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The Housing Crisis: Gen Z’s Make-or-Break Election Issue
The 2024 presidential election has brought housing affordability to the forefront, with a staggering 91% of adult Gen Zers ranking it as their top voting priority. This generation faces an uphill battle in achieving the American dream of homeownership, with only 26% currently owning a home, compared to the national average of 65%.
The statistics paint a bleak picture for Gen Z’s housing prospects:
Homeownership Hurdles
- Median U.S. home prices have skyrocketed by 38% since the pre-pandemic period, reaching a record high of $442,500 as of May 2024.
- Mortgage rates have soared, making 2024 the least affordable year on record for homebuyers, with the average monthly payment consuming over 30% of the median household income.
- The down payment barrier is higher than ever, with the typical 20% down payment on a median-priced home exceeding $88,000 – a sum that would take the average renter over 14 years to save.
Rental Woes
- The median U.S. asking rent has increased by a staggering 20% since 2019, outpacing wage growth and straining budgets.
- Nearly half of all renters are considered cost-burdened, spending over 30% of their income on rent.
- Rent affordability has deteriorated in 92% of U.S. counties since 2019, leaving few affordable options for Gen Zers.
As the election nears, housing affordability has become a make-or-break issue for Gen Z voters, who view homeownership as a critical step towards building wealth and achieving financial stability. The candidate who effectively addresses this crisis may sway a significant portion of the youth vote and shape the future of housing policy in America.
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Author: Bolanle Media Staff