A new study has sought to understand what issues different generations are most focused on this election cycle, and for America’s youngest adults, abortion, gun rights, and education played second fiddle to one major concern.
According to the report from RedFin, 91% of adult Gen Zers think that housing affordability is the biggest issue they will consider when deciding who to vote for this November.
RedFin also reported that only 26% of adult Gen Zers currently own a home, and the results show the disparity in housing, as millennials ranked the issue third (87%), Gen X fourth (83%), and baby boomers sixth (80%).
“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,” Redfin Senior Economist Elijah de la Campa said in a statement.
The top issues for the other generations also showed what younger and older Americans are more focused on in this election.
The top issues for millennials (89%), Gen Xers (94%), and boomers (95%) the top issue was strength of the US economy.
For Gen Xers and Boomers, the next top issue was preserving democracy, while for millennials, it was education.
The second biggest issue for Gen Zers was the strength of the overall economy, the poll showed.
The results also showed the stark view Americans have about the economy, with every generation ranking housing affordability above other social issues like abortion rights. For every generation except boomers, the price of housing was also more important than immigration and foreign wars.
Student debt has also fallen off in terms of importance, with boomers, Gen X, and millennials ranking it ninth, while Gen Z had it at eighth.
Since before the pandemic, house prices have soared more than 40% after a buying frenzy saw prices skyrocket. But following the buying frenzy was a record-high inflation rate that saw mortgage rates also rise, creating the least affordable year on record in 2023, RedFin reported.
“This is particularly the case for young people, who have seen the cost of starter homes increase twice as fast as incomes,” de la Campa said. “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.”
The poll defined adult Gen Zers as those 18-27 years old, millennials as 28-43 year olds, Gen Xers as 44-59 year olds, and boomers as 60-78 year olds.
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