Between skyrocketing mortgage interest rates, record-high home prices, and a limited housing supply, millions are being priced out of the American Dream.
The country has never been more pessimistic about becoming a homebuyer, with only 30% of survey respondents to a recent Gallup poll saying that now was a good time to buy into the housing market.
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.
With the new normal of working from home and the increased time spent in the house, Americans began searching for housing that met their pandemic-era needs.
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.