A new survey from Redfin (NASDAQ:RDFN) found more than nine in 10 (91%) adult Gen Zers declaring that housing affordability is their top issue in this year’s presidential election.
Gen Zers rated housing affordability as a more important factor in their vote than any other issue – including hot-button topics such as the economy, abortion, gun rights and foreign wars. In contrast, millennials, Gen Xers and baby boomers were all more likely to cite the economy was the most important factor in their presidential pick versus any other issue.
Redfin noted that only 26% of adult Gen Zers already own a home, and this youthful demographic is finding it difficult to enter a housing market where prices are at record highs and mortgage rates are hovering around the 7% mark. Renting is also a pricey consideration – the median asking rent has increased more than 20% since pre-pandemic 2019.
Among the other demographics, the importance of housing affordability as an election issue was cited by 87% of millennials, 83% of Gen Xers and 80% of baby 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,” said 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.”
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If they voted for the current administration, they need to quit crying and grow up. They probably think the government isn’t the problem.