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77% of Americans Say Housing Market is ‘Prohibitively Expensive' [New LendingTree Report]

Women in Real Estate
Written by Posted On Wednesday, 31 July 2024 06:13
77% of Americans Say Housing Market is ‘Prohibitively Expensive' [New LendingTree Report]

Despite signs that the housing market is becoming (slightly) friendlier to would-be buyers, home prices and mortgage rates remain steep. This has led to mortgage demand hovering around its lowest level in over 20 years.

Demand probably won’t spike anytime soon because, according to the newest LendingTree survey, 77% of Americans say the housing market is “prohibitively expensive.” While 21% are still considering a home purchase this summer, our findings highlight how daunting today’s market appears to most people.

  • While 77% of Americans believe the housing market is prohibitively expensive in their area, 21% are still considering buying a home this summer. Gen Zers are most likely to be on the hunt for a new home this summer, with 37% considering buying.
  • Among those considering buying this summer, 56% are confident they’ll be able to find and close on an affordable house that fits their needs. 44% are buying because they believe they’ll get a good deal. However, 19% don’t think a deal is possible because mortgage rates are too high.
  • 86% of respondents think mortgage interest rates will rise or stay the same this summer; among them, 23% worry rates will never fall. Additionally, 87% believe home prices in their area will rise or stay the same this summer; among them, 36% think high home prices are here to stay.
  • Among summertime home shoppers, their top concerns about buying now are high home prices (35%), high mortgage interest rates (27%) and finding the right house (18%). Interest rates are top of mind for current mortgage holders, as 29% feel trapped in their homes due to their current rates.

You can check out our full report here: https://www.lendingtree.com/home/mortgage/summer-homebuying-survey/

LendingTree's Senior Economist and report author, Jacob Channel, had this to say:


"All in all, there’s no denying that today’s housing market is expensive. Nonetheless, as inflation continues to cool and rates come down the market should become more affordable. On top of that, while prices and rates make buying too expensive for most at the moment, the vast majority of those who already own a home remain in a good position to keep on top of their payments and avoid foreclosure. This means that, despite headwinds, the housing market doesn’t appear headed for a crash."

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LendingTree

LendingTree is an online lending marketplace headquartered in the United States. The business platform allows potential borrowers to connect with multiple loan operators to find optimal terms for loans, credit cards, deposit accounts, insurance, etc.

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