Housing experts say persistent supply issues may continue to drive prices beyond the reach of many
- Among adults who could potentially purchase a home in the coming years, roughly 1 in 5 believe they would be able to do so without facing hardship.
- Potential homeowners named price issues as major barriers to homeownership, with 62% saying they can’t afford the home they want and 61% saying housing is overpriced right now.
- 56% of adults said they see buying a house as a financial risk, while 65% said the possibility of losing their income was a “major” financial risk associated with homeownership.
Americans across generations have an enduring desire to own their own home, but high prices driven by a persistent lack of supply have a large share of would-be homeowners doubtful of their ability to make the dream of homeownership come true.
As mortgage rates reach their highest levels in decades, a new Morning Consult survey indicates that consumers are uncertain not only about their ability to afford a home, but about the financial risks associated with owning and maintaining one. In the survey, just 22% of those who could potentially buy a home expressed confidence in their ability to do so without financial hardship.