Poll: Boomers, millennials blame each other for housing affordability crisis

Housing affordability remains a top concern for Americans across generations, but young and old are divided on who is to blame, according to a new survey.

The poll, conducted by Clever Offers, highlighted that while 90% of respondents — including millennials, Gen Xers, and boomers — view homeownership as part of the American dream, 80% of Millennials and 77% of boomers believe it’s unaffordable for the average citizen.

The survey also reflected substantial generational blame. Millennials, often burdened with sizeable student debt, pointed fingers at Boomers for housing policies and market conditions they feel have limited supply and escalated prices. On the other hand, boomers frequently cited millennials’ financial decisions and preferences as contributing factors. Thirty-one percent of all respondents blamed millennials for the housing crisis, while 27% pointed to moomers.

Millennials, who dominate the non-owner category, are particularly impacted by affordability challenges. The poll noted that 60% of millennial non-owners remain hopeful about future homeownership, despite the difficulties. But they express frustrations about down payments and mortgage accessibility. Nearly 71% of renters in the survey indicated they could not currently afford any down payment, with zero millennials stating they could save up to $75,000 for a deposit.

Given its popularity as a relocation mecca, North Carolina is at the center of the affordability issues. The state’s population growth is outpacing much of the country. Meanwhile, home prices have risen by around 31% since the COVID-19 pandemic, from a median list price of $323,126 in March 2020 to $424,319 in July 2024.

According to a 2022 report from the John Locke Foundation, NC’s urban hubs contend with restrictive zoning regulations, limited housing supply, and rising costs. The Locke report argues that affordability challenges are largely due to burdensome regulations on things like accessory dwelling units (ADUs), tree protection ordinances, and rural buffers. These factors limit options that would help to drive down the cost of housing, such as higher-density housing or alternative building options.

Some lawmakers are taking note. Rep. Jeff Zenger, R-Forsyth, recently introduced House Bill 765, a comprehensive legislative package aimed at alleviating supply constraints and modernizing local development regulations. One notable provision requires Housing Affordability Impact Statements for new legislation to ensure potential impacts on housing markets are carefully evaluated.

Zenger emphasized the dual importance of solving the housing crisis, not just to meet residents’ needs but also to support economic development by retaining businesses that require accessible housing for their workforce.

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