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In postindustrial knowledge economies marked by sharp and increasing spatial disparities in economic activity, wealth, and opportunities, housing (un)affordability and inequalities have become a major concern for large and increasing numbers of citizens across wealthy democracies. Despite growing anxieties over skyrocketing housing and living costs, access to homeownership, or displacement and the decline of affordable housing, however, we still know surprisingly little about their political dimensions. This paper examines the political consequences of housing tenure and (in)security across wealthy democracies. Drawing on novel cross-national survey data from OECD countries, I argue and demonstrate that individuals concerned about housing costs are likely turn to radical anti-establishment political alternatives. I also show that this effect is particularly pronounced among lower-income homeowners, and, albeit to a lesser extent, renters paying rent at the market rate. Furthermore, I demonstrate how housing tenure strongly influences attitudes towards the welfare state and preferences for social investment vs. social consumption policies in particular. Rather than oppose redistribution overall, homeowners demonstrate a strong preference for social investment policies, whereas renters are more likely to favor social consumption. Taken together, these findings shed important new light on how housing and wealth inequalities shape electoral realignment and political preferences.