A new poll just released by the Washington-based Cato Institute reveals that concerns over the ongoing and continuing cost of housing are widespread and national in character.
According to the group’s Housing Affordability Study, an overwhelming 87% of respondents said they were concerned about the cost of housing, with a nearly equally large 76% declaring that “now is a bad time to buy a house.”
The survey of some 2,000 people also revealed that 55% of respondents said they didn’t think they could afford to purchase the homes they currently live in based on today’s market.
In a less-than-hopeful take on the future, 69% of respondents expressed worries that either their own children or grandchildren won’t be able to own a home any time soon.
Attitudes on the home affordability issue get a little dicier when the Cato survey asked respondents how they would feel about new home or apartment complex construction in their neighborhoods.
By a slim margin, only 51% said they would favor such projects. But that marginal response jumped to 72% if the new home construction meant it would be easier for “young people and young families” to afford a home.
The lowest positive response, at 63%, came when the proposed housing would make it easier for “people with low incomes” to afford a house.
The survey also showed that by a large 61% urban residents were in favor of building more houses, while less than half of suburban residents expressed support, and only 37% of rural residents wanted to see such construction in their communities.
In an analysis of the survey’s finding, Emily Ekins, director of polling at Cato, said it was clear that the Not in My Backyard movement is real, but added: “Most Americans are open to the idea of building additional housing, especially when they consider how it will impact future generations.”
By Garry Boulard
