MW Why Mamdani and other Democrats won: Voters' finances are even worse now than when Trump won in 2024

Andrew Keshner and Genna Contino

NYC's Zohran Mamdani and gubernatorial candidates in New Jersey and Virginia prevailed after emphasizing fixes for the high cost of living

In three different elections Tuesday, there was one recurring theme: the cost of living is too high for many people. New York City's Zohran Mamdani - who pledged free child care and city-owned grocery stores that would offer low food prices - won a closely-watched mayoral race.

Democrats won handily in Tuesday elections from New York City to Virginia, after pledging to hammer away at high prices.

New York City resident Yashmeen Sharma's expenses might help explain the results.

Sharma always wanted to move to New York City after watching countless episodes of "Gossip Girl" and "Sex and the City." In 2023, her dream became a reality when she moved to Williamsburg, Brooklyn, to start her first job after college.

The now-26-year-old working in climate tech loves her life in the city, but it hasn't been quite as glamorous as her favorite shows made it out to be. Her landlord hiked up her rent by $300 this month, and she often finds herself coughing up cash for Ubers $(UBER)$ she can't afford when the bus doesn't arrive on time.

"I just waited two hours for a bus the other day trying to get back from Queens," Sharma said. "I ended up spending $60 to get back home ... and I just can't afford to do that."

Sharma said she wanted to vote for Zohran Mamdani, the Democratic victor in the mayor's race, because she believes he'll be able to fix the affordability challenges she and many of her friends face - particularly, his plans to make buses fast and free, and to freeze rent prices on more than 2 million rent-stabilized units.

Mamdani won in a decisive victory Tuesday. He took 50.4% of the vote, handily beating his closest competitor, former New York State Governor Andrew Cuomo, who had 41.6% of the vote, according to the Associated Press.

Sharma said, "I don't want to leave New York - it's my dream city. I have a job here, a life here and I want to continue building that out here. ...I don't want to have to pack up at 26 and start all over again somewhere."

For Sharma and her fellow New Yorkers, affordability was on the ballot. The same was true for for voters in New Jersey and Virginia, where gubernatorial campaigns also highlighted fixes for the high cost of living.

One year after the economy and everyday costs were a core issue in an election that returned President Donald Trump to the White House, voter worries about high prices and personal finances are just as acute. By some measures, consumers are facing even stiffer prices and tougher financial headwinds than a year ago. For many households, debt is piling up, costs for essentials such as utilities and home insurance are mounting, and sentiment about the state of the economy is sliding.

The focus on financial pressures was the thread that stitched together three widely watched races on Tuesday. It showed in the polling, and in the issues candidates spotlighted.

Voter exit polls showed cost of living dominating voter worries in New York City, with taxes and the economy being the top two issues facing the state, according to the Wall Street Journal.

In New York City, Mamdani has pledged free child care and city-owned grocery stores that would offer low food prices. Cuomo, who ran as an independent, and Republican Curtis Sliwa criticized Mamdani's plans as unrealistic, while also emphasizing their own ideas to cut costs for New Yorkers. Affordable housing and inflation consistently ranked among the top concerns for Big Apple voters this election.

Read also: The rent crisis that got Zohran Mamdani elected goes far beyond New York City

In New Jersey, Democrat Mikie Sherrill beat Republican Jack Ciattarelli by a 13-point margin in a 56% to 43% vote, according to AP results. The pair dueled over who was best suited to tackle rising electric bills and tamp down local property taxes. More than eight in 10 New Jersey residents said the general cost of living, property taxes and utility rates is "very important" to them, according to a Rutgers-Eagleton Poll.

In Virginia, Democrat Abigail Spanberger also won by a hefty margin, taking 57% of the vote, besting Republican Winsome Earle-Sears, according to the AP. The race focused on everyday costs at a time when federal job cuts and the government shutdown have stoked unease among Virginians, many of whom depend on the government for their livelihoods. The elimination of a long-running "car tax" was also a campaign talking point.

"People are just insecure about where things are going economically, and the anxiety is driving much of the voting behavior right now," said Mark Rozell, dean of George Mason University's Schar School of Policy and Government.

In the university's polling with the Washington Post, the economy, living costs, jobs and housing topped Virginia voters' worries. Pocketbook matters are a perennial Election Day issue, but the current context is turning up the volume in Virginia and elsewhere, Rozell said. "So much about state and local politics has become nationalized," he said.

Prices and affordability were the chief issue in New Jersey as well, said Micah Rasmussen, director of the Rebovich Institute for New Jersey Politics at Rider University. "New Jersey families are not always feeling the pinch as much as they are now," he said. "People are really feeling it right now - it's front of mind."

The elections come at a time when many Americans are uneasy about their wallets and their job security. While the stock market SPX keeps testing new highs, consumer mood has slumped, especially compared with a year ago.

The election played out against a federal government shutdown that broke the record Tuesday night to become the longest-ever such standoff. It has slowed or halted the release of important economic data that tracks consumer well-being, but even without those government figures, it's still clear why affordability - or the lack of it - was a major campaign theme.

High rents, home prices and property taxes

Nearly half of adults cited the cost of housing as a major stressor, according to a summer survey from the Associated Press-NORC Center for Public Affairs Research. Much of that stress is concentrated among adults under age 45, the poll noted.

This tension is exacerbated in New York City, where persistent high demand and dwindling supply has pushed rents higher. The median asking rent rose to a whopping $3,995 in September, a 7.2% increase from a year earlier, according to data from Zillow (Z).

Nationally, home prices reached an all-time high of $435,300 in June, according to the National Association of Realtors. In New Jersey, the typical home value jumped 3.2% year over year in September to about $564,000, Zillow data show, while Virginia home values rose 1.8% to roughly $405,000 over the same time period.

Property taxes are another housing woe for cash-strapped Americans. Property values have risen nearly 27% faster than inflation since 2020, according to the Tax Foundation, yielding dramatically higher taxes across the nation. The result has been a "property-tax revolt," experts say.

The issue is of particular concern to New Jersey voters, who have the second-highest effective property-tax rate in the U.S., behind Illinois.

Property taxes have been a Garden State election issue for decades, Rasmussen noted, but they gained new urgency this time. "The thing that makes things different this year is that it's not the only pressure point," he told MarketWatch. "[Voters] are feeling a lot of pressure points."

Job security in question

There are also growing concerns across the country about the job market. While there's been relatively little firing, there's also been little hiring and lots of "job hugging." The labor market's soft spots prompted the Federal Reserve to start cutting its benchmark interest rate in September, following that up with another cut last week.

Questions loomed for voters. One was whether layoffs at high-profile companies like Amazon (AMZN) and UPS $(UPS)$ signaled more job cuts coming at other companies.

Meanwhile, the government shutdown had left 1.4 million federal employees - many of whom live in Virginia - furloughed or working without pay. The shutdown, as well as job cuts earlier this year for federal workers and contractors, have played into voter mood, George Mason's Rozell said.

Utility bills and grocery costs

Grocery bills are also squeezing Americans' budgets, with the cost of food at home rising 2.7% year over year in September, according to the Bureau of Labor Statistics' consumer-price index. While grocery prices are rising at a slower pace than overall prices, experts say food inflation stands out more to consumers because groceries are a necessity that they shop for regularly.

More than seven in 10 consumers were concerned about their grocery costs, and nearly eight in 10 worried about the price of meat, according to a Morning Consult survey released last month.

Mamdani's campaign highlighted that nine in 10 New Yorkers say the price of groceries is rising faster than their income. The mayor-elect has a plan to open city-owned grocery stores that would buy and sell food at wholesale prices, prioritizing low prices over profit.

Meanwhile, in New Jersey and Virginia, utility costs were a standout talking point.

New Jersey residents faced sticker shock from their utility bills rising 20% year over year this June. And with the possibility of electricity prices rising again next year, the gubernatorial candidates pledged to lower costs.

MW Why Mamdani and other Democrats won: Voters' finances are even worse now than when Trump won in 2024

Andrew Keshner and Genna Contino

NYC's Zohran Mamdani and gubernatorial candidates in New Jersey and Virginia prevailed after emphasizing fixes for the high cost of living

In three different elections Tuesday, there was one recurring theme: the cost of living is too high for many people. New York City's Zohran Mamdani - who pledged free child care and city-owned grocery stores that would offer low food prices - won a closely-watched mayoral race.

Democrats won handily in Tuesday elections from New York City to Virginia, after pledging to hammer away at high prices.

New York City resident Yashmeen Sharma's expenses might help explain the results.

Sharma always wanted to move to New York City after watching countless episodes of "Gossip Girl" and "Sex and the City." In 2023, her dream became a reality when she moved to Williamsburg, Brooklyn, to start her first job after college.

The now-26-year-old working in climate tech loves her life in the city, but it hasn't been quite as glamorous as her favorite shows made it out to be. Her landlord hiked up her rent by $300 this month, and she often finds herself coughing up cash for Ubers (UBER) she can't afford when the bus doesn't arrive on time.

"I just waited two hours for a bus the other day trying to get back from Queens," Sharma said. "I ended up spending $60 to get back home ... and I just can't afford to do that."

Sharma said she wanted to vote for Zohran Mamdani, the Democratic victor in the mayor's race, because she believes he'll be able to fix the affordability challenges she and many of her friends face - particularly, his plans to make buses fast and free, and to freeze rent prices on more than 2 million rent-stabilized units.

Mamdani won in a decisive victory Tuesday. He took 50.4% of the vote, handily beating his closest competitor, former New York State Governor Andrew Cuomo, who had 41.6% of the vote, according to the Associated Press.

Sharma said, "I don't want to leave New York - it's my dream city. I have a job here, a life here and I want to continue building that out here. ...I don't want to have to pack up at 26 and start all over again somewhere."

For Sharma and her fellow New Yorkers, affordability was on the ballot. The same was true for for voters in New Jersey and Virginia, where gubernatorial campaigns also highlighted fixes for the high cost of living.

One year after the economy and everyday costs were a core issue in an election that returned President Donald Trump to the White House, voter worries about high prices and personal finances are just as acute. By some measures, consumers are facing even stiffer prices and tougher financial headwinds than a year ago. For many households, debt is piling up, costs for essentials such as utilities and home insurance are mounting, and sentiment about the state of the economy is sliding.

The focus on financial pressures was the thread that stitched together three widely watched races on Tuesday. It showed in the polling, and in the issues candidates spotlighted.

Voter exit polls showed cost of living dominating voter worries in New York City, with taxes and the economy being the top two issues facing the state, according to the Wall Street Journal.

In New York City, Mamdani has pledged free child care and city-owned grocery stores that would offer low food prices. Cuomo, who ran as an independent, and Republican Curtis Sliwa criticized Mamdani's plans as unrealistic, while also emphasizing their own ideas to cut costs for New Yorkers. Affordable housing and inflation consistently ranked among the top concerns for Big Apple voters this election.

Read also: The rent crisis that got Zohran Mamdani elected goes far beyond New York City

In New Jersey, Democrat Mikie Sherrill beat Republican Jack Ciattarelli by a 13-point margin in a 56% to 43% vote, according to AP results. The pair dueled over who was best suited to tackle rising electric bills and tamp down local property taxes. More than eight in 10 New Jersey residents said the general cost of living, property taxes and utility rates is "very important" to them, according to a Rutgers-Eagleton Poll.

In Virginia, Democrat Abigail Spanberger also won by a hefty margin, taking 57% of the vote, besting Republican Winsome Earle-Sears, according to the AP. The race focused on everyday costs at a time when federal job cuts and the government shutdown have stoked unease among Virginians, many of whom depend on the government for their livelihoods. The elimination of a long-running "car tax" was also a campaign talking point.

"People are just insecure about where things are going economically, and the anxiety is driving much of the voting behavior right now," said Mark Rozell, dean of George Mason University's Schar School of Policy and Government.

In the university's polling with the Washington Post, the economy, living costs, jobs and housing topped Virginia voters' worries. Pocketbook matters are a perennial Election Day issue, but the current context is turning up the volume in Virginia and elsewhere, Rozell said. "So much about state and local politics has become nationalized," he said.

Prices and affordability were the chief issue in New Jersey as well, said Micah Rasmussen, director of the Rebovich Institute for New Jersey Politics at Rider University. "New Jersey families are not always feeling the pinch as much as they are now," he said. "People are really feeling it right now - it's front of mind."

The elections come at a time when many Americans are uneasy about their wallets and their job security. While the stock market SPX keeps testing new highs, consumer mood has slumped, especially compared with a year ago.

The election played out against a federal government shutdown that broke the record Tuesday night to become the longest-ever such standoff. It has slowed or halted the release of important economic data that tracks consumer well-being, but even without those government figures, it's still clear why affordability - or the lack of it - was a major campaign theme.

High rents, home prices and property taxes

Nearly half of adults cited the cost of housing as a major stressor, according to a summer survey from the Associated Press-NORC Center for Public Affairs Research. Much of that stress is concentrated among adults under age 45, the poll noted.

This tension is exacerbated in New York City, where persistent high demand and dwindling supply has pushed rents higher. The median asking rent rose to a whopping $3,995 in September, a 7.2% increase from a year earlier, according to data from Zillow (Z).

Nationally, home prices reached an all-time high of $435,300 in June, according to the National Association of Realtors. In New Jersey, the typical home value jumped 3.2% year over year in September to about $564,000, Zillow data show, while Virginia home values rose 1.8% to roughly $405,000 over the same time period.

Property taxes are another housing woe for cash-strapped Americans. Property values have risen nearly 27% faster than inflation since 2020, according to the Tax Foundation, yielding dramatically higher taxes across the nation. The result has been a "property-tax revolt," experts say.

The issue is of particular concern to New Jersey voters, who have the second-highest effective property-tax rate in the U.S., behind Illinois.

Property taxes have been a Garden State election issue for decades, Rasmussen noted, but they gained new urgency this time. "The thing that makes things different this year is that it's not the only pressure point," he told MarketWatch. "[Voters] are feeling a lot of pressure points."

Job security in question

There are also growing concerns across the country about the job market. While there's been relatively little firing, there's also been little hiring and lots of "job hugging." The labor market's soft spots prompted the Federal Reserve to start cutting its benchmark interest rate in September, following that up with another cut last week.

Questions loomed for voters. One was whether layoffs at high-profile companies like Amazon (AMZN) and UPS (UPS) signaled more job cuts coming at other companies.

Meanwhile, the government shutdown had left 1.4 million federal employees - many of whom live in Virginia - furloughed or working without pay. The shutdown, as well as job cuts earlier this year for federal workers and contractors, have played into voter mood, George Mason's Rozell said.

Utility bills and grocery costs

Grocery bills are also squeezing Americans' budgets, with the cost of food at home rising 2.7% year over year in September, according to the Bureau of Labor Statistics' consumer-price index. While grocery prices are rising at a slower pace than overall prices, experts say food inflation stands out more to consumers because groceries are a necessity that they shop for regularly.

More than seven in 10 consumers were concerned about their grocery costs, and nearly eight in 10 worried about the price of meat, according to a Morning Consult survey released last month.

Mamdani's campaign highlighted that nine in 10 New Yorkers say the price of groceries is rising faster than their income. The mayor-elect has a plan to open city-owned grocery stores that would buy and sell food at wholesale prices, prioritizing low prices over profit.

Meanwhile, in New Jersey and Virginia, utility costs were a standout talking point.

New Jersey residents faced sticker shock from their utility bills rising 20% year over year this June. And with the possibility of electricity prices rising again next year, the gubernatorial candidates pledged to lower costs.

(MORE TO FOLLOW) Dow Jones Newswires

November 05, 2025 12:08 ET (17:08 GMT)

MW Why Mamdani and other Democrats won: Voters' -2-

Natural-gas and electricity bills will cost more this winter in the Northeast and nationally, according to the National Energy Assistance Directors Association. There's been a "staggering" amount of household utility debt building in the past two years, NEADA said, with arrears climbing to $23 billion in June from $17.5 billion at the end of December.

Car prices and gas

Car payments are adding even more stress to Americans' budgets - with the average cost of a new car soaring past $50,000 for the first time ever in September, and APRs on car loans remaining at or above 7% for the past three quarters.

As borrowers struggle to make ends meet, more are falling behind on their car payments, with car loans that were delinquent by at least 60 days rising 2.2% month over month in September, according to a Cox Automotive report.

Adding to the pressure are gasoline prices. While the national average for regular unleaded gas is lower than it was a year ago, drivers in New York, New Jersey and Virginia still pay, on average, around $2.90 to $3.10 per gallon, keeping a consistent financial strain on commuters.

Car prices were top of mind for Virginia voters, who pay higher personal property taxes on their vehicles than any other state in the country. Taxes on a $29,000 car cost Virginians $1,139 each year, according to a WalletHub report.

The car tax is unpopular with residents, and both gubernatorial candidates have vowed to end it.

However, the candidates' fight over the future of the state's car tax has "barely registered" with voters, said Rozell. Politicians have discussed the tax's potential elimination for so long that Virginia voters now doubt it will ever happen, he noted, and there remains the problem of making up for the revenue lost if the tax vanishes.

Still, the car tax's resurfacing as an issue was a sign of the times, Rozell added, as it's yet another expense for cost-conscious voters. "That's something people can see in real time," he said.

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-Andrew Keshner -Genna Contino

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November 05, 2025 12:08 ET (17:08 GMT)

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