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FACT BRIEF

Do fewer Americans believe it's a good time to buy a house now than during the Great Recession?

By Jacob Alabab-Moser
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YES

In 2022, 30% of U.S. adults said it was a good time to buy a house, according to a Gallup poll. It was the first time since the poll began in 1978 that the question polled below 50%. In 2008, 53% answered it was a good time to buy a house. 

Gallup attributed the negative perception to a combination of factors, including record-high property prices — the average U.S. house price surged to $428,000 in May 2022 when the poll was taken— and rising mortgage interest rates.

Residents who were higher income, suburban, from the Midwest, and current homeowners experienced the greatest drop in perceptions about the best time to buy between 2021 and 2022. 

A similar poll by YouGov in 2022 produced similar results, with 52% saying it was somewhat or a very bad time to buy a house and 27% saying it was a somewhat or very good time to buy. 

This fact brief is responsive to conversations such as this one.
Sources
Gallup Record low in US say it is a good time to buy a house
YouGov The housing market | YouGov survey toplines, May 10–12, 2022
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Wisconsin Watch, the news arm of the nonpartisan, nonprofit Wisconsin Center for Investigative Journalism, increases the quality and quantity of investigative reporting in Wisconsin, while training current and future investigative journalists. Its work fosters an informed citizenry and strengthens democracy.
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Fact briefs are short, credibly sourced summaries that offer “yes/no” answers in response to claims found online. They rely on publicly available, often primary source data and documents. Fact briefs are created by contributors to Gigafact —a nonprofit project looking to expand participation in fact-checking and protect the democratic process. See all fact briefs here.