The dream of homeownership seems to be slipping further and further out of reach for many. New research shows most Americans can't afford to buy their own home in today's market.
According to the 2022 Housing Affordability Survey, 55% of U.S. homeowners say they could not raise the funds to purchase their home at current prices and interest rates.
The survey shows housing prices have risen more than 40% since the start of the COVID-19 pandemic.
Researchers found that 87% of Americans are now concerned about rising home prices. Moreover, three in four believe average people would not be able to afford a home in their community. Many (69%) also fear their own children and grandchildren will not be able to purchase a home.
While 76% admit that right now is a "bad time" to buy a home, an overwhelming majority of Americans (86%) prefer to own rather than rent a home. Among current renters today, 68% would rather own, while 32% would prefer to continue renting, the survey shows. The desire to own a home is not partisan, either. Overwhelming majorities of both Republicans (90%) and Democrats (84%) prefer homeownership, according to the survey.
Owning a single‐family home continues to be the ideal for most Americans. The survey shows an overwhelming majority (89%) want to live in one. This includes 43% who prefer a single‐family home in the countryside, 31% who want a single‐family home in the suburbs, and 15% who prefer one in a city. Only small shares prefer a townhouse (5%) or a condo (5%).
Again, the desire for single‐family homes isn't particularly partisan. Overwhelming majorities of both Republicans (95%) and Democrats (86%) prefer it -- but the survey shows they differ in where they want that single‐family home to reside. Republicans (58%) prefer living in the countryside while Democrats (56%) prefer cities or suburbs.
"It's not that Democrats necessarily prefer smaller houses and Republicans prefer larger ones," the survey notes. "These data suggest that Democrats prefer the amenities and proximity associated with more densely populated areas and that Republicans prefer the benefits offered by the space, privacy, and autonomy of less densely populated areas."
Despite concerns about home affordability, Americans are split about building more homes -- which could help lower the price of homes. The survey found that a slim majority (51%) support building more "houses, condos, and apartment buildings" in their community, while 49% oppose.
The survey shows Democrats (63%) are much more supportive of building additional homes. On the other hand, majorities of Republicans (61%) and independents (56%) oppose it.
"A slim majority of Americans support building additional housing in their neighborhoods. However, support grows if building means that housing would be more affordable for 'people,' 'people of color,' 'people with low incomes,' and, especially, 'young people and young families,'" the survey notes. "A majority would support building more houses if they knew it could lower the cost of housing and make it easier for people they know, especially their families, to move in."
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