Gen Z Says Housing Affordability Is Top Issue in November Election

According to a new report from Redfin, nine in 10 adult members of Generation Z say housing affordability will be a key factor when they head to the polls in the upcoming U.S. presidential election. However, Housingwire reporter Chris Clow notes, “The importance of the housing affordability issue did not fall below 80% for any surveyed generation. While maintaining a 91% share for Gen Z, it also garnered 87% and third place for millennials; 83% and fourth place for Gen Xers; and 80% and sixth place for boomers.”

It is any wonder, as — despite low unemployment and rising wages  —  just 15.5 percent of homes for sale in 2023 were affordable for the typical U.S. household and half of renter households spend more than 30 percent of their income on housing? Affordable starter homes for younger generations are particularly in short supply.

Clow reports that President Joe Biden, who is seeking a second term, has proposed a plan that “includes a $10,000 tax credit for both first-time homebuyers and people who sell their starter homes; the construction and renovation of more than 2 million additional homes; and cost reductions for renters.” The Redfin report states, “Former President Donald Trump, the presumptive Republican presidential nominee has said that he has a strategy to combat the expensive housing market.” However, based on reporting from Politico, as of April Trump’s campaign had not elaborated beyond acknowledging supply is a problem, framing the elimination of single-family zoning as a “war on the suburbs,” and encouraging local authorities to “consider revising land use, zoning, and building regulations that inhibit development.”

But the presidency isn’t the only seat up for election in November. Since many policies that impact housing affordability are executed at the local and state levels, it will be interesting to see how those elections play out nationwide.