Young adults favor housing affordability more than any other issue when it comes to their vote in this year’s presidential election, a new report from Redfin revealed.
More than nine in 10 (91%) adult Gen Zers say housing affordability is important when considering who they will vote for in the upcoming presidential election, making it the top issue for that generation. Gen Zers were more likely to rate housing affordability as an important factor in their vote than any other issue they were surveyed about, including the economy, abortion, gun rights, preserving democracy, and foreign wars.
This was according to a Redfin-commissioned survey of roughly 3,000 U.S. homeowners and renters, conducted by Qualtrics in February 2024.
“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.”
Millennials, Gen Xers, and baby boomers surveyed all rated the strength of the overall economy as the most important factor in their presidential pick. Gen Xers and baby boomers also ranked preserving democracy above housing affordability.
The majority (at least 80%) of respondents from every generation said housing affordability is an important factor – even more so than abortion rights or student debt.
Homebuying and renting have become increasingly costly in recent years, with home prices soaring more than 40% since before the pandemic homebuying craze. Continued elevated mortgage rates have further exacerbated these high prices, with 2023 coming in as the least affordable year on record.
However, Redfin analysts say, home affordability is particularly important to young Americans because only a quarter (26%) of adult Gen Zers already own a home.
Both frontrunners in this November’s presidential election have touted the importance of housing affordability in their campaigns. President Biden has released a plan to lower housing costs, while his Republican opponent Donald Trump has said he has a strategy to combat the expensive housing market.
