Housing Affordability Is Gen Z’s Top Voting Issue, Outweighing Abortion Rights and the Economy: Redfin Survey
03 Juni 2024 - 6:00PM
Business Wire
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
(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.
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Redfin Journalist Services: Isabelle Novak press@redfin.com
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