USA Today’s exclusive Harris Poll finds that both prospective buyers and current owners are disappointed with housing costs and challenges.
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Is the American dream of home ownership still realistic?
Probably not, many Americans say. In a recent survey of more than 2,000 consumers, the Harris Poll found that many believe their dreams are slipping away. Across generations, respondents say homeownership is expensive and, once achieved, difficult to maintain, too expensive, or both.
This is the third time the company has polled Americans about housing, and the results are increasingly grim.
“The market hasn’t collapsed. It’s in a stalemate,” said Libby Rodney, futurist and chief strategy officer at Harris Poll, who shared the findings exclusively with USA TODAY.
“Nearly half of Americans who earn more than $200,000 a year say they need $300,000 to buy a home. Not to buy a nice home. Just to have a home. This is the frozen American dream.”
“I’ll never be able to afford a house.”
Many survey respondents had bleak thoughts about homeownership, and those feelings were more pronounced among younger generations.
For example, a whopping 68% of respondents agreed that homeownership feels more like a privilege than a goal. But the sentiment was even stronger among Millennials, with 73% agreeing.
Additionally, 43% said they agreed with the statement, “No matter how hard I work, I can never afford a home I truly love,” compared to just over half of Gen Z and Millennials.
Finally, 51% said they agree that the American dream of owning a home is over, while 57% of Gen Z said they feel that way.
What are the hurdles to homeownership?
Younger respondents than other generations believe there are more barriers to homeownership. About 37% of Gen Z agree that not having enough money for a down payment is a barrier, compared to 31% of all generations who feel the same way. Gen Zers are more than twice as likely as Americans overall to blame student loan debt, ranging from 25% to 12%.
But one-third of Gen Z respondents also admitted that a lack of information and knowledge is holding them back, compared to 19% of respondents overall.
Increased costs associated with homeownership
But just because Americans become homeowners doesn’t mean the grass is always greener. Everything from utility bills, which two-thirds of respondents reported, to property and casualty insurance, which 61% experienced, are rising. Half of those questioned said their regular home maintenance costs had increased and agreed that the costs were “out of control.”
Surprisingly, half of all Gen Z homeowners say they want to return to renting, more than double the number of all respondents. One-third of Generation Z regrets purchasing the home they currently live in, compared to 20% of all generations.
“What started as an affordability issue has become a structural freeze with fewer entry points, fewer viable solutions, and more skepticism about whether relief is coming,” Harris Poll said in a statement accompanying the survey.
