Concerns Growing Over the 2023 Housing Market

Housing continues to face various roadblocks that many Americans aren’t necessarily aware of. Due to existing problems with the supply chain, various pieces needed to construct houses aren’t as readily available as they’ve been in the past.

Furthermore, people in the market to purchase homes are often paying three and four times the original asking prices. Naturally, this weeds out many people who may be house hunting on a tighter budget.

Unfortunately, there’s nothing to indicate that prices are going to be dropping anytime soon. At the rate things are going now, costs will be rising for quite some time to come.

Meanwhile, Newsmax documents a new poll that shows much of the nation is worried about what housing will look like next year.

Understanding the Concerns of the American People

A poll conducted by Freddie Mac shows almost two-thirds of the American people are worried about their ability to cover housing expenses in 2023. Due to the growing consumer costs across the board, folks have good reason to be worried.

Next, the poll goes on to reveal that 69% of Americans have concerns about housing prices growing within the next 12 months.

This data from Freddie Mac comes after other surveys showing that more than 90% of the country is feeling the effects of inflation one way or another.

In another disturbing turn of events, more than three-quarters of Americans likewise fear job loss within the next year. Just like housing concerns, worries about employment are very much warranted.

After all, people have been getting laid off left and right, especially in the tech field. It goes without saying that if folks lose their jobs, covering their housing costs will become a lot more challenging.

In many ways, these concerns go hand in hand with a recession-ridden economy and interest rates that appear to increase every several weeks. Countless Americans across the United States are in a bad situation.

Bringing Down Costs

Many Americans would be in a much better position if costs were decreased. This would cut the need for businesses to reduce their overhead expenses, therefore leaving workers less vulnerable to being furloughed.

Yet, in order to bring down consumer costs, the federal government needs to quit spending. Sadly, the Democratic-led Congress just passed a multi-billion-dollar spending bill that economists have confirmed isn’t going to bring down the rates of inflation.

All things considered, there’s no telling what Americans will be up against in 2023. Already, some people are turning to new avenues as a means of bringing in income to remain above water.

What do you think about Americans’ concerns regarding the housing market in 2023? Let us know in the comments area below if you feel people will have a harder time paying their housing costs.

This article appeared in The Conservative Brief and has been published here with permission.