Cost of housing is a top issue for Gen Z voters, new study finds

How the president handles the economy and financial well-being of Americans has long been a top election issue across the country and now Gen Z is adding housing to the necessary list of concerns.

A recent survey by Redfin, a real estate and mortgage-services company, found that 91% of adult Gen Zers say housing affordability is important when considering who they will vote for in the upcoming presidential election.

“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,” Elijah de la Campa, a Redfin senior economist, said in a statement.

Out of 3,000 U.S. homeowners and renters surveyed, millennials, Gen Xers and baby boomers felt the strength of the overall economy was an important factor in their presidential pick.

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Yet 80% across all generations surveyed said housing affordability is a relevant issue.

The housing affordability crisis has now impacted almost half of U.S. renters resulting in an increase in eviction filings and a rise in the record number of people unhoused.

Between 2019 and 2023, rent jumped to 30.4% nationwide. This has caused a record number of young Americans (31%) now aging into homeownership to move back in with their families or never move out.

“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 Campa.

Recently, President Joe Biden released a plan to lower rent and housing costs while building and preserving more than two million homes. His plan will offer down payment assistance for first-generation homeowners, combat rent gouging by landlords and crack down on unnecessary rental fees.

Donald Trump at an event in Council Bluffs, Iowa, in 2023 also said he has a strategy to combat the expensive housing market.

First, cut energy costs. Then, cut interest rates. Then, the economy will improve.

“When the economy gets better, it’s hard to get better when you have high energy prices,” Trump said, according to a transcript of the event. “We’ll get the prices way down and then the interest rates down and then the home builders will start building again because nobody can get money from the bank because the interest rate’s high.”