According to a recent survey conducted by OnePoll on behalf of Divvy Homes, home affordability has become so out of reach that two out of five Americans believe they would need to win the lottery to become homeowners. The survey, which involved 2,000 current non-homeowners, also revealed that only 53% of them are confident in their ability to own a home someday.
On average, the respondents estimate that it would take them between three and four years to afford a home, with a third of them believing it would take five years or more. Alarmingly, 20% of the respondents expressed the belief that they will never be able to afford a home.
The changing market dynamics and the increase in interest rates are placing a heavy burden on potential buyers. Among the respondents who currently rent, 47% worry about home prices escalating further before they can afford to make a purchase.