US Housing Market Confidence at Record Low.

Record Low Optimism in the Housing Market

Americans’ Views on Buying a Home

A new Gallup poll has revealed that fewer Americans than ever before believe that it is a good time to buy a house. In fact, only 21% of American adults think it’s a good time to buy a house, which is 9% lower than in 2022. This is the lowest percentage since the pollster began asking the question in 1978. The last two years are the only time since 1978 that less than 50% of Americans said it was a good time to buy a home.

• 78% of respondents said it’s a bad time to buy a home.
• Even amid the pandemic in 2020, 50% of Americans said it was a good time to buy a home.

This 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%. For those who do purchase a home, steep inflation rates in President Joe Biden’s high-inflation economy have sent mortgage payments soaring.

The Impact on Small Business Owners and Personal Finances

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% of Americans “admit to being stressed about their personal finances these days.”

It’s clear that the current economic climate is causing concern for many Americans, particularly when it comes to buying a home. With rising house prices and inflation rates, it’s no wonder that fewer people are feeling optimistic about the housing market.