The generation gap is widening while housing costs are skyrocketing

Harris emphasized the importance of affordable housing in building wealth and securing a stable future, which includes owning a home – a concept closely linked to the American dream. Home ownership has become a problem due to skyrocketing housing costs and inflation.

The housing crisis has widened the gap between older homeowners, who benefit from low mortgage rates and higher home equity, and younger generations who are struggling to break into the market. This generational divide is becoming more pronounced as housing costs continue to rise. According to the National Association of Realtors, the median home price hit a record $426,900 in June.

In swing states like Wisconsin, affording a home is especially difficult. Milwaukee, the state’s largest city, is the most rent-burdened city in the Midwest, with residents spending a significant portion of their income on housing. Megan Montgomery, a 39-year-old Milwaukee resident, expressed frustration at not being able to find affordable housing. “I have to rent because I can’t buy a house,” she told Bloomberg, pointing out that the available homes are often in poor condition.

Bloomberg noted that the ability to mobilize support among renters will be critical in the upcoming election. However, a gap between enthusiasm and support remains. While Harris is ahead of former President Donald Trump among renters, her lead is smaller than President Joe Biden’s in 2020. Harris’ ability to convince voters that she can address housing costs will be key to maintaining support from this demographic.

As the campaign progresses, Harris’ focus on affordable housing will likely remain a central theme, reflecting the larger economic challenges facing many Americans.