flexiblefullpage - default
Currently Reading

Majority of Americans Still Prioritizing Homeownership Despite Market Challenges

Advertisement
billboard - default
New-Home Sales

Majority of Americans Still Prioritizing Homeownership Despite Market Challenges

Millions of Americans are looking to become homeowners in the year ahead, but as mortgage rates continue to climb while home prices remain elevated, not all prospective buyers will be successful


January 25, 2023
Green house cutouts with dollar signs surround a cutout with a question mark on it
Image: Stock.adobe.com

Despite fears of an economic recession coupled with a turbulent seller’s market, 83% of Americans are still prioritizing homeownership, according to a recent study by NerdWallet. Roughly 28 million Americans say they plan to purchase a home within the next 12 months, but not all will be successful.

Prospective buyers looking to become homeowners in the next year expect to spend an average of $269,200, well below the typical home price of $379,100 recorded in October 2022, NerdWallet reports.  

Many Americans blame the economy and mortgage rates for feeling worse about 2023 homebuying prospects. About one-third (32%) of Americans feel worse about their ability to purchase a home in 2023 than in 2022, regardless of whether buying a home is in their plans. This is up from 25% when we asked last year. The top reasons for feeling worse include a worsening economy (58%) and higher mortgage rates (57%).

Most expect a housing market crash. Two-thirds (67%) of Americans say a housing market crash is imminent in the next three years. 

Read more

Related Stories

Housing Markets

These Popular Markets Are Expected to See the Biggest Inventory Gains in 2023

After reaching all time lows over the past two years, inventory is on the rise in metros like Salt Lake City and Dallas 

Housing Markets

Could These Midwestern Metros Be the Next Top Real Estate Markets?

Out-of-state homebuyers are flocking to Midwestern markets like Lafayette, Ind., and Topeka, Kan., where they're finding affordable homes, high-paying jobs, and robust local economies

Affordability

Buyers Cite Unaffordable Prices as Biggest Hurdle to Homeownership in Q4 2022

Elevated home prices continue to pose an obstacle for house hunters, but most are persevering 

Advertisement
boombox1 -
Advertisement
native1 - default
halfpage2 -

More in Category




Advertisement
native2 - default
Advertisement
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.