Fewer Americans think it’s a good time to buy a house.

Record Low: Only 21% of Americans Believe Now is a Good Time to Buy a House

A new Gallup poll has revealed that only 21% of Americans believe that now is a good time to buy a house. This marks a nine-point decrease since last year and a whopping 32-point decrease from 2021.

Pessimism Across Economic Categories

Gallup explains that Americans across several different economic categories are pessimistic about buying homes, writing, “Opinions of the housing market are bleak and generally similar among all major subgroups, including by region, urbanicity, homeownership status, income, education and party identification.”

The analytics firm adds that Americans have become increasingly pessimistic “as housing prices have soared and the Federal Reserve has raised interest rates to try to tame inflation.”

Expectations for Home Values

Meanwhile, 56% of respondents also believe that their home values will rise in the coming years, with 25% who think they will remain the same and 19% who say they will decrease.

In 2022, 70% of respondents said they believed home values in their areas would rise, while 18% said they’d stay the same, and 12% thought they would decrease.

Regional Differences

Midwestern and rural respondents in the 2023 poll were less likely to expect their home values to increase. While 55% percent of Western residents, 61% of Southern residents, and 62% of Eastern residents said they believed their home values would rise, only 45% of Midwestern residents agreed.

Among rural respondents, only 45% believe that their home values will increase, while 57% of suburban residents and 64% of city residents believe their values will increase.

Conclusion

The poll was conducted between April 3rd and 25th and included a random sample of 1,013 respondents in the United States. With the current state of the housing market, it’s no surprise that Americans are feeling pessimistic about buying a home. However, it’s interesting to see the regional differences in expectations for home values. Only time will tell how the housing market will continue to evolve.

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