Gen Z cites housing affordability as top ballot-box issue

Housing affordability tops all other issues for adult Gen Zers when considering who they’ll vote for in November.

According to a recent Redfin survey, more than nine in 10 (91%) adult Gen Zers say housing affordability is their key concern.

Housing costs are so crucial that they even outweigh issues like the economy, abortion rights, gun control, and foreign conflicts.

”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," said Redfin senior economist Elijah de la Campa.

"It directly impacts the roof over their head, their lifestyle and their ability to build wealth.”

Meanwhile, millennials, Gen Xers, and baby boomers are more likely to say the strength of the overall economy is a more important factor in their presidential pick.

Since the pandemic, home prices have soared more than 40%—thanks to the combination of low housing inventory and high mortgage rates.

“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 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.”

Because of high home prices and stagnant wages, only 26% of adult Gen Zers are currently a homeowner.

Co-signers providing a lifeline to young homebuyers

To break into the unaffordable housing market, younger homebuyers, including Gen Zers, are turning to their parents as co-signers.

Data from mortgage giant Freddie Mac shows that 3.7% of first-time homebuyers are relying on older mortgage co-signers.

That's the highest it’s been in 30 years and nearly double what it was in 1994.

Only 1.6% of first-time homebuyers under 35 used a co-signer 55 or older 30 years ago. That number nearly tripled to 3.7% in 2022.

And new data from Redfin suggests the trend continued in 2023.

“People who are buying right now are typically doing so because they’re having a baby or looking for a more family-friendly home,” said Christine Chang, a Redfin agent in the Bay Area of California.

“My advice for those buyers is to be open-minded: Consider single-family homes that are a bit outdated but don’t need major renovations, and/or homes in lesser-known, non-trendy neighborhoods.”