More than nine in 10 adult members of Generation Z say that housing affordability is a key factor when deciding who to vote for in the upcoming U.S. presidential election, making it the top issue for that cohort as it prepares to go to the polls. This is according to a report released Monday by Redfin.
“Gen Z’ers 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,” the report explained. The real estate brokerage commissioned a Qualtrics survey of approximately 3,000 U.S. homeowners and renters that was conducted in February.
Preceding generations — including millennials, Generation X and baby boomers — were all more likely to place added weight on overall economic health than any other issue tied to the presidential campaign.
“Gen Xers and baby boomers also ranked preserving democracy above housing affordability,” the results stated. “Still, at least 80% of every generation said housing affordability is an important factor.”
Housing affordability also managed to rise above other hot-button political topics that are more commonly talked about on presidential campaign trails, including abortion rights and student debt, the report said.
The importance of the housing affordability issue did not fall below 80% for any surveyed generation. While maintaining a 91% share for Gen Z, it also garnered 87% and third place for millennials; 83% and fourth place for Gen Xers; and 80% and sixth place for boomers.
“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,” Elijah de la Campa, Redfin senior economist, said in a statement. “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,” de la Campa added.
President Joe Biden, who is seeking a second term in the White House, has been regularly speaking about housing issues since his State of the Union address in March. During that speech, he laid out a plan that includes a $10,000 tax credit for both first-time homebuyers and people who sell their starter homes; the construction and renovation of more than 2 million additional homes; and cost reductions for renters.
Former President Donald Trump, the presumptive Republican presidential nominee, “has said he has a strategy to combat the expensive housing market,” according to Redfin. He has also steered most of the economic policy discussion around reducing inflation, according to The Washington Post.
