Cost of living emerges as top priority for US voters

Cost of living has emerged as a primary concern for voters heading into midterm elections, with polling indicating it is the top issue for Republicans (53%), Democrats (49%), and independents (54%).

Economic data reveals a significant generational divide in financial stability. Younger Americans, specifically Millennials and Generation Z, are facing higher cumulative price increases compared to older generations. Between January 2019 and August 2026, Millennials saw a cumulative price growth of 33.3%, while baby boomers experienced approximately 31.5%.

Several factors contribute to this gap. Seniors often own their homes outright, reducing exposure to high mortgage rates, and typically have lower expenditures on gasoline and childcare. Additionally, Social Security benefits include inflation protection, with a 3.6% cost-of-living adjustment set for 2027.

Housing remains a major driver of inequality. For households headed by individuals under 40, inflation-adjusted median home prices rose from $269,600 in 2019 to $350,000 in 2024, while median household income for those under 40 grew by only 9% between 2019 and 2024. Furthermore, inflation-adjusted median net worth for families with a reference person younger than 35 fell by 23% between 2022 and 2025, whereas it rose by 37% for those aged 75 or older.