Today’s housing market is an overview of the time we are living in, the new study says

The American home ownership dream is increasingly feeling like a fantasy for some.

The annual survey of the Gallup housing market, released Wednesday, paints a pessimistic view of the real estate market. Most Americans see the current market state as unfavorable, the survey concluded, and they are looking for further growth next year.

Answers of more than 1,000 US adults were included in the Gallup sample for its annual economy and personal financial survey. The survey measures the housing market perceptions and the goals of buying homes across the country.

Approximately one -third of the respondents reported their homes for rent.

From that group, the percentage for that plan to buy a home within 10 years was only 53% – the lowest ever recorded by Gallup. Also, 45% of respondents do not expect to buy a home in the predictable future. More than half said they expect home prices to rise this year.

The results come at the same time with the widespread economic uncertainty and spring spring sales reported by the National Realtors Association. Home sales in March have been mostly dropped since November 2022.

There are many reasons why a tenant may not want to become a homeowner – such as convenience, bad loan, unstable job or just time. But the cost of homeownership, including low payment, is a bigger obstacle to buying houses for tenants than it has been in the past, the survey found.

Only 11% of the tenants cited comfort as their reason for renting, suggesting that not renting today is a big economic choice than a preference.

Among us adults who currently rent their home, 68% say they do so because they can’t afford to buy or have enough money for a low payment. When Gallup asked this question in 2013, only 45% gave this reason.

Americans remain widely skeptical about the housing market, as they have been since 2022, with a majority – 72% – replying that it is a bad time to buy a home. But Gallup’s data found real divisions in perceptions when resolved according to the region and politics.

Eastern slaps, the observed survey, are more likely to expect home prices to rise than other regions. Republicans responded to the survey with significantly more optimism than their counterparts – 33% of the surveyed Republicans said it is now a good time to buy a home, compared to only 18% last year. This group’s expectations for rising home prices also dramatically fell, from 69% to 2024 to 48% this year.

Despite their declines from their 2022 level, house prices remain head and shoulders above levels by decade. Financial squeezing of high prices, raised mortgage rates, and an unsafe economy has effectively blocked a segment of Americans to eagerly await homeowner.

Despite this pessimism, a large proportion of Americans-37%-that real estate is the best long-term investment a person can make.