NHPF Industry Report
Leverage the Strengths of Millennials and Gen Z
“They survived a global pandemic and arguably some of the biggest historical struggles, but they’ve developed resilience and [the ability to] bond with others through hard times. With their spirit and support from others, they can create a bright tomorrow.” —TRACY BOWER, PHD, AUTHOR Baby Boomers have dominated our country for the better part of the last five decades. Many credit the exceptional wealth generated by this cohort for fueling America’s strong economy and providing opportunity. Many others harbor negative views, particularly when it comes to social issues such as affordable housing. NHPF’s proprietary annual survey posited that Baby Boomers were to blame for the current lack of affordable housing. Each generation (Baby Boomers, Gen X, Millennials, Gen Z) agreed, about equally, with Gen Z polling slightly higher. Respondents cited Boomers’ tendency to stay in houses and jobs longer, prevent younger people from moving up socioeconomically, and NIMBY behavior—working to prevent construction of less “desirable” housing. Gen Z also believed more strongly than other groups that Boomers have contributed to a non- sustainable lifestyle. The cohort with the most power 20 years from now will be the youngest Millennials and the oldest Gen Zers with 72M 40–60 year-olds—larger than the Boomer generation. A 2022 NHPF study found that this group has a passion for activism, supporting human rights and social causes, with 33% supporting affordable housing based on “societal benefits of decreased poverty and crime and increased economic opportunity.”
The Coming Decades of Demographic Change
Source: Philip Bump, author, The Aftermath: The Last Days of the Baby Boom and The Future of Power in America
Upon achieving career success and/or political will, might Gen Z fall back on a previous jaded mentality? Or will their tendency towards individualism, tech prowess, and belief in “access more than owning” empower them to transform America’s affordable housing?
THE NHP FOUNDATION 2023 SYMPOSIUM: INDUSTRY REPORT • 3
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