Housing Affordability Is Gen Z’s Top Voting Issue, Outweighing Abortion Rights and the Economy: Redfin Survey

Rhea-AI Summary

According to a recent Redfin survey, 91% of adult Gen Zers consider housing affordability a critical factor in their presidential vote, surpassing issues like the economy, abortion, and gun rights. This survey, conducted by Qualtrics in February 2024, included around 3,000 U.S. homeowners and renters. While Millennials, Gen Xers, and Baby Boomers rank the overall economy highest, at least 80% of every generation still prioritize housing affordability. Home prices have surged over 40% since the pandemic, and 2023 marked the least affordable year on record. Elevated mortgage rates have compounded these high prices, making it especially tough for young, first-time homebuyers. The median U.S. asking rent has also risen by over 20% since 2019. Redfin's Senior Economist notes that despite a strong economy, the housing market remains a major concern for young people. Presidential candidates, including Biden and Trump, have proposed plans to address housing costs.

Positive

• 91% of Gen Z prioritize housing affordability in their vote, highlighting strong political engagement.
• Home prices have surged over 40% since the pandemic, indicating robust demand.
• Elevated mortgage rates are contributing to higher prices, reflecting a resilient market.
• The median U.S. asking rent has increased by over 20% since 2019, showing strong rental demand.
• Redfin's survey included approximately 3,000 participants, adding credibility to the findings.

Negative

• 2023 marked the least affordable year on record for housing, indicating severe market strain.
• Only 26% of adult Gen Zers own a home, pointing to significant barriers to homeownership.
• High home prices and elevated mortgage rates make it difficult for first-time buyers.
• Rising rents and home prices may deter young voters from entering the housing market.
• Despite low unemployment and rising wages, homebuying feels impossible for many Americans.

Millennials, Gen Xers and baby boomers all ranked the overall economy as the top issue in their presidential pick. Preserving democracy was more likely than housing affordability to weigh on Gen Xers’ and boomers’ minds

SEATTLE--(BUSINESS WIRE)-- (NASDAQ: RDFN) — 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, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

Gen Zers were more likely to rate housing affordability as an important factor in their vote than any other issue they were asked about, including the economy, abortion and gun rights, preserving democracy and foreign wars. This is according to a Redfin-commissioned survey of roughly 3,000 U.S. homeowners and renters conducted by Qualtrics in February 2024.

Millennials, Gen Xers and baby boomers were all more likely to say the strength of the overall economy was an important factor in their presidential pick than any other issue. Gen Xers and baby boomers also ranked preserving democracy above housing affordability. Still, at least 80% of every generation said housing affordability is an important factor.

All generations were more likely to rate housing affordability as an important factor in their presidential vote than abortion rights or student debt.

Redfin survey question: Please indicate how important each of the following issues are when considering how you’ll vote in the next presidential election
Gen Z	Millennials	Gen Xers	Baby Boomers
Housing affordability (91%)	Strength of the overall economy (89%)	Strength of the overall economy (94%)	Strength of the overall economy (95%)
Strength of the overall economy (82%)	Education (88%)	Preserving democracy (85%)	Preserving democracy (92%)
Education (82%)	Housing affordability (87%)	Education (84%)	Immigration (90%)
Gun rights (75%)	Immigration (79%)	Housing affordability (83%)	Foreign wars and/or geopolitical conflicts (88%)
Abortion rights (75%)	Preserving democracy (78%)	Immigration (82%)	Gun rights (81%)
Preserving democracy (73%)	Gun rights (77%)	Foreign wars and/or geopolitical conflicts (81%)	Housing affordability (80%)
Immigration (73%)	Foreign wars and/or geopolitical conflicts (77%)	Gun rights (79%)	Education (79%)
Student debt (73%)	Abortion rights (73%)	Abortion rights (72%)	Abortion rights (70%)
Foreign wars and/or geopolitical conflicts (72%)	Student debt (65%)	Student debt (49%)	Student debt (42%)

Housing affordability is important to American voters because homebuying—and renting, for that matter—have become increasingly costly over the last several years. Home prices have soared more than 40% since before the pandemic homebuying frenzy, and elevated mortgage rates are exacerbating high prices: 2023 was the least affordable year on record.

The issue is particularly important to young Americans because they are aging into homeownership; only 26% of adult Gen Zers already own a home. It’s more difficult for first-time buyers to break into today’s expensive market because they don’t have equity from a previous home sale to put toward their down payment and mortgage payments. Renting a home has also become much more expensive over the last several years, largely because demand for rentals surged during the pandemic: The median U.S. asking rent has increased more than 20% since 2019.

“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.”

President Biden has released a plan to lower housing costs. Donald Trump has said he has a strategy to combat the expensive housing market.

To view the full report, including methodology, please visit: https://www.redfin.com/news/gen-z-housing-affordability-important-vote/

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix it up to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.6 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 4,000 people.

Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240603859288/en/

Redfin Journalist Services:

Isabelle Novak

press@redfin.com

Source: Redfin

FAQ

What percentage of Gen Z voters consider housing affordability important in their presidential vote?

91% of adult Gen Z voters consider housing affordability an important factor in their presidential vote.

How much have home prices increased since the pandemic?

Home prices have surged more than 40% since the pandemic.

When was the Redfin survey on housing affordability conducted?

The survey was conducted in February 2024.

What percentage of Millennials consider the overall economy important in their presidential vote?

89% of Millennials consider the overall economy important in their presidential vote.

How much has the median U.S. asking rent increased since 2019?

The median U.S. asking rent has increased by over 20% since 2019.

What is one major challenge for first-time homebuyers according to the Redfin report?

First-time homebuyers face difficulty due to high home prices and elevated mortgage rates.

What percentage of Baby Boomers consider housing affordability important in their presidential vote?

80% of Baby Boomers consider housing affordability important in their presidential vote.