A majority of Americans agree “the American dream of owning a home is dead” because of affordability issues, according to “The State of Real Estate” survey released by The Harris Poll Thought Leadership Practice. The survey found a majority of respondents dream of owning a home of their own but feel costs are making homeownership unattainable.
Almost six in 10 respondents said they are worried they will never be able to own a home, and 61% reported they feel priced out of the current real estate market. The feeling of being priced out is stronger among millennials, with 69% of respondents in the cohort reporting the sentiment, according to The Harris Poll.
In addition to feeling homeownership is unattainable due to cost, many respondents also reported they feel they can’t afford to stay in their current living situations. More than six in 10 homeowners and renters said their housing costs have increased since the pandemic, with 28% saying costs have increased tremendously. Approximately 47% of respondents said their current area “has become so unaffordable it’s barely livable,” according to The Harris Poll.
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