Gallup Poll: Americans Say Now is a Bad Time to Buy a House
large home for sale

Gallup Poll: Americans Say Now is a Bad Time to Buy a House

Following a tumultuous few years that’s included a global pandemic, a competitive housing market, rock-bottom interest rates, rapidly rising interest rates, inflation, and continued threat of a recession, a new poll from Gallup shows that a record number of Americans believe that now is a bad time to buy a home.

According to the latest poll, only 21% of adults believe now is a good time to purchase a house. That’s down nine points from last year’s report, which already marked a record low. For context, since 1978, there have only been two times when the response to this question was under 50%: 2022 and 2023. On the other end, a high of 81% was reached 20 years ago in 2003.

Elsewhere in the polling data, the number of respondents who expect housing prices to rise in within the next year fell compared to 2022. Gallop’s 2023 survey found that 56% believed prices in their area would rise compared to 70% who said the same last year. Similarly, the percentage of those who expected decreases in the next 12-months was up, climbing from 12% in 2022 to 19% this year. Currently, the median home price for the first quarter of the year landed at $436,800.

Unlike with the timing question, neither of these results amounted to a record. In 2008, 38% of those surveyed foresaw decreasing prices, while a mere 22% of those polled in 2009 predicted an increase. Meanwhile, in 2005, only 5% anticipated decreasing prices and, in 2021, 71% stated that prices were likely to increase.

Looking more closely, the predictions of whether prices would rise or fall in the year ahead varied significantly by region. The East Coast was most likely to expect rising prices, with 62% expecting as much compared to 16% anticipating a decrease. In the Midwest, on the other hand, only 44% stated that increasing prices were probable while 29% said the opposite. What’s more, the percentage of those expecting higher prices fell 21 points from last year’s 65%. Those living in cities were also far more likely to predict upward trends (64%) than those in rural areas (45%). That latter stat was off a whopping 26 percentage points from 2022 when 71% of rural residents predicted rises.

My Thoughts:

On the one hand, it’s easy to see why so many Americans would believe that 2023 was an all around bad time to buy a home. However, more than the threat of high purchase prices or even rising interest rates, I’d reckon that confusion plays a major role in this year’s polling result. After all, the country has been discussing the possibility of a recession for years now — even as unemployment continues multi-decade lows. These conflicting data points coupled with the market whiplash that consumers have experienced from the pandemic and after have surely had an effect on the confidence Americans have in predicting what’s ahead. So while there may be reasons why now is or isn’t a good time to buy a house, in all, it would seem as though prospective homebuyers who can afford to wait would rather do so until economic conditions finally stabilize.

Author

Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Fioney's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

Other Articles by Kyle Burbank

"The Unbanking of America" Book Review

In her new book " The Unbanking of America: How the New Middle Class Survives" author Lisa Servon looks at everything from the payday loan industry to FinTech while also discussing the changing economics of the middle class.
Charlie and SpeedBump logos

Charlie Introduces SpeedBump Fraud Protection Feature

A FinTech that helps prevent adults from falling victim to scams and fraud is adding a new feature to further that cause. About SpeedBump: Today, Charlie announced the launch of its SpeedBump feature. This tool combines alerts, pauses, and real-time education to help protect older adults who may be vulnerable to scams and fraud. SpeedBump may be activated when Charlie customers take certain actions, such as adding a payee, making...
AMEX card in the middle of a restaurant table full of food

American Express to Acquire Tock from Squarespace

American Express is expanding its dining platform with not one but two acquisitions. About the acquisitions: Today, Amex announced that it will be acquiring the restaurant reservation service Tock from Squarespace (who purchased the company in 2021). The purchase is expected to be for $400 million in cash but is subject to closing conditions, customary adjustments, and regulatory approval. Amex also notes that, as part of the deal with Squarespace,...
The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...