At the same time, 57% of renters described the American Dream’s homeownership element as “dead.” 62% agree their current areas of residence have become so unaffordable that day-to-day living is an ongoing struggle. 65% also noted that housing expenses are impediments keeping them from upward mobility.
Unfortunately, most renters don’t have very high hopes for the future. 81% believe the present housing market will worsen. 78% even remain nervous about the financial costs they’d incur from moving. Even more telling, seven in ten renters think today’s return on investment from homeownership has diminished.
What’s driving real estate market turbulence?
Worldwide disruptions endured during the COVID pandemic significantly worsened the economy and various industries like housing.
Inflation, mortgage rates, and other expenses have all skyrocketed in recent years. As real estate prices increase, housing construction has been declining for quite some time, which only serves to further exacerbate market turbulence.
