A new Gallup poll has determined that 62% of Americans are homeowners – a new low since Gallup began tracking self-reported homeownership in 2001. This represents a substantial drop from the 68% level reported last year.
According to Gallup, 53% of Americans believe their house is worth more today than when they bought it, down significantly from 80% in 2008 and 92% in 2006. Lower home prices combined with continued low mortgage interest rates, have 70% of Americans believing now is a ‘good time’ to buy a house. This is about the same as in the past several years, but up from 53% in 2008.
However, Gallup has determined that Americans are not pessimistic about homeownership: 33% believe housing prices will rise this year, while 23% feel prices will continue to fall. Last year, Americans were about evenly split, with 28% anticipating rising prices and 30% believing otherwise.
The poll was based on telephone interviews conducted with a random sample of 1,016 adults.