Only 21 percent of Americans believe now is a good time to buy a home.
- This marks a significant decline of nine points compared to last year and a staggering 32-point drop from 2021.
WHY IT MATTERS–The value of a home carries significant implications for both the housing market and the broader economic landscape. The decline in the number of Americans who perceive it as a favorable time to purchase a house suggests a possible slowdown in the real estate sector, which can impact property values, construction activity, consumer spending, and overall economic growth.
THE NUMBERS–A recent Gallup poll asked respondents questions concerning the value of their home rising.
- 56 percent – believe that their home values will rise in the coming years
- 25 percent – believe that their home values will stay the same in the coming years
- 19 percent –believe that their home values will decrease in the coming years
The following respondents believe the home values in their area will increase.
- 45 percent– rural respondents
- 57 percent– suburban residents
- 64 percent– city residents
- 55 percent– Western residents
- 61 percent–Southern residents
- 62 percent– Eastern residents
- 45 percent– Midwestern residents
BOTTOM LINE– Fewer Americans now than since 1978 believe it is a good time to buy a house due to the soaring housing prices, which are causing the Federal Reserve to try to tame inflation.