Real estate worries are outweighing recession worries for many Americans, a new study found.
Wealth management company Personal Capital and Morning Consult surveyed more than 2200 people the first week of September. They found that one in four people say they’ve decided to delay purchasing a home indefinitely. Gen-Z was the most likely generation to halt homebuying plans.
Interest rates were the top homebuying concern among survey respondents.
Millennials still feel confident that they’ll be able to buy a home. Only 18% of millennials said that buying a home is not possible, compared to 22% of Gen Zers.
Gen Xers and Boomers (those aged 45-65+) were the most likely to say they weren’t interested in buying a home at all. One-fourth (26%) of Gen Xers and nearly half (44%) of Boomers responded this way.
Three of four respondents see homeownership as part of building wealth. But it no longer seems to be viewed as the only road to financial prosperity. Almost half (43%) of respondents said it was “one of several ways to build wealth.”
Instead, they’re focused on putting money in retirement accounts or high-yield savings accounts, or investing in stocks or mutual funds, the survey showed.