Home prices have soared more than 40% since before the COVID-19 pandemic homebuying boom, and Generation Z is feeling the burden of these costs more than other generations. According to recent insight from housing market platform Redfin, Gen Z is ranking the home affordability crisis as their top priority when considering who will have their vote in the 2024 presidential election. While 91% of Gen Zers say housing affordability is an important issue in general, they were also more likely to prioritize it over other issues, including the economy, abortion rights, and foreign wars. On the other hand, Millennials, Generation X, and Baby Boomers were all more likely to rank the strength of the economy as the most pressing issue. However, at least 80% of every generation said housing affordability is an important factor for the 2024 election.
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.
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