Record Low Share of Americans Think Now Is Good Time to Buy a Home

By
Bill McColl
Bill McColl
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Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

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Published May 16, 2023
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Key Takeaways

  • A record low percentage of U.S. adults think it's a good time to buy a home.
  • High prices and rising borrowing costs are making housing less affordable.
  • Real estate is still considered the best long-term investment.

Fewer than one-quarter of adults polled by Gallup believe now is a good time to purchase a home, a record low.

Just 21% of those surveyed said they were optimistic about housing market conditions, a drop of 9 percentage points from last year, which was the previous all-time low. Both 2022 and 2023 were the only times since the research firm began its survey in 1978 that fewer than 50% thought it was a good time to buy a home.

Gallup noted that over the past two years, housing prices have soared and Federal Reserve rate hikes aimed at taming inflation have increased borrowing costs, making houses less affordable. The firm added that’s likely why views of the market have sunk.

However, the percentage of those who now expect prices to increase over the next year slipped to 56% this year from 70% last year, with 25% believing prices will stay the same, and 19% predicting a decline. 

Despite pessimism about the market, a separate Gallup poll pointed out that Americans identified real estate as the best long-term investment compared to other types of assets. 

Article Sources
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  1. Gallup. “Views of U.S. Housing Market Reach New Depths.”

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