Americans' Confidence in Housing Market Hits All-Time Low

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May 16, 2023

A new Gallup poll shows fewer Americans think it is a good time to buy a house than at any time since the pollster began asking the question in 1978.

The poll, conducted in April, found 21 percent of American adults think it's a good time to buy a house, 9 percent lower than in 2022. The last two years are the only time since 1978 that less than 50 percent of Americans said it was a good time to buy a home.

Seventy-eight percent of respondents said it's a bad time to buy a home. Even amid the pandemic in 2020, 50 percent of Americans said it was a good time to buy a home.

Americans' record-low optimism in the housing market comes as the price of homes has skyrocketed over the last few years. Between 2021 and 2022, house prices rose 12.4 percent. For those who do purchase a home, steep inflation rates in President Joe Biden's high-inflation economy have sent mortgage payments soaring.

The record number comes as 6 in 10 small business owners say the economy under Biden could force them to close down, according to an April poll from the Job Creators Network Foundation.

Last month, a CNBC poll found that 70 percent of Americans "admit to being stressed about their personal finances these days."

Published under: Economy