Housing affordability is the most important issue among adult Gen Zers, according to a new survey from the real estate web site Redfin.

Ninety-one percent of Gen Zers age 18 and older said the issue was their top concern in considering who will get their vote this November.

What You Need To Know

  • Housing affordability is the No. 1 issue for 91% of adult Gen Z voters, according to a new Redfin survey

  • The economy ranked first among Millennials, Gen Xers and Baby Boomers

  • Gen Zers are currently between the ages of 12 and 27 and make up about 21% of the U.S. population

  • The average home price has increased more than 40% since 2020

The economy ranked first among Millennials, Gen Xers and Baby Boomers, according to a survey of about 3,000 U.S. homeowners and renters conducted in February. While preserving democracy was more important than housing affordability for Gen X and Baby Boomer respondents, housing affordability was a more important factor than abortion rights or student debt for all generations.

“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.

“This is particularly the case for young people, who have seen the cost of starter homes increase twice as fast as incomes.”

Currently between the ages of 12 and 27, Gen Zers were born from 1997 to 2012. They make up about 21% of the U.S. population.

Young people care about other issues, de la Campa added, but housing affordability is more of a factor in deciding their vote because it directly affects their financial wellbeing.

The average home price has increased more than 40% since 2020, when the COVID pandemic and ultra-low interest rates set off a buying frenzy. With mortgage rates now hovering around 7%, buying a home is even more expensive. In April, the median sales price of a home in the U.S. was $432,903.

About a quarter of adult Gen Zers (26%) own a home, compared with 55% for Millennials and 72% for Gen X and 80% for Baby Boomers.

Rent prices are also up significantly following the pandemic. The median asking rent in the U.S. has increased by more than 20% over the past five years, Redfin said.

In March, President Joe Biden called on Congress to pass legislation that would lower housing costs by providing a $10,000 tax credit for first-time homebuyers and people who sell their starter homes. He also asked lawmakers to provide $25,000 in down payment assistance to first-generation homebuyers.

Former President Donald Trum['s campaign does not have a stated policy about housing affordability.