The share of Americans who say it’s a good time to buy a house hit an all-time low of 25% in a monthly Fannie Mae survey.
The pandemic-era surge in U.S. housing prices, combined with increased concerns about job stability and rising mortgage rates, are deterring potential buyers from trying to purchase a home.
“Younger consumers—more so than other groups—expect home prices to rise even further,” said Doug Duncan, Fannie Mae’s chief economist. “They also reported a greater sense of macroeconomic pessimism.”
In the January survey, 69% of respondents said it’s a good time to sell, an all-time high in the series that dates back to 2010.
The lack of affordable houses, made even more acute by the Covid-19 crisis, is hitting the younger generations the hardest. An analysis from Zillow Group Inc. showed that home prices are rising the fastest in family-friendly suburbs, a trend that’s set to persist as a record number of millennials approach what’s traditionally been home-buying age for Americans.
More from TIME
And the rental market isn’t helping either. The Fannie Mae survey found that consumers expect rents to increase by a record this year.
In spite of a surprisingly strong labor market in January, the share of respondents concerned about losing their job over the next 12 months rose to a 10-month high. And, for the eighth month, a majority of respondents think the U.S. economy is on the wrong track.
The survey polled approximately 1,000 people via live telephone interviews between Jan. 1 and Jan. 24. Most of the data was collection occurred during the first two weeks of this period.
- TIME's Top 100 Photos of 2022
- I Tested Positive for COVID-19 Right Before the Holidays. What Should I Do?
- Column: How To Create a Sense of Belonging In a Divided America
- How to Survive the Holidays if You're a Scrooge
- Life Expectancy Provides Evidence of How Far Black Americans Have Come
- The 10 Best Albums of 2022
- Iran Has a Long History of Protest and Activism
- 6 Ways to Give Better Gifts—Based on Science