Nearly 2/3 of Americans Say They Feel Trapped by the Economy When It Comes to Buying a Home
Housing affordability has stayed under pressure across the U.S. in 2024, with elevated mortgage rates and home prices continuing to reshape who can buy. That broader squeeze is showing up clearly in a new survey, which found that nearly two-thirds of Americans say they feel trapped by the economy when it comes to purchasing a home. The results add another data point to a market where affordability remains the biggest issue for would-be buyers.
A new survey puts a number on the pressure
A national survey released on September 18, 2024, found that 64% of Americans said they feel trapped by the economy when it comes to buying a home, according to a report issued with the survey findings. The same release said concerns centered on housing costs, borrowing costs, and everyday expenses that are cutting into savings. That 64% figure means nearly 2 in 3 adults surveyed described the current market as a financial barrier rather than just a timing issue.
The survey adds to a growing pile of 2024 housing data showing affordability remains the main obstacle. Freddie Mac reported in September 2024 that the average 30-year fixed mortgage rate remained above levels many buyers had become used to before 2022. Redfin and the National Association of Realtors have also reported in 2024 that home prices in many metro areas are still near record highs, even as sales activity has slowed.
What this means in markets across the country
The survey described a national mood, but its impact is playing out locally in cities and suburbs where buyers are facing different price points. In higher-cost markets such as Los Angeles, Miami, and parts of the Northeast, buyers are dealing with both steep monthly payments and limited inventory, according to 2024 market reports from local Realtor groups and brokerage data. In more affordable regions of the Midwest and South, prices may be lower, but mortgage rates are still making monthly payments harder to manage.
What is confirmed is that affordability has become the common thread across regions in 2024. What is not yet known from the survey release is a full state-by-state breakout showing exactly where respondents felt the most pressure. Without that detailed geographic list, the clearest takeaway is national: many households are delaying first-time purchases, downsizing expectations, or staying in rentals longer than planned.
Why buyers say they feel stuck right now
The biggest reason is the math. Mortgage rates remained elevated through much of 2024, and the monthly cost of financing a home rose sharply compared with the low-rate period of 2020 and 2021, according to Freddie Mac data and housing market analysis from Bankrate. At the same time, the U.S. Bureau of Labor Statistics has reported continued pressure from everyday costs such as insurance, utilities, and other household expenses, leaving less room in monthly budgets for down payments or closing costs.
There is also a supply problem that has not fully eased. The National Association of Realtors said in 2024 that many existing homeowners have been reluctant to sell because they already hold lower mortgage rates, which has limited resale inventory. For buyers, that means fewer choices, firmer prices, and a market where even modest relief on rates may not immediately solve affordability. Industry economists have said the housing market is likely to remain shaped by that affordability gap through the rest of 2024.
