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Nearly 80% of possible homeowners fear being priced out of the market, survey finds

Many of these potential home buyers say the inability to afford a home is impinging on their desire to live the American dream.

Published: June 23, 2023 3:21pm

Approximately 78% of people wanting to purchase a home expect to be priced out of the housing market if interest rates and home prices continue to rise, according to a recent survey from Realtor.com,

The survey finds that roughly 50% of those surveyed believe that not being able to afford a house is keeping them from living the American dream. Many are even second guessing their decision to buy due to the rising prices. 

“Unfortunately, we don’t expect rates to return to the historic lows we saw during the pandemic. As the economy has changed, so has the mortgage market and it’s not realistic that we’ll see rates return to the 3% range,” Hannah Jones, a Realtor.com economic data analyst, said in a statement.

“However, it is possible that we’ll see rates return to the low 6’s next year, which could be when we’ll see a lot of buyers jumping back into the market," she continued. 

Life and My Finances, a lending firm, reported that states such as Idaho, Nevada, Georgia and Florida saw a major escalation in single-family home prices to nearly three times what they were a decade ago. 

Life and My Finances founder Derek Sall told the Epoch Times in an interview that the numbers were astounding. 

“It actually shocked me to see places like Idaho and Nevada on that list,” he said during the interview. “During the pandemic, there was a larger influx of people from California and Washington to these states, which probably helped to drive the home prices up.”

“In Arizona, you have places like Sedona, Flagstaff and Scottsdale that tend to have a lot more luxury housing, so that can also bring up the median listing price for the state as a whole,” he continued.

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