Roughly one-third (30%) of Americans who do not own a home doubt that they will buy one within the next five years, according to a new Gallup poll, 23% do not believe they will achieve homeownership in the next 10 years and 45% said it would not happen for the foreseeable future.
On the flip side, the combined percentage planning to buy within five or 10 years was 53%, the lowest share that Gallup has recorded.
Gallup noted the percentage of those who expect to buy in the near term is significantly lower compared to surveys conducted between 2013 and 2018, when no fewer than 41% of non-homeowners expected to buy a home in the next five years.
Home renters say the cost of homeownership, including a down payment, is the major barrier to purchasing for them. The poll found 68% of renters said they are in their current housing because they cannot afford to buy a home or do not have enough money for a down payment. When Gallup last asked this question in 2013, 45% gave this reason. Only 11% of renters say it is more convenient to rent, and 1% say they rent because they are older and downsizing.
Furthermore, 72% of respondents said it is a bad time to buy a house and 26% say it is a good time, while 57% expected housing prices in their local area to increase over the next year with only 28% believing prices will stay the same and 13% predicting they will decrease.
Results for this Gallup poll are based on telephone interviews conducted by ReconMR between April 1-14, with a random sample of 1,006 adults
