Young Americans Expect to Buy a Home Later or Not at All

For decades, homeownership has been a key milestone of adulthood in the United States. In recent years, however, the middle-class ideal of homeownership and suburban comfort, once an embodiment of the American Dream, has gotten out of reach for many families, as elevated home prices, high mortgage rates and a period of stagnant real wages have left many families unable to even consider it.

Only 25 percent of non-homeowners expect to buy a house in the next five years, according to Gallup – the lowest share since the question was first asked in 2013. Among those aged 18 to 34, a key group of prospective buyers, intentions have also fallen sharply. The share expecting to buy in the next five years dropped from 57 percent in 2013/2015 to 29 percent in 2025/2026. At the same time, the share of non-owners who don’t see themselves buying a home in the foreseeable future has increased from 13 to 30 percent.

The rest expects to wait longer before buying a home, either to build up savings for a down payment or in hopes that prices and mortgage rates will come down from their current levels.