state of Washington need to be aware of in 2024. 

5 things Washington state landlords should know about in 2024

1. Security deposit laws have changed in Washington state

Legislation: Title 59 Landlord and tenant law

If you have residents due to move in or out in 2024, be aware that security deposit rules have changed under Washington state landlord-tenant laws.

Now when you collect a security deposit, you will need to give the new tenant a written checklist that outlines the cleanliness of the rental home and any existing damage. This checklist will need to include descriptions of the condition and cleanliness of:

Walls, paint and any wallpaper or coverings

Both you and the tenant will need to sign and date the agreement and you must provide them with a copy. If you don’t, the tenant could take legal action, including suing for the deposit amount plus costs. 

If you have a tenant vacating in 2024, be aware of the following updates to security deposit regulations:

You have 30 days to return the security deposit or provide a written statement outlining why you need to keep money to repair or clean damage outside of regular wear and tear. This is an increase from 21 days. 

If you are claiming any of the deposit, you will need evidence of the costs to clean or repair any damage. Make sure you include quotes or invoices in your written statement, do not write “extra cleaning: $250” unless you have a cleaning invoice for this amount. 



If you intend to make repairs yourself, you must document time the work took, along with a reasonable hourly rate in place of an invoice to use as evidence. 



If you don’t have a written explanation of the expenses needed within 30 days, you lose your right to keep the deposit money. More time may only be granted in extenuating circumstances.  



You can not keep any of the security deposit for “wear and tear” on the rental home or any breakages that happen as a result of ordinary use (e.g. carpet staining due to foot traffic).



Any deductions from the deposit must be due to negligence, carelessness or intentional destruction by the tenant or their guests.



Undocumented costs (such as minor cleaning or repairs from wear and tear) can not be reported to other landlords, tenant screening agencies or any consumer reporting agencies. 

2. ADUs will soon provide another opportunity for rental income 

Many localities in Washington state had restrictive laws on Accessory Dwelling Units (ADUs) before 2024. For example, an ADU may need to be attached to the primary dwelling in some cities. This limited any opportunity for homeowners to build a detached ADU for rental purposes. 

The City of Seattle shifted their rules to provide more diverse housing options and thanks to statewide reform, other governments need to follow suit. This change means that homeowners will no longer be required to live in the primary residence and that ADUs are allowed to be detached from the home. 

This gives homeowners more options to create a rental on their property. For example, if a couple wishes to downsize after their kids move out, they could build a detached ADU on their existing property and rent out the main home to create a stream of passive income in retirement. 

These revisions started in July 2023 and need to take place within six months of each GMA or cities required update period, so check with your local municipality for more information on where you stand in 2024.

3. Washington state eviction laws are changing

Legislation: Various including SB 5197 for remote hearings and local updates 

Statewide, in 2024 landlords and tenants will be able to request that their eviction hearing is held remotely. The courts will need to grant a request unless there is a reason for needing them to attend in person. 

At a city level, eviction laws are evolving and vary greatly, particularly in areas such as Seattle and Tacoma — so be sure to check with your local county before proceeding. For example, in some cities you are not permitted to carry out an eviction during the school year if any of your residents are students or educators. There are also restrictions around evictions during cold weather, preventing people from being unhoused between November 1 and April 1. 

Read More: 9 Homeowner Questions Answered On The Eviction Process in Washington State

4. The City of Tacoma enacted a tenant bill of rights

Legislation: Measure No. 1 or ‘Landlord Fairness Code Initiative’

Changes came into effect: 8 December 2023

In November 2023, a new ballot initiative was approved in the City of Tacoma by a razor-thin margin. Known as ‘Measure No. 1’, it created a ‘landlord fairness code’ that changes the requirements around rent increases, move-in costs, pet fees, late fees, evictions, relocation assistance and health and safety requirements. This is further to the Rental Housing Code, which was also updated in July 2023. You can learn more at the City of Tacoma website, but if you own a rental home in Tacoma, be aware that:

There are new notice requirements before increasing rent, with the first notice required between 210 and 180 days prior to an increase



If you enact a rent increase above 5% or more and your tenant can no longer afford to live in the home, you will be required to pay relocation assistance equivalent to 2-3x the monthly rent (depending on the size of the rent increase)



The total fee for all move-in costs cannot exceed one month’s rent



A pet deposit cannot exceed 25% of first months’ rent and must be refundable if no pet damage is found



New eviction measures as mentioned in the previous section of this article 

Tacoma is the latest city to introduce these measures after the City of Bellingham made changes to their rent increase and relocation assistance laws in March 2023. 

5. Statewide reforms are still on the table

Housing is still very much on the 2024 agenda in Washington state politics. A housing density bill has already passed and is heading to the Senate for consideration, allowing a shake up of zoning laws to allow more homeowners to split their lots.

Rent stabilization is another hot topic under consideration. Different from rent control, there are many groups pushing for rent increases to be more closely linked to inflation. At the time of writing (Jan 2024), House Bill 2114 is in committee to look at rent stabilization by limiting rent and fee increases, security deposits and measures similar to those recently introduced in cities like Seattle, Tacoma and Bellingham. 

Wherever your home is located in Washington state, be sure to double check for any updates to local laws before passing on rent increases or proceeding with an eviction. 

Belong guarantees rent and offers eviction assistance 

Don’t Spend 2024 Worrying About Property Management, Belong Instead!

What to consider and how to manage secure, positive cashflow to weigh up living off of income from your rental home

Can I Live Off Passive Income Earned From a Rental Home?

Is it possible to live off passive income from a rental property? Most people invest in real estate to achieve long-term financial goals and security. If you can cover your expenses and maintain positive cash flow, it is possible that your rental home (or homes) could bring a steady stream of passive income. 

In 2024, holding a single-family rental can be very profitable — particularly if you own the home outright, have inherited a home, or have considerable equity in the home with low overheads. As for whether you can live off the income of a rental property alone comes down to your personal finances and living situation. Not everyone requires the same amount of income to live a comfortable life and not all rental homes will bring in passive income after expenses.

To decide if can achieve passive income and live comfortably from your rental income alone, there are three things you need to do first:

Run the numbers on your living expenses and income needs

Determine your capacity for managing a rental home 

Find a home or optimize your rental income that can achieve these needs

You should also consult with a financial professional before making any big moves. But this article will break down the three steps listed above to help you do the initial math. 

Can you live off of rental property income? Here's what to consider and how to manage secure, positive cash flow to weigh up living off of passive income alone.

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