What do young voters care about? Housing affordability is a top priority
In an election year, economic concerns are always important. This year is no different, and why is it? And on paper, the economy is doing well, but that’s not really how it feels to typical Americans, and there’s a reason for that: House.
During the pandemic-induced housing boom and afterward, housing affordability deteriorate at the fastest rate. House price skyrocket, rent spiked and mortgage interest rate follows, to put it simply. A lot of people can’t afford to buy a house and some people can barely afford to rent, and that will affect voters when they go to the polls. We’re already seeing it happen: 91% of Gen Z adults say housing affordability is a top priority when they consider who to vote for in November’s presidential election, based on a survey commissioned by Redfin released today.
It is a key generational issue, transcending the strength of the entire economy, education, gun control or gun rights, and abortion. Housing affordability also precedes the preservation of democracy, immigration, student debt, foreign wars or geopolitical conflicts. And these are all topics that Gen Z is already interested in, but it’s no surprise that housing is the focus. According to Redfin, last year was the most affordable year for housing on record. According to Redfin, only 26% of Generation Z adults (those ages 18 to 27) own a home, and everyone else is paying expensive rent.
“Housing affordability is a cornerstone of this year’s presidential election because even though the economy is quite strong, unemployment is low and wages are low,” said Redfin senior economist Elijah de la Campa. is increasing, but buying a home is impossible for many Americans.” findings.
“This is especially true for young people, who have seen initial home purchase costs rise twice as fast as income,” he continued. Young people care about other political issues, like immigration and abortion rights, but they are more likely to consider housing affordability as a factor in their vote because it directly affects them. Next comes the roof over their head, their lifestyle and their ability to build wealth.
The survey found that Millennials, Gen Xers and baby boomers all chose the strength of the overall economy as the top factor or concern influencing their choice of president. “However, at least 80% of all generations say housing affordability is an important factor,” according to Redfin. Housing affordability ranks third on the list of issues for Millennials, fourth for Gen Xersand unsurprisingly and unsurprisingly come in sixth for baby boomers (unsurprisingly because baby boom generation are probably generally concerned about housing affordability for their children; and surprisingly many of them owned their entire homes and saw their values skyrocket).
A separate Redfin is authorized survey from earlier this year, a broader look at the landscape, shows that more than half of homeowners and renters say housing affordability is influencing who they plan to vote for in the election upcoming president. Nearly two-thirds of homeowners and renters say housing affordability makes them feel negative about the economy.
“Housing affordability is a top priority for voters because of rising mortgage rates and home prices, coupled with a severe housing shortage,” Redfin chief economist Daryl Fairweather said at the time. important, pushing the dream of home ownership out of the reach of many Americans. While the economy is strong on paper, many families are not feeling the benefits because they are struggling to afford the home they want or already live in. As a result, many families feel stuck, unable to take the steps they want and upgrade their lives.”
That sentiment has only increased in recent months; The survey results published today prove that. An independent analysis was conducted by a former Barclays Substack analyst and writer Aziz Sunderji, that Luck previously insuredfound that homeowners were twice as likely as renters to identify themselves as strongly Republican — and renters were twice as likely to identify themselves as strongly Democratic. Another study found that swing districts, where home prices increased significantly in the four years before the election, were more likely to vote for the incumbent candidate. However, we’ll see if those dynamics change this year or how they play out. For now, welcome to the housing election.
