While Gen Zers placed the highest priority on housing affordability, the issue resonated strongly across all generations. According to the report, at least 80% of millennials, Gen Xers, and baby boomers also cited housing affordability as an important factor in their presidential vote.
Notably, all generations were more likely to rate housing affordability as a crucial consideration than abortion rights or student debt, underscoring the widespread impact of the nation’s housing crisis.
The report’s findings come as no surprise, given the soaring costs of homeownership and renting that have plagued the nation in recent years. Home prices have skyrocketed by more than 40% since before the pandemic homebuying frenzy, while elevated mortgage rates have further exacerbated the affordability challenge, making 2023 the least affordable year on record.
For younger generations, particularly Gen Zers aging into homeownership, the issue of housing affordability carries immense weight.
With only 26% of adult Gen Zers already owning a home, the challenges of breaking into today’s expensive market as first-time buyers without equity from a previous home sale are daunting.
