Housing affordability is Gen Z's top voting issue, survey finds
FILE-Homes in a neighborhood are shown with an available sign in front of them. (Photo by Jeff Greenberg/Education Images/Universal Images Group via Getty Images)
Several issues are important to voters which could sway their decision for who they select as the next president in November’s election.
And one issue resonating with young voters is housing affordability. In a new survey by Redfin, approximately 91% of Gen Zers (adults between 18 and 27 years old) say housing affordability is important when considering their choice for president.
Redfin noted that only 26% of Gen Zers already own a home as prices for housing have skyrocketed over 40% before the pandemic homebuying craze.
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The survey consisted of about 3,000 homeowners and renters conducted by the management company Qualtrics in February. There were 180 responses from Gen Zers, 844 from millennials, 843 from Gen Xers, and 1,128 from baby boomers and older generations.
Redfin asked the groups how important certain issues are when considering how they may vote in the upcoming presidential election.
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An expensive housing market has made it more difficult for first-time buyers to secure a home because they don’t have equity from a previous home sale to put toward their down payment and mortgage payments.
Additionally, renting a home has been more expensive over the last few years, with rental costs soaring more than 20% since 2019 and the rising demand for home rentals increasing during the pandemic, Redfin noted.
This story was reported from Washington, D.C.