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Survey Finds 70% of Americans Believe It’s Unrealistic to Buy a Home in 2024
The housing market in 2024 is expected to be dynamic and competitive. In order to learn more about Americans’ sentiments on home buying in 2024, we surveyed over 1,000 people from across the country.
Our homeownership data discovered owning a home is a symbol of success and stability for some Americans, and a way to build wealth and equity over time. However, the path to homeownership is not always easy.
The Reality of Homeownership Among Americans
Our report found 70% of Americans believe it is unrealistic to buy a home in 2024. This sentiment is driven by harsh economic realities, with 63% of Americans stating they cannot afford to purchase a home. The younger generations are most impacted with 87% of Gen Zers and 62% of Millennials unable to afford to buy a home at this time.
Nearly 1 in 4 Americans no longer believe homeownership is a sound long-term investment, and almost 1 in 3 don’t think homeownership should still be considered part of the American dream. This shift in perception is particularly pronounced among younger generations, as 53% of Americans believe that homeownership is unattainable for Gen Z and Millennials who currently don’t have property.
Housing Market Expectations in 2024
The future of homeownership in America remains uncertain. In fact, 1 in 3 Americans believe the housing market will decline in 2024, while 22% hold a more positive outlook, expecting an improvement. The remaining 45% anticipate that the market will remain relatively stable.
While 23% of current homeowners want to sell their properties, they are hesitant to do so due to the fear of losing their current interest rate. In fact, homeownership data shows 45% of current homeowners now consider their homes to be their permanent residences, because of their interest rate.
The report also sheds light on the factors influencing potential homebuyers’ decisions. More than half (51%) are waiting for interest rates to drop before considering a home purchase, while 59% are holding off until home prices decline.
2024 Home Buying Trends: Relocation, Upsizing, and Investment
Despite the challenges homebuyers may face, 13% of Americans plan to buy a new home in 2024. Among current homeowners, 46% plan to sell their current home, while 54% intend to keep their current home as an investment.
A concern among potential buyers in 2024 is the lack of available inventory, with 62% expressing apprehension about finding a suitable home. This scarcity of properties is pushing buyers to adopt more competitive strategies, including waiving home inspections in cases of multiple offers, which 1 in 3 Americans would be willing to do. Additionally, 1 in 5 buyers are willing to go over the asking price by $20,000 and 10% are willing to stretch up to $60,000 beyond the asking price.
The primary motivations driving home purchases in 2024 are relocation, upsizing, and investment. With careful planning, strategic maneuvering, and the guidance of experienced professionals, potential buyers can increase their chances of successfully navigating this complex market and achieving their dream of homeownership.
If you’re planning on buying or selling a rental property in 2024, learn about how a 1031 Exchange can help preserve your assets when buying and selling investment properties. Investors thinking about converting a primary residence into a rental property can learn more about how a 1031 Exchange can help in that process. Learn more about Investment Property Exchange Services, Inc. (IPX1031), the nation’s largest 1031 Exchange company.
Methodology
In November 2023, we conducted a survey of 1,008 people from across the U.S. about their home buying plans in 2024. Among respondents, 50% identified as male and 48% as female with an average age of 41.
For media inquiries, contact media@digitalthirdcoast.net
Fair Use
When using this data and research, please attribute by linking to this study and citing IPX1031.
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