Rate Hikes Suppress Homebuyer Appetites

Tuesday, May 23, 2023

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Welcome to Front Page, where we break down Gallup's latest insights on our constantly evolving world. Here are the five insights you shouldn't miss this week:

1. Rate Hikes Suppress Homebuyer Appetites

Line Chart: 21% of Americans say it is a good time to buy a house in 2023.

While there is little sign that the U.S. faces a housing crisis, we've captured an all-time low in the percentage of Americans saying now is a good time to buy a house. Since 1978, there have never been fewer Americans who see it as a good time to buy. While economists will debate the effectiveness of the Fed's rate hikes to offset inflation, it's hard to argue that it hasn't affected the mortgage market. But rest assured, American Dream — real estate remains viewed as the best long-term investment in the U.S.
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2. The Rise of Depression in the U.S.

Line Chart: 29% of Americans say they currently have depression in 2023.

The percentage of Americans who say they have ever been diagnosed with depression or are currently being treated for it continues to climb, coinciding with a global rise in unhappiness. In the U.S., these rates have increased the most among women, young adults, and Black and Hispanic adults.
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3. 'Country Quitting' in Latin America and the Caribbean

Line Chart: Desire to move permanently from Latin America and the Caribbean, 2011-2022.

One of the most detrimental forces driving brain drain is people quitting their countries of origin and permanently relocating to others. In this chart, we highlight which nations across the LAC region have the highest rates of residents wanting to leave their country permanently. Of note, Colombia — once hailed as an economic success story — has seen the desire to leave increase dramatically since 2014.
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4. The Job (Satisfaction) Recession

Line Chart: 20% of U.S. employees are extremely satisfied with their workplace in 2023.

With all the talk of how the pandemic changed the workplace, one massively underreported statistic is how America's workers have yet to recover the already modest levels of satisfaction they had with their employer prior to pandemic lockdowns. It's another variable in the Rubik's cube of post-COVID workplace engagement.

5. As Inflation Figures Flatten, the Pain Remains

Line Chart: 35% of Americans say inflation is the most important financial problem in 2023.

Despite the classic metrics on inflation moving in the right direction for the global economy, the pain felt within households in the world's largest economy (that's you, U.S.) is far from over. Today, over a third of Americans say inflation is the biggest financial problem their family faces.
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And that's Front Page!

Mohamed Younis
Editor-in-Chief
Gallup

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