Becoming a homeowner is part of the upward social mobility earned from the hard work and determination it takes to achieve the American Dream.
Under President Joe Biden’s economy, homeownership is no longer a dream within reach for millions of Americans. The U.S. housing market faces pressures, including inflation, rising home prices and mortgage rates, that make owning a home less affordable and attainable.
Only 30% of U.S. adults think it’s the right time to buy a house, and 70% said they believed home prices would continue to rise in their area, according to Gallup’s annual poll released in April.
At 30%, the U.S. homebuying sentiment is down 23 points from 2021 when 53% of U.S. adults thought it was the right time to buy a house, according to the poll. It is the first time the figure dipped below 50% since Gallup began tracking it in 1978. Gallup surveyed 1,017 adults living in the U.S. from April 1-14 with a margin of error of +/-4%.
ATTOM Data Solutions, a real estate and property data company, reported 2022 second-quarter data showing median-priced single-family homes and condos were less affordable in 97% of U.S. counties. (RELATED: REPORT: Some Homebuyers Lost More Than $100,000 In Purchasing Power In One Year)