Story at a glance
Most Americans still dream about owning their own home but over 60 percent don’t think they will ever be able make that dream come true, according to a new survey from market research firm The Harris Poll.
The 2,047-person survey shows while 81 percent of U.S. adults would like to own a home in the future, 61 percent don’t think they will ever be able to do it.
A sizeable number of Americans — 42 percent — believe that no matter how hard they work they will never be able to afford a home they really love.
For most Americans, the biggest barrier preventing them from purchasing their own home is not enough money for a down payment.
According to the survey, 51 percent of American adults said they don’t have enough capital for a down payment — an 11 percent increase from 2022 numbers.
Meanwhile, 50 percent said high mortgage interest rates were the biggest obstacle they faced in owning a home.
Other top reasons preventing Americans from owning homes are poor credit, not enough housing available and simply not knowing how to do it, according to the survey.
And most Americans don’t think that the housing market will change for the better in the years to come — 71 percent worry the market will only worsen in the future.
Home prices jumped during the COVID-19 pandemic following a decades-long upward trend.
Now, a 30-year fixed mortgage rate is hovering around 7 percent, according to Mortgage Daily News. Redfin estimates that 16 percent of homes are affordable for the typical American household.