T
he American dream of owning a home is slipping further out of reach for many. Gallup's annual housing market survey paints a bleak picture, with most Americans viewing current conditions as unfavorable and expecting prices to rise in the coming year.

    A recent survey of over 1,000 adults found that the cost of homeownership is the biggest barrier to buying a home, cited by nearly two-thirds of renters who say they can't afford it or don't have enough for a down payment. This concern has grown significantly since 2013, when just 45% of renters gave this reason.

    The survey also revealed widespread pessimism about the housing market, with 72% of respondents saying it's a bad time to buy a house. However, there are regional and partisan divides in perceptions. East Coasters are more likely to expect home prices to rise, while Republicans are more optimistic than Democrats, with 33% saying now is a good time to buy.

    Despite declines from their 2022 highs, home prices remain high, effectively locking out some Americans from homeownership. However, many still believe that real estate is the best long-term investment, with 37% of respondents holding this view.