Nearly Two-thirds of Americans Actually Want the Housing Market to Crash
A new survey by Consumer Affairs shows 78% of Americans think a housing market crash is on the horizon, and 63% say they actually want it to happen.
Of those expecting the housing market to crash, the survey found nearly half (49%) believe it’ll happen sometime in 2023, while a little over a third (36%) expect it before then.
Gen Z-ers were the most likely to say they want the housing market to crash (84%), as it would help them purchase their first home.
The survey also found 75% of Americans plan to buy a home if the housing market crashes, and 69% have cash stashed away in case of a recession.
Those who plan to buy a home in the event of a market crash report having an average of $29,504 saved.
Of the top 50 U.S. cities by population, respondents believe Austin, Texas (33% expect it to crash first), Atlanta, Georgia (26%), and Bakersfield, California (24%) will be the first housing markets to experience crashes.
Why it matters:
The survey found 65% of homeowners say they’d need to sell their house if a recession hit, and 82% think a housing market crash would at least leave them owing more on their home than it’s worth.