Survey Finds 70% of Americans Believe It’s Unrealistic to Buy a Home in 2024

Survey Finds 70% of Americans Believe It’s Unrealistic to Buy a Home in 2024​

Nearly three-quarters of Americans believe it is unrealistic to buy a home in 2024, a new survey found.

“This sentiment is driven by harsh economic realities, with 63% of Americans stating they cannot afford to purchase a home,” IPX1031, Chicago, said in its Homeownership Data Statistics 2024 report. “The younger generations are most impacted with 87% of Gen Zers and 62% of Millennials unable to afford to buy a home at this time.”

The firm surveyed 1,008 people from across the U.S. in November about their home buying plans in 2024. Among respondents, 50% identified as male and 48% as female with an average age of 41.

Nearly 1 in 4 Americans no longer believe homeownership is a sound long-term investment, and almost 1 in 3 do not think homeownership should still be considered part of the American dream, the report noted. “This shift in perception is particularly pronounced among younger generations, as 53% of Americans believe that homeownership is unattainable for Gen Z and Millennials who currently don’t have property,” IPX1031 said.

The IPX1031 survey found 1 in 3 Americans believe the housing market will decline in 2024, while 22% expect an improvement. The remaining 45% anticipate that the market will remain relatively stable.

While 23% of current homeowners want to sell their properties, they are hesitant to do so due to the fear of losing their current interest rate. In fact, homeownership data shows 45% of current homeowners now consider their homes to be their permanent residences, because of their mortgage’s interest rate. The report also examined the factors influencing potential homebuyers’ decisions. More than half are waiting for interest rates to drop before considering a home purchase, while 59% are holding off until house prices decline.