Despite rising prices, Americans want in.
To that point, 45 percent of non-homeowners say they plan to buy a house in the next five years. However, just 22 percent of homeowners in that same time period anticipate selling. Such an imbalance between supply and demand could explain in part why property values are on the rise, Newport said.
Of course, while rising home prices are great if you’re a homeowner looking to sell, that trend isn’t fabulous if you’re in the market. Accumulating enough for a down payment becomes that much more of a stretch.
For example, the growth of student loan debt already poses a major barrier to homeownership for many Americans. More than 80 percent of people ages 22 to 35 with student debt who haven’t bought a house yet blame their educational loans, according to the National Association of Realtors.
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