The number of Americans who believe that now is a good time to buy a house has hit a record low, a new poll has found.
Only 21% of Americans featured in a new Gallup poll say that now is a good time to buy a house, marking a nine-point decrease since last year and a whopping 32-point decrease from 2021.
From 1978 to 2021, at least half of respondents believed it was a good time to buy a house. But in 2023, 78% of those polled said it was a bad time.
Gallup explains that Americans across several different economic categories are pessimistic about buying homes, writing, “Opinions of the housing market are bleak and generally similar among all major subgroups, including by region, urbanicity, homeownership status, income, education and party identification.”
The analytics firm adds that Americans have become increasingly pessimistic “as housing prices have soared and the Federal Reserve has raised interest rates to try to tame inflation.”
Meanwhile, 56% of respondents also believe that their home values will rise in the coming years, with 25% who think they will remain the same and 19% who say they will decrease.
In 2022, 70% of respondents said they believed home values in their areas would rise, while 18% said they’d stay the same, and 12% thought they would decrease.
Midwestern and rural respondents in the 2023 poll were less likely to expect their home values to increase. While 55% percent of Western residents, 61% of Southern residents, and 62% of Eastern residents said they believed their home values would rise, only 45% of Midwestern residents agreed.
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Among rural respondents, only 45% believe that their home values will increase, while 57% of suburban residents and 64% of city residents believe their values will increase.
Gallup’s poll was conducted between April 3rd and 25th and included a random sample of 1,013 respondents in the United States.