It’s no secret that economic inequality is preventing millions of people from achieving their goals and securing basic needs like housing. As a member of Gen Z, I have begun to realize how the lack of affordable housing is a major roadblock for us in particular. It’s impacting everything from where we live now to whether we can even think about owning a home in the future.
As a sophomore at the University of Wisconsin-Madison, I already face limited rental options. When I graduate in three years, statistics show the rental market will likely remain competitive with a predicted 3-5% rise in rental prices due to continued high demand from students, professionals, and families. Even if I could save up for a home within my first handful of years of employment, the odds are that I will face an unpredictable and challenging housing market. If trends continue, home prices will escalate, making affordability a critical issue.
Like me, many of my peers would love to find jobs in cities like New York, Chicago, and Los Angeles, but the rising costs of living make it nearly impossible for us to find quality affordable housing anywhere. As a result, our generation faces major obstacles to establishing ourselves and living independently. That also means a lower likelihood of pursuing higher education, slower timelines for starting families, and a decreased ability to positively contribute financially to our communities.
From Awareness to Advocacy: How Gen Z Can Make a Difference
Affordable housing developments primarily aim to create safe, quality housing for low-income families and underserved communities. Although not every member of Gen Z will fit those qualifications, we, too, need affordable housing to thrive. That’s why my generation must join the fight to build safe and stable communities for everyone, regardless of economic status.
Gen Z would benefit from learning the fundamentals of affordable housing, even if it’s just the broad scope of the industry and a few of the key acronyms like LIHTC (Low-Income Housing Tax Credits), QCT (Qualified Census Tracts), and DDA (Difficult Development Areas).
As an intern for Gorman & Company and a Marketing and Real Estate major, I’ve been learning how tax credits and investor funding are extremely important for getting affordable housing projects approved and built. Developers must also navigate zoning regulations, acquire permits, and overcome various other obstacles to make their projects come to fruition. It takes a village to build a village: strong collaboration between government agencies, developers, investors, and the community is essential.
As a generation, we can help build momentum in this industry. We’re known for our activism, and our advocacy for affordable housing initiatives could move stakeholders to act in Gen Z’s and everyone’s best interest when it comes to housing.
Call to Action: Next Steps for Gen Z and Non-Gen Z Readers
Gen Z readers: Begin by educating yourself on affordable housing and local housing issues. Try to get involved in efforts to advocate for affordable housing, participate in community discussions, and volunteer your time to help organizations dedicated to these efforts.
Non-Gen Z readers: Utilize your experiences and resources to support younger generations. Promote activism and advocate for policy changes that encourage affordable housing within your community.
