Gen Z Confronts 30% Home Price Surge as Under-40 Incomes Rise Only 9%

1 articles · Updated · Petoskey News-Review · Aug 22

89% of adults under 40 say buying a home is harder than it was for their parents’ generation, underscoring a housing affordability squeeze hitting Gen Z voters.
From 2019 to 2024, the inflation-adjusted median U.S. home value climbed to $350,000 from $269,600, while median household income for under-40 heads rose to $100,900 from $92,700.
Monthly ownership costs widened the gap: a 3.5% down payment on a median-priced home implied about $1,689 a month in 2019 versus $2,776 in 2024 as mortgage rates rose to 6.7% from 3.9%.
Broader living costs add to the strain, with nearly 6 in 10 U.S. jobs paying under $25 an hour and the report arguing even that wage level cannot support buying a $350,000 median home.
With midterm elections just over two months away, the affordability crunch is emerging as a key economic issue for Gen Z, a bloc both parties see as crucial to control of Congress.