About 28 million Americans plan on buying a home in the next 12 month.
For the fifth year in a row, about 8 in 10 Americans (83%) say buying a home is a priority for them, according to a NerdWallet survey.
One in 9 (11%) Americans plan on buying a home in the next 12 months, and those prospective buyers hope to spend $269,200, on average.
Americans aren't too optimistic about the future of mortgage rates as they expect it to blow past 8% in the next 12 months. This was compared to the 11.5% in February of last year.
About 28 million Americans plan on buying a home in the next 12 months
4/21/2023
Regarding real estate for investment or personal use, the New York Feds also found that there was a decrease in people thinking it was a good idea to buy property in their own state. This saw a decline from 71% in Feb 2022 down to 68.4% in Feb 2022.
Despite this, there is an expectation for home price growth to decline over the next 12 months to 2.6%. This was a sharp decrease from the previous 2022 numbers at 7%.
The survey also found that renters started being slightly more hopeful of owning a property in the future. In 2022, 43.3% of them thought they would own a home in the future, and this year, the number increased by slightly over a percentage.
Now, almost half of the renters think that they could own a home in the future. This year's numbers saw 44.4% of them thinking they might be able to purchase a property.
Read more: https://unusualwhales.com/news/americans-think-mortgage-rates-could-increase-to-past-8-in-the-next-12-months
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