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Wednesday, Apr. 12, 2023

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

Jacob Alabab-Moser, Wisconsin Watch
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. 

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