Affordability Roadblocks: Fannie Mae Survey Shows Consumers Still on the Sidelines
- Neil Caron
- May 12
- 2 min read
Despite a slight economic lift, the housing market continues to feel the pinch as consumer sentiment remains low, according to Fannie Mae’s April survey. With home prices and mortgage rates still elevated, only 23% of respondents say it’s a good time to buy a home, while a mere 17% believe it’s a good time to sell — a steep 13-point drop from March.
Affordability Remains the Biggest Barrier
Rising interest rates and soaring home prices are pushing many potential buyers to the sidelines. Doug Duncan, Fannie Mae’s chief economist, stated, “Affordability continues to be the greatest barrier to homeownership. Even as consumers feel more secure in their jobs, high prices and interest rates are keeping many on the sidelines.”
At the same time, job confidence is trending upward. Nearly half (49%) of respondents said they are not worried about losing their jobs, and more households reported income gains compared to previous months. This mixed sentiment underscores a cautious market where financial stability is rising, but affordability is still holding back potential buyers and sellers.
🐷 RSL Piggy Points:
Affordability Concerns: Despite income gains, high home prices and interest rates keep most buyers on the sidelines.
Job Confidence Rises: Nearly half of surveyed consumers feel secure in their employment, a positive indicator in a challenging market.
Market Caution: A 13-point drop in those who feel it’s a good time to sell suggests hesitation among homeowners despite economic improvements.
RSL Perspective:
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Check out these resources at ReadySetLoan:
Learn more about how to manage high-interest rates in today’s market.
Discover how to boost your buying power with down payment assistance options.
Stay updated on the latest market trends and mortgage insights to make the most informed decisions.
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