According to a new survey and report from Redfin, 91% of adult Gen Zers say housing affordability is important when considering who they will vote for in the upcoming presidential election, making it the top issue for that generation.
Gen Zers were more likely to rate housing affordability as an important factor in their vote than any other issue they were asked about, including the economy, abortion and gun rights, preserving democracy and foreign wars.
This is according to a Redfin-commissioned survey of roughly 3,000 U.S. homeowners and renters conducted by Qualtrics in February.
Millennials, Gen Xers and Baby Boomers were all more likely to say the strength of the overall economy was an important factor in their presidential pick than any other issue. Gen Xers and Baby Boomers also ranked preserving democracy above housing affordability.
Still, at least 80% of every generation said housing affordability is an important factor.
All generations were more likely to rate housing affordability as an important factor in their presidential vote than abortion rights or student debt.
Home prices have soared more than 40% since before the pandemic homebuying frenzy, and elevated mortgage rates are exacerbating high prices: 2023 was the least affordable year on record.
The issue is particularly important to young Americans because they are aging into homeownership; only 26% of adult Gen Zers already own a home. It’s more difficult for first-time buyers to break into today’s expensive market because they don’t have equity from a previous home sale to put toward their down payment and mortgage payments. Renting a home has also become much more expensive over the last several years, largely because demand for rentals surged during the pandemic: The median U.S. asking rent has increased more than 20% since 2019.
“Housing affordability is a cornerstone of this year’s presidential election because even though the economy is fairly strong, unemployment is low and wages are rising, buying a home feels impossible for many Americans,” says Redfin Senior Economist Elijah de la Campa.
“This is particularly the case for young people, who have seen the cost of starter homes increase twice as fast as incomes. Young people care about other political issues, like immigration and abortion rights, but they’re more likely to cite housing affordability as a factor in their vote because it directly impacts the roof over their head, their lifestyle and their ability to build wealth.”
To view the full report, visit redfin.com/news/gen-z-housing-affordability-important-vote