Home ownership pessimism reaches new low

Rising home prices are dampening hopes of homeownership.

Driving the news: The majority of renters asked by the Federal Reserve Bank of New York’s 2022 SCE Housing Survey say they now either prefer to rent (36%) or are waiting for prices to come down (42%).

• As for the likelihood that they would own a home in the future, the annual survey found that this average has fallen to a series low and well below 50% for the first time since the series began.

What to watch: Renters expect rents to rise by 12.8% one year from now, compared to 5.9% a year ago, according to the survey.