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35% of Americans want a housing crash, poll says

Jonathan Lansner, The Orange County Register on

Published in Home and Consumer News

How out of whack is the housing market?

Well, an October poll by LendingTree of 2,045 US adults found 35% want the housing market to crash — highlighted by youthful Gen Z-ers (53%) and millennials (46%).

Look, rooting for a bargain is as American as apple pie. Who doesn't hope for that big sale, deep-discount coupon or holiday pricing to stretch the budget?

So why not housing? Affordability anxiety of late is a real fear.

Think about the nearly 40% of non-homeowners from Gen Z (ages 18 to 26) and the millennial crowd (27 to 42) who told pollsters they feel a steep market pullback is the only way a home purchase will ever pencil for their finances.

It's not just budget-strapped ownership seekers wishing for a home-price dip. Even 36% of owners surveyed hope for a crash.

 

Why? Well, 15% want to lower their property taxes and another 15% believe a price correction would help stabilize the market.

Various cures

There are various ways housing affordability headaches could be cured.

Say, vastly lower mortgage rates (which is not happening any year soon), a building boom of starter homes (also, a low probability), or huge gains in incomes (just as unlikely). A house hunter could pray for a wealthy and generous relative who'd contribute to a purchase.

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