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Harris Poll Survey Reveals Challenges in U.S. Housing Market for Buyers and Owners
A Harris Poll survey of over 2,000 U.S. consumers indicates widespread concerns about housing affordability and maintenance costs. Younger generations, particularly Gen Z and millennials, report higher levels of pessimism regarding homeownership. The poll, the third on this topic, shows increasing difficulties across income levels and age groups.
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A Harris Poll conducted exclusively for USA Today surveyed more than 2,000 U.S. consumers on attitudes toward homeownership. The results show that a majority of respondents view homeownership as difficult to achieve and maintain. This marks the third such poll by the company, with findings indicating growing concerns over time.
Respondents across generations reported barriers to entering the housing market. For instance, 68% of all respondents agreed that homeownership feels more like a privilege than a goal. Among millennials, this figure rose to 73%. Additionally, 43% of all respondents agreed with the statement that no matter how hard they work, they will never afford a home they really love, compared to more than half among Gen Z and millennials.
respondents identified specific obstacles to homeownership. Among Gen Z, 37% cited insufficient capital for a down payment as a barrier, higher than the 31% across all generations. Student loan debt was cited by 25% of Gen Z respondents, compared to 12% overall.
Furthermore, 33% of Gen Z respondents noted a lack of information or knowledge as an issue, versus 19% of all respondents. A total of 51% of respondents agreed that the American Dream of owning a home is dead, with 57% of Gen Z respondents sharing this view.
Libby Rodney, futurist and chief strategy officer at The Harris Poll, described the market as in a standoff. She noted that among Americans earning over $200,000 annually, nearly half believe a $300,000 income is needed to afford a home. >"The market isn't collapsing.
also reported rising costs.
Two-thirds of respondents experienced increases in utility costs, while 61% noted higher property insurance expenses. Half of all respondents said routine maintenance costs had increased and were out of control. Among Gen Z homeowners, 50% expressed a preference to return to renting, compared to 25% overall, and 33% regretted their current home purchase, versus 20% across generations.
