Gallup's latest housing market survey reveals that the American dream of homeownership is becoming increasingly elusive, with a significant number of participants viewing current market conditions unfavorably. Many renters reported impediments to homeownership, including affordability and insufficient down payments, with only 53% considering buying a home in the next five to ten years. Economic uncertainties and declining home sales add to the skepticism; 72% of Americans feel it is a bad time to purchase a house, indicating a concerning outlook for the real estate market.
Roughly one third of respondents reported renting their homes. Of that cohort, the percentage for that plan to buy a home within five or 10 years was just 53% - the lowest ever recorded by Gallup.
Among US adults who currently rent their home, 68% say they do so because they can't afford to buy or do not have enough money for a down payment.
More than half said they expect home prices to increase this year, reflecting a widespread skepticism about the housing market.
Americans remain broadly skeptical about the housing market, with a majority - 72% - answering that it's a bad time to buy a house.
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