Generation Z, born between 1997 and 2012, is more anxious about housing expenses compared to Millennials. They consider it a greater concern than the economy, especially in the lead-up to the November election.
In a recent survey by Redfin, a significant 91% of Gen Z respondents highlighted affordable housing as their top priority for the upcoming presidential election. This surpasses the 87% of Millennials and 83% of Gen X who voiced similar concerns.
While 82% of Gen Z also emphasized the importance of the economy, this issue remains prevalent across all demographics surveyed.
The survey involved 3,000 property owners and tenants in February, shedding light on the prevailing concerns.
Young individuals face hurdles in a challenging economic landscape, marked by high interest rates and inflation. This scenario has driven up borrowing costs, making it tough for first-time buyers to enter the market as mortgage rates scale near two-decade highs.
With purchasing a home becoming unfeasible for many, renting stands as the primary option. This has triggered steep rental prices due to heightened demand. According to Redfin, the median rent in the U.S. has surged over 20% since 2019.
Elijah de la Campa, a senior economist at Redfin, highlights the critical role housing affordability plays in this election cycle. He notes the challenge faced by many Americans in acquiring homes amid soaring prices that outpace income growth for the younger population.
Housing represents a paramount concern for young voters, directly influencing their living conditions, lifestyle, and wealth-building prospects. This issue is likely to sway their voting decisions in the upcoming election.
Despite other concerns like immigration and reproductive rights, housing affordability holds particular significance due to its tangible effect on individuals’ daily lives.
While the economy still captures the attention of young voters, recent trends underscore a need for addressing the challenges faced by the youth.
High unemployment rates among young adults, nearly double the national average, highlight a pressing issue that requires attention. With many young Americans entering the workforce post-education, the economic landscape plays a pivotal role in their future.