That is down 23 points from a year ago and the lowest on record. Perhaps more significantly, it is the first time since the poll began in 1978 that most Americans agreed that it is a bad time to buy a house.
While there are many factors at play, three major themes appear to be driving a home affordability crisis that has left most of the nation increasingly bearish about their ability to participate in the American Dream.
However, in the span of a few short months, interest rates have shot up more than 75%. Mortgage rates that were hovering around 3% at the beginning of the year spiked more than two percentage points to around 5.25% in just a few short months, driving up monthly mortgage payments by an astonishing 30%.
What was initially considered transient inflation - the temporary aftershocks of the post-pandemic economic recovery - has settled into the highest year-over-year inflation rates in four decades.According to the latest release from the Bureau of Labor Statistics, consumer prices rose 8.5% from March 2021 to March 2022.