The housing market is offering too few decent options, especially for young adults, according to a recent Harris poll conducted in November that included nearly 2,000 US residents.
Most (59%) believe the cost to own is so high that they are worried they will never be able to afford one and 61% said they feel "priced out" of the market.
Dealing with a 'Stacked Crisis'
Libby Rodney, chief strategy officer and futurist at The Harris Poll, said people's sense of safety has been shattered by the pandemic and what we call the stacked crisis — pandemic, war, inflation, climate disasters, and more.
"Crucial to reestablishing our sense of safety is housing," Rodney said in prepared remarks.
"As humans, we are wired to nest and ground ourselves during times of uncertainty and upheaval. This data shows that not only do people feel priced out of the market, but areas that people live, especially Millennials, are so expensive that they feel barely livable."
Almost Half Who Have Moved Regret It
Some 62% of respondents feel Wall Street investors are part of the reason costs are so high.
However, one in five people (20%) have moved to a new home since the start of the pandemic.
A deeper look, though, shows that those who moved often have buyer's regret. Almost six in 10 (59%) said their move was unplanned, and almost half (44%) say they wish they hadn't.
About three-quarters (77%) said the opportunity to work remotely has increased their options.
More are likely to consider suburbs (64%) and rural areas (57%) than big cities (44%), the poll said.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.