Housing affordability to influence Gen Z vote, survey finds

Your head is probably still spinning from the political events of the last few weeks. 

Arguably, voter needs took a temporary backseat amid the political drama that unfolded on our screens and in our newspapers.

No doubt, the aspirations of Americans will now become increasingly clear as we head toward the first Tuesday in November.

As many surveys have already shown, our current high interest rates and the challenged nature of our housing market rank among key voter concerns.

The real estate website Redfin has commissioned a survey to uncover our voting priorities, and it has found Gen Zers – people born in the late 1990s to the early 2010s – especially concerned with affordable housing.

Older Gen Zers are now entering a period of their lives when they can buy their first property, and so they’re likely to think more about this issue than any other age demographic.

The Redfin survey found 91% of Gen Z respondents said housing affordability would influence their vote in the coming elections.

An explanation may be their consternation at home prices rising by more than 40% since the pandemic arrived and mortgage rates sitting at 7% due to the post-Covid spike in inflation.

The cost of renting has also surged, rising more than 20% across America since 2019. 

So whichever way you cut it, Gen Z has found accommodation a significant drain on funds and their ability to save for a deposit. Only 26% of Gen Z adults have managed to purchase a home.

For Gen Z, housing was more important than other mainstream issues, including national economic prosperity, involvement in foreign conflicts, and abortion rights.

By comparison, Millennials, Gen Xers, and Baby Boomers said the overall economic health of America was their most important issue.

However, 80% of all demographics said housing affordability is an issue that will influence their vote.

The study was conducted on Redfin’s behalf by a firm called Qualtrics.