If this year’s presidential candidates want to win over Gen Z, they’re going to have to address the housing market that the youngest bloc of voters is aging into.
More than nine in 10 (91%) adult Gen Zers in a recent Redfin survey named housing affordability as either “very important” or “somewhat important” when considering how they’ll vote in the upcoming election. That makes it the top election issue for the generation, besting other keystone issues such as the strength of the overall economy (82%), education (82%), gun rights (75%) and abortion rights (75%).
Millennials, Gen Xers and baby boomers all named the strength of the overall economy as their top election issue, with 89%, 94% and 95%, respectively, calling it “very important” or “somewhat important.” Housing affordability was also among the top five issues for millennials (87%) and Gen Xers (83%) while also garnering a high share among boomers (80%).
Only 26% of adult Gen Zers (aged 18-27) own a home, according to data gleaned by Redfin via IPUMS-CPS. And housing affordability hit an all-time low last year with just 16% of home listings affordable for the typical household, per Redfin’s records. While millennials still make up the largest cohort of homebuyers, many older Gen Zers are reaching a prime window to buy their first homes, making the health of the housing market a priority subject.
“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,” said Elijah de la Campa, senior economist at Redfin. “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.”
Redfin’s survey, conducted by Qualtrics, collected information from some 3,000 homeowners and renters in February.
